Ultrapower(300002) 华创证券·2024-04-21 02:02Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 5.96 billion yuan, a year-over-year increase of 24%, and a net profit attributable to shareholders of 889 million yuan, up 64% year-over-year [1][2]. - The gaming segment, particularly the core product "Sunrise City," set new records, while the AI business saw substantial revenue growth [1]. - The report projects revenue for 2024 and 2025 to be 6.97 billion yuan and 8.09 billion yuan, respectively, with year-over-year growth rates of 17% and 16% [2]. Financial Performance Summary - Revenue: 2023 revenue was 5.96 billion yuan, with a year-over-year growth of 24.1%. Forecasts for 2024 and 2025 are 6.97 billion yuan and 8.09 billion yuan, respectively [2]. - Net Profit: The net profit for 2023 was 889 million yuan, reflecting a 63.7% increase year-over-year. Expected net profits for 2024 and 2025 are 1.10 billion yuan and 1.28 billion yuan [2]. - Earnings Per Share (EPS): EPS for 2023 was 0.45 yuan, with projections of 0.56 yuan and 0.65 yuan for 2024 and 2025 [2]. - Valuation Metrics: The report assigns a target price range of 11.25 to 13.28 yuan based on a 20x price-to-earnings (PE) ratio for the gaming business [1][3]. Business Segment Analysis - Gaming Business: Generated 4.5 billion yuan in revenue for 2023, with a year-over-year growth of 27%. The flagship game "Sunrise City" contributed significantly to this growth, achieving a revenue of 3.15 billion yuan, up 42% year-over-year [1]. - Computer Business: Revenue reached 1.47 billion yuan, a 17% increase year-over-year, driven by stable growth in ICT operations and cloud services [1]. - AI Business: The AI subsidiary, Dingfu Intelligent, reported revenue of 140 million yuan, a remarkable 114% increase year-over-year, primarily due to the expansion of smart telemarketing and collection services [1].