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三七互娱(002555):多款新游表现亮眼,AI多模态应用成效显著

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 8.486 billion yuan in H1 2025, a year-on-year decline of 8.08%, while the net profit attributable to shareholders reached 1.4 billion yuan, an increase of 10.72% [1]. - New game releases such as "Time Explosion" and "Heroes No Flash" have performed exceptionally well, with "Time Explosion" reaching the top of the iOS free chart and later ranking fourth in the WeChat mini-game sales chart [2]. - The company continues to strengthen its long-term operational capabilities for existing games and has seen stable performance from overseas products, with overseas revenue at 2.724 billion yuan, a year-on-year decline of 6.01% but an increase in its share of total revenue [3]. - The company has upgraded its AI model capabilities, with over 80% of 2D art assets generated using AI technology, and more than 70% of game advertisement videos produced with AI involvement [4]. Financial Overview - The company is projected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.6%, 6.0%, and 7.0% [5][6]. - The net profit attributable to shareholders is expected to be 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan for the same years, with growth rates of 5.1%, 7.9%, and 8.5% [5][6]. - The company's P/E ratios are projected to be 14, 13, and 12 for the years 2025, 2026, and 2027, respectively [5].