2023年年报点评：静待买量利润释放，拟开启连续季度分红

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.547 billion yuan in 2023, a year-on-year increase of 0.86%, while the net profit attributable to shareholders was 2.659 billion yuan, a year-on-year decrease of 10.01% [2][3] - The company plans to distribute a cash dividend of 0.37 yuan per share for 2023, totaling 8.21 billion yuan, which represents 68% of the net profit attributable to shareholders [3] - The company is increasing its marketing expenditure to promote new games, which has put pressure on profits, but expects revenue growth of over 25% in Q1 2024 due to new game launches [3][4] - The company has a robust pipeline of over 40 self-developed and licensed games, which are expected to contribute to revenue and profit growth [3] Financial Performance and Forecast - In 2023, the company reported total revenue of 16.547 billion yuan, with a net profit of 2.659 billion yuan [2] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.36 yuan, 1.54 yuan, and 1.67 yuan respectively, with corresponding P/E ratios of 13, 11, and 10 [4] - The company anticipates a net profit of 6.00 to 6.50 million yuan for Q1 2024, reflecting a year-on-year decrease of 16.08% to 22.54% [2][3]