三七互娱（002555）：面向全球储备丰富产品，构建全链路AI赋能生态

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company has launched multiple new products in Q1 2025, enhancing its long-term operational capabilities and showing strong growth potential with titles like "Time Explosion" and "Heroes No Flash" [2][3]. - The company is actively building a diverse product reserve matrix aimed at global markets, with significant upcoming releases [3]. - The AI capability system has been upgraded to create a comprehensive AI-enabled ecosystem, enhancing the industrialization level of game research and operations [4]. Financial Overview - In Q1 2025, the company reported revenue of 4.243 billion yuan, a year-over-year decrease of 10.67%, but a quarter-over-quarter increase of 3.45%. The net profit attributable to shareholders was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1]. - The company expects to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 5.6%, 6.0%, and 7.0% [4][6]. - The projected net profit attributable to shareholders for the same years is 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan, with growth rates of 5.1%, 7.9%, and 8.5% respectively [4][6].