Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HK$ 3.31, down from a previous target of HK$ 3.73 [2][5]. Core Insights - The company reported revenues and net profit attributable to the parent company of RMB 3.31 billion and RMB 510 million, respectively, slightly exceeding expectations [2]. - Strong performance from applications like Sugo and TopTop offset the weak contribution from Mico, which saw a year-on-year decline of over 30% [2][5]. - The MENA market is identified as a key growth driver, with Sugo and TopTop revenues growing approximately 3x and 2x year-on-year [2]. - The company aims to develop two social applications with monthly revenues exceeding USD 10 million over the next three years [2]. Financial Summary - Total revenue projections for the upcoming years are as follows: RMB 3,307.8 million in 2023, RMB 4,190.7 million in 2024, RMB 4,542.0 million in 2025, and RMB 4,880.5 million in 2026, reflecting a year-on-year growth of 18.1% in 2023 and 26.7% in 2024 [9]. - Gross profit is expected to reach RMB 1,722.1 million in 2025, with a gross margin of 51.1% [9]. - Net profit projections are RMB 601.8 million in 2025, with a year-on-year growth of 3.7% [9]. Market Position and Competitors - The report highlights that Mico's performance remains weak, and new games and social applications have not yet achieved breakeven [17]. - The company is compared with peers in the gaming and social media sectors, indicating a competitive landscape [17].
展望理想，惟缺清晰细节