恺英网络（002517）：传奇盒子商业化加速，新品周期开启

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The commercialization of the "Legend Box" is accelerating, and a new product cycle is beginning [5] - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 23.70% [7] - The "Legend Box" platform is showing significant value, contributing approximately 570 million yuan to the company's revenue in Q3 2025 [7] - The company has a rich pipeline of products and is actively expanding into AI applications [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 is as follows: 4,295 million yuan (2023), 5,118 million yuan (2024), 6,046 million yuan (2025E), 6,929 million yuan (2026E), and 7,659 million yuan (2027E) with corresponding growth rates of 15.30%, 19.16%, 18.13%, 14.60%, and 10.54% [6] - Net profit attributable to shareholders is projected to be 1,462 million yuan (2023), 1,628 million yuan (2024), 2,094 million yuan (2025E), 2,452 million yuan (2026E), and 2,722 million yuan (2027E) with growth rates of 42.58%, 11.41%, 28.57%, 17.10%, and 11.01% respectively [6] - The price-to-earnings ratio (P/E) is expected to decrease from 34.93 in 2023 to 18.76 in 2027 [6]