YAOJI TECHNOLOGY(SZ:002605) China Post Securities·2025-07-03 08:59Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][14]. Core Insights - The company's gaming and marketing businesses are under short-term pressure, while the poker business remains stable. The report highlights a significant decline in revenue across various segments, with total revenue for 2024 at 3.271 billion yuan, down 24.04% year-on-year [4][5]. - The company is focusing on developing short drama filming and enhancing its "content + base" strategy, with the establishment of the Shanghai International Short Video Center aimed at meeting diverse filming needs [6]. Financial Summary - For 2024, the company reported a total revenue of 3.271 billion yuan, with a net profit of 539 million yuan, reflecting a year-on-year decrease of 4.17% [4][10]. - The projected revenues for 2025, 2026, and 2027 are estimated at 3.376 billion yuan, 3.584 billion yuan, and 3.854 billion yuan, respectively, with corresponding net profits of 547 million yuan, 627 million yuan, and 742 million yuan [7][10]. - The company's gross margin improved to 43.44%, up 5.81 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin marketing business [5][10].