自研代理双线布局，AI应用融入多个业务环节

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has achieved a revenue of 16.547 billion yuan in 2023, a year-on-year growth of 0.86%, but the net profit attributable to shareholders has decreased by 10.01% to 2.659 billion yuan [1][2]. - The company is focusing on a dual strategy of self-developed and agency games, with over 40 high-quality mobile games in its pipeline, covering various genres [1][14]. - The integration of AI applications into multiple business segments is a key strategy, enhancing operational efficiency and product development [2][17]. - The company expects a revenue increase to 18.532 billion yuan in 2024, with a projected net profit of 3.024 billion yuan, reflecting a growth of 13.73% [18][20]. Financial Overview - In 2023, the company reported a total revenue of 16.547 billion yuan, with a net profit of 2.659 billion yuan [1][3]. - The company anticipates a revenue of 18.532 billion yuan for 2024, with a net profit forecast of 3.024 billion yuan [18][20]. - The gross margin for 2023 was 79.50%, with expectations to maintain a similar level in the coming years [20]. Product Development and Market Strategy - The company has successfully launched several games, including "Puzzles & Survival" and "Douluo Dalu: Soul Master Duel," which have performed well in both domestic and international markets [2][13]. - The company is actively expanding its global market presence, with overseas revenue reaching 5.807 billion yuan in 2023 [2][13]. - The company is implementing a three-step AI strategy to enhance its game development and operational processes [2][17]. Future Projections - The company projects a net profit of 3.426 billion yuan in 2025 and 3.940 billion yuan in 2026, with respective growth rates of 13.32% and 14.98% [18][20]. - The mobile gaming segment is expected to drive significant revenue growth, with projections of 17.880 billion yuan in 2024 and continuing increases in subsequent years [18][20].