分红节奏逐渐稳定，长期投资价值突显

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.74, compared to the last closing price of 11.19 [1][7]. Core Insights - The company is expected to achieve a stable dividend rhythm, enhancing its long-term investment value. The management's confidence is reflected in their continuous share buybacks, and the company has a robust pipeline of new games that are anticipated to drive revenue growth [4][5][6][7]. Summary by Sections Dividend Stability - The company proposed a cash dividend of no less than 1 yuan per 10 shares for the fiscal year 2023, with a total dividend amount not exceeding 220 million yuan over the next 24 years, indicating a commitment to regular dividends [3][4]. Management Confidence - The chairman and major shareholder has increased his stake in the company multiple times, demonstrating confidence in the company's future. The total shares bought back amount to approximately 970 million shares, with a total investment of about 110 million yuan [5]. Performance Forecast - The company expects a significant increase in net profit for 2023, projecting a growth of 26.81% to 65.83%, with an estimated net profit of 1.3 to 1.7 billion yuan. This growth is attributed to the stable performance of existing games and the successful launch of new titles [6][7]. Financial Projections - Revenue projections for 2023-2025 are 48.5 billion, 60.0 billion, and 72.1 billion yuan, respectively, with corresponding growth rates of 30.3%, 23.7%, and 20.1%. Net profit is expected to reach 1.53 billion, 1.91 billion, and 2.26 billion yuan, with growth rates of 49.1%, 25.2%, and 18.2% [7][8].