投放增多至盈利下滑，23年再次分红

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 16.55 billion RMB for 2023, a year-on-year increase of 0.9%, while the net profit attributable to shareholders was 2.66 billion RMB, down 10.0% year-on-year [2]. - The company expects a revenue growth of over 25% in Q1 2024, driven by the launch of multiple new products in 2023 [2][3]. - The gaming segment, particularly mini-program games, is expected to continue contributing positively to revenue growth [3]. Revenue Analysis - Revenue by product: Mobile games generated 15.90 billion RMB, up 1.7% year-on-year, while web games saw a decline to 0.50 billion RMB, down 17.0% year-on-year [2]. - Revenue by region: Domestic revenue was 10.74 billion RMB, up 3.1% year-on-year, while overseas revenue was 5.81 billion RMB, down 3.1% year-on-year [2]. Profitability Analysis - The net profit margin for 2023 was 16.1%, a decrease of 1.9 percentage points year-on-year, with a gross margin of 79.5%, also down 1.9 percentage points year-on-year [2]. - The report indicates that the increase in sales expenses has negatively impacted profitability, particularly in Q4 2023 [2]. Future Outlook - The company has over 40 self-developed or agency mobile games in the pipeline, covering various genres, which are expected to enhance revenue stability [3]. - The company is actively integrating AI into game development and operations, which may provide a competitive edge [3]. Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 3.10 billion RMB, 3.50 billion RMB, and 3.86 billion RMB, respectively, with corresponding P/E ratios of 11.8, 10.4, and 9.5 [3][4].