Ultrapower(SZ:300002) Soochow Securities·2025-08-27 06:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on the new game cycle and AI application implementation [8] - The gaming business remains stable with existing titles, while new games are anticipated to launch soon, potentially driving revenue growth [8] - The computer business is advancing in productization and internationalization, with a focus on the rollout of AI technologies [8] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 2.685 billion yuan, a year-over-year decrease of 12.05%, and a net profit of 509 million yuan, down 19.26% year-over-year [8] - The gaming segment generated revenue of 2.028 billion yuan, a decline of 16.41% year-over-year, with a gross margin of 73.48% [8] - The computer and other businesses reported revenue of 657 million yuan, an increase of 4.82% year-over-year, driven by growth in IoT/communication and innovative service sectors [8] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.56, 0.68, and 0.73 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26, 21, and 20 times [8] - The company is expected to maintain stable performance from existing SLG games while new titles are projected to provide growth potential [8]