Soochow Securities·2025-05-30 02:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes the importance of the upcoming launch of the game "解限机" and the company's focus on AI, collaboration, and internationalization in its office software segment [1][8] - The company is expected to maintain steady growth in its dual business segments, with a positive outlook on new game categories and the continued development of AI capabilities in office software [8] Financial Performance Summary - For 2023, total revenue is projected at 8,547 million, with a year-on-year growth of 11.74% - The net profit attributable to the parent company is expected to be 483.46 million, reflecting a significant year-on-year increase of 107.99% - Earnings per share (EPS) for 2023 is estimated at 0.35 yuan, with a price-to-earnings (P/E) ratio of 93.52 [1] Revenue and Profit Forecast - The company forecasts total revenue of 10,318 million for 2024, with a year-on-year growth of 20.91% - The net profit attributable to the parent company is projected to reach 1,551.61 million in 2024, representing a year-on-year increase of 220.94% - EPS is expected to rise to 1.11 yuan in 2024, with a P/E ratio of 29.14 [1][9] Business Segments Overview - The gaming segment reported revenue of 10.37 billion in Q1 2025, with a year-on-year growth of 13.71% - The office software segment generated revenue of 13.01 billion in Q1 2025, with a year-on-year increase of 6.21% [8] - The report highlights the company's strategy to enhance AI user engagement and expand its international presence through localized operations [8] Research and Development Investment - The company has increased its R&D expenses to support AI and new game category development, with R&D costs rising by 16.14% year-on-year [8][9] - The report indicates a commitment to continuous investment in R&D to drive innovation and growth in both gaming and office software sectors [8]