世纪华通（002602）：SLG+休闲，点点互动掘金手游出海

Investment Rating - The report assigns a "Buy" rating for the company, Century Huatong, as part of its initial coverage [2][7][65]. Core Insights - Century Huatong has transformed into the largest game company in A-shares by acquiring several firms, including Qiku, Tianyou, Diandian Interactive, and Shengqu Games [6][15]. - The company is expected to see significant growth in net profit, with projections of 54 billion, 82 billion, and 101 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 345%, 52%, and 23% [5][7][65]. - The report emphasizes the potential of Diandian Interactive's SLG (Simulation and Strategy Game) and casual gaming segments, which are expected to drive future growth [6][58]. Financial Data and Profit Forecast - Total revenue projections for the company are 22,620 million yuan for 2024, 37,927 million yuan for 2025, 45,189 million yuan for 2026, and 49,552 million yuan for 2027, with corresponding year-on-year growth rates of 70.3%, 67.7%, 19.1%, and 9.7% [5][63]. - The gross profit margin is expected to remain robust, with estimates of 68.4%, 68.8%, and 69.0% for 2025, 2026, and 2027 respectively [5][63]. - The company’s return on equity (ROE) is projected to increase to 18.7% in 2025, 22.0% in 2026, and 21.3% in 2027 [5]. Market Position and Strategy - Diandian Interactive has established itself as a leader in the global SLG market, with significant contributions from its successful titles such as "Whiteout Survival" and "Kingshot" [6][27][28]. - The report highlights the strategic importance of casual gaming, which is expected to create a new growth curve for the company, particularly in overseas markets [6][58]. - The company is leveraging its expertise in both SLG and casual gaming to enhance user acquisition and retention, thereby expanding its market share [6][58][47]. Valuation and Target Market Capitalization - The report employs a relative valuation method, assigning a target market capitalization of 172.2 billion yuan based on a 21X PE ratio for 2026 [7][65]. - The valuation is supported by comparisons with leading gaming companies in the A-share market, indicating a favorable outlook for Century Huatong [7][66].