YAOJI TECHNOLOGY(002605) 华鑫证券·2025-04-25 01:24Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company's total revenue for 2024 is projected at 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2] - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, with year-on-year declines of 0.75%, 17.2%, and 40.25% [2] - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2] - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercialization potential [3] - The company has strategically invested in a sports culture trading platform to expand its presence in the sports collectibles market, aiming to drive new consumer growth [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11] - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 17.8, 16.5, and 15.3 [5][11]