持续深耕研发，聚焦产品核心竞争力

Investment Rating - The report maintains a "Hold" rating for the company, with a target price based on the expected performance over the next 12 months [3][5][17]. Core Insights - The company reported a revenue of 4.185 billion yuan in 2023, a year-on-year decline of 19.02%, and a net profit attributable to shareholders of 1.125 billion yuan, down 22.98% year-on-year [6][17]. - The company is focusing on enhancing existing products and developing new ones, particularly in the MMORPG and SLG genres, with several new titles set to launch in 2024 [7][19]. - The gross profit margin for 2023 was 88.53%, with a slight decrease of 0.2 percentage points compared to the previous year [19]. Financial Performance - The forecasted net profit for 2024-2026 is 1.050 billion, 1.236 billion, and 1.396 billion yuan, respectively, with corresponding PE ratios of 13.5, 11.5, and 10.1 times [5][17]. - The company’s operating income is projected to slightly decline in 2024 but is expected to recover with growth rates of 15.09% and 11.67% in 2025 and 2026, respectively [17]. - The return on equity (ROE) is expected to decrease from 25.21% in 2023 to 19.14% in 2024, indicating a potential decline in profitability [17].