SANQI HUYU(SZ:002555)2024-04-23 13:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [2]. Core Insights - The company reported a revenue of 16.547 billion yuan for 2023, a year-on-year increase of 0.86%. However, the net profit attributable to shareholders decreased by 10.01% to 2.659 billion yuan [2]. - The mobile gaming revenue reached 15.898 billion yuan, reflecting a growth of 1.71%. The performance of mini-program games was particularly strong, contributing positively to the company's results [2]. - The company has a robust pipeline with over 40 self-developed or agency mobile games, covering various genres, which are expected to be launched globally [2]. - The company has increased its cash dividend distribution, planning to distribute up to 1.5 billion yuan in cash dividends quarterly in 2024 [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 3.000 billion, 3.392 billion, and 3.774 billion yuan, respectively, with corresponding PE ratios of 13x, 11x, and 10x [2]. Financial Summary - In Q4 2023, the company achieved a revenue of 4.504 billion yuan, a decrease of 4.74% year-on-year, with a net profit of 466 million yuan, down 33.17% [2]. - The sales expense ratio in Q4 2023 reached 60.62%, an increase of 6.74 percentage points year-on-year [2]. - The company plans to maintain a strong focus on both self-developed and agency games, with a diverse range of genres to be launched [2]. - The projected revenue growth rates for 2024, 2025, and 2026 are 16.89%, 13.41%, and 9.64%, respectively [3].