三七互娱（002555）：25 年三季报点评：《斗罗大陆：猎魂世界》贡献增量，静待新游启航

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.74 CNY, based on a revised average P/E ratio of 19x for comparable companies in 2026 [3][6]. Core Insights - The company is expected to optimize its self-developed game portfolio in 2026, leading to an increase in gross profit margin as new projects are launched. The forecasted net profit for the company from 2025 to 2027 is 3.072 billion, 3.234 billion, and 3.546 billion CNY respectively, reflecting adjustments based on game launch schedules and marketing data [3][10]. - The third quarter of 2025 saw a revenue of 3.98 billion CNY, a year-on-year decrease of 3%, primarily due to declines in older games. However, the net profit attributable to the parent company increased by 49% to 940 million CNY, attributed to controlled sales expenses [10]. Financial Summary - Revenue Forecast: The company’s revenue is projected to be 16.086 billion CNY in 2025, with a year-on-year decline of 7.8%, followed by a recovery to 16.873 billion CNY in 2026 and 17.366 billion CNY in 2027 [5][12]. - Profitability Metrics: The gross margin is expected to decline to 76.7% in 2025 but recover to 79.8% by 2027. The net profit margin is projected to increase from 19.1% in 2025 to 20.4% in 2027 [5][12]. - Earnings Per Share (EPS): The EPS is forecasted to rise from 1.39 CNY in 2025 to 1.60 CNY in 2027 [5][12]. - Valuation Ratios: The company’s P/E ratio is expected to decrease from 16.5 in 2025 to 14.3 in 2027, indicating a potentially attractive valuation [5][12]. Product Development and Market Position - The company has a robust product pipeline with multiple global projects set to launch, including genres such as MMORPG, SLG, and card games. Key upcoming titles include "赘婿" and "代号 MLK" [10][12]. - The performance of existing games like "Puzzles & Survival" has stabilized, while new titles like "斗罗大陆：猎魂世界" are expected to contribute positively to revenue in the latter half of the year [10].