Ultrapower(SZ:300002) NORTHEAST SECURITIES·2025-09-02 11:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company reported a revenue of 2.685 billion yuan for the first half of 2025, a year-on-year decrease of 12.05%, with a net profit attributable to shareholders of 509 million yuan, down 19.26% [1]. - The gaming business experienced a revenue decline of 16.41% year-on-year in H1 2025, primarily due to reduced user acquisition costs as core games entered a mature phase [2]. - The company is focusing on long-life cycle SLG games, with two core mobile games, "Age of Origins" and "War and Order," contributing 74% and 23% to gaming revenue, respectively [2]. - New game releases are expected to accelerate, with two new SLG games currently in commercialization testing and several others planned for release in the overseas market [2]. - The company is expanding its AI product matrix, launching the "Taiyue Lighthouse" AI model application system and the subscription-based AI voice robot "avavox," which integrates over 200 industry templates [3]. - Profit forecasts for 2025-2027 project net profits of 1.29 billion, 1.57 billion, and 1.71 billion yuan, respectively, with corresponding P/E ratios of 20.9, 17.2, and 15.8 [3]. Financial Summary - For H1 2025, the company achieved a revenue of 2.685 billion yuan, with a net profit of 509 million yuan [1]. - The financial projections indicate a revenue of 6.177 billion yuan for 2025, a decrease of 4.26% from the previous year, with a net profit of 1.286 billion yuan, down 9.93% [4]. - The company’s earnings per share are projected to be 0.65 yuan in 2025, with a P/E ratio of 20.93 [4]. - The total market capitalization is approximately 26.91 billion yuan, with a closing price of 13.68 yuan as of September 1, 2025 [5].