Giant Network(SZ:002558) Changjiang Securities·2025-08-18 23:30Investment Rating - The report maintains a "Buy" rating for the company [7] Core Viewpoints - The launch of the first "Dream Level" costume "Wuling'er - Mirror Dream" for the game "Supernatural Action Group" on the 17th has led to a peak ranking in the iOS free list at Top 3 and Top 4 in the sales list, marking a new high since its launch [2][4] - The unique themes and gameplay of "Supernatural Action Group" are driving sustained interest, with strong social features potentially making it another blockbuster product with high daily active users (DAU) [2][4] - The company is actively advancing several new games, including "Five Thousand Years" and "Famous Generals Kill," alongside a comprehensive layout of game + AI strategies, supporting long-term growth [2][4] Summary by Sections Event Description - The first "Dream Level" costume "Wuling'er - Mirror Dream" was launched on the 17th, achieving significant rankings in various app store categories [4] Event Commentary - The game "Supernatural Action Group" has maintained a weekly update frequency since summer, with new costumes, characters, and maps contributing to its ranking improvements [11] - The game features innovative themes such as "supernatural, Cthulhu, and folk horror," appealing to younger players' desire for excitement and curiosity [11] - The company is integrating AI technology into gameplay, with products like "Space Kill" being among the first to utilize AI in the gaming industry [11] Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 2.26 billion and 2.86 billion for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 24.3 and 19.1 times [11]