《旭日之城》流水创新高，游戏业务稳健增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.0 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [4][14]. Core Insights - The company reported a revenue of 5.962 billion CNY for 2023, representing a year-over-year increase of 24.06%. The gaming segment generated 4.497 billion CNY, up 26.5% year-over-year, while the computer business achieved 1.465 billion CNY, growing by 17.1% [2][8]. - The overall gross margin for the company was 62.73%, an increase of 2.34 percentage points year-over-year, with the gaming segment's gross margin reaching 71%, up 3.61 percentage points [2][8]. - The net profit attributable to shareholders was 888 million CNY, reflecting a significant year-over-year growth of 63.72%, with a net profit margin of 14.88% [2][8]. - The company expects continued revenue growth driven by its main games, "Age of Origins" and "War and Order," with projected revenues of 6.85 billion CNY, 7.722 billion CNY, and 8.32 billion CNY for 2024, 2025, and 2026, respectively [14][21]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 5.962 billion CNY, with a gross margin of 62.73% and a net profit of 888 million CNY [2][8]. - The fourth quarter of 2023 saw a revenue of 1.911 billion CNY, a year-over-year increase of 21.7% and a quarter-over-quarter increase of 36.7% [8][12]. Gaming Business - The primary game "Age of Origins" saw record revenue in Q4 2023, with a monthly average revenue of approximately 39.4 million USD, indicating a strong growth trajectory [12][14]. - The company is focusing on the international expansion of its gaming business, particularly in the SLG (Simulation and Strategy Game) segment, with new titles expected to launch in the second half of 2024 [14][21]. Computer Business - The computer business segment is evolving towards productization and internationalization, leveraging ICT operations and information security as its technological foundation [2][14]. - The company is also developing AI collection and cloud services, which are expected to improve overall business performance [14][21].