Ultrapower(300002) 开源证券·2024-04-19 09:30Investment Rating - Buy rating maintained for the company [2] Core Views - The company's core game revenue reached a new high, driven by the strong performance of "Age of Origins" and "War and Order" [5] - AI-related businesses and new games are expected to drive long-term growth [5] - The company's 2023 revenue was 5.962 billion yuan, a year-on-year increase of 24.06%, with net profit attributable to shareholders reaching 887 million yuan, up 63.84% year-on-year [5] - Gross margin improved to 62.73%, and net margin increased to 14.88% due to cost-saving measures and improved operational efficiency [5] - The company's long-term operational capabilities were validated, with "Age of Origins" generating 3.154 billion yuan in revenue and "War and Order" generating 1.135 billion yuan [6] - Two new SLG games, one with a sci-fi theme and the other with a civilization theme, are expected to be launched overseas in 2024, further driving growth [6] - AI technology is being applied across the company's businesses, including game development and intelligent debt collection, which is expected to contribute to rapid revenue growth [7] Financial Performance and Projections - 2023 Q4 revenue was 1.911 billion yuan, up 21.67% year-on-year, with net profit attributable to shareholders reaching 324 million yuan, up 105.25% year-on-year [5] - The company's 2024-2026 net profit is projected to be 1.073 billion yuan, 1.249 billion yuan, and 1.474 billion yuan, respectively, with EPS of 0.55 yuan, 0.64 yuan, and 0.75 yuan [5] - The current P/E ratio is 16.0x for 2024, 13.8x for 2025, and 11.7x for 2026 [5] - Revenue is expected to grow by 19.0% in 2024, 15.2% in 2025, and 13.2% in 2026 [8] - Net profit is projected to grow by 21.0% in 2024, 16.4% in 2025, and 18.0% in 2026 [8] - Gross margin is expected to remain stable, with slight increases from 63.0% in 2024 to 64.4% in 2026 [8] Business Segments - The company's game business continues to perform well, with "Age of Origins" and "War and Order" maintaining high revenue levels [6] - The company is leveraging AI tools to improve game development efficiency and reduce costs, while also enhancing the user experience [7] - The "Taiyue Xiaocui" platform has been upgraded to "Taiyue Zhihu," focusing on intelligent sales and debt collection, which is expected to drive growth in AI-related businesses [7]