SANQI HUYU(SZ:002555) Guohai Securities·2024-04-26 09:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is leading in the mini-game sector and demonstrates commitment through high dividends [1] - The company reported a slight increase in revenue for 2023, but a decline in net profit, with plans for significant cash dividends [3][4] - The company expects substantial revenue growth in Q1 2024, despite a year-over-year decline in net profit [7] Financial Performance Summary - For 2023, the company achieved revenue of 16.547 billion yuan, a year-over-year increase of 0.86%, and a net profit of 2.659 billion yuan, a year-over-year decrease of 10.01% [3][5] - The company plans to distribute a total cash dividend of 1.819 billion yuan for the year [3][4] - The Q4 2023 revenue was 4.504 billion yuan, a year-over-year decrease of 4.74%, with a net profit of 466 million yuan, down 33.17% year-over-year [5][6] Market Position and Strategy - The company has a strong presence in the mini-game market, with several titles ranking in the top 5 of the mini-game charts [8] - The company has over 40 products in its pipeline, including self-developed and agency products, indicating a robust product strategy [8] - The company is focusing on a "premium, diversified, and global" strategy, which is expected to positively impact future performance [9] Earnings Forecast - The company forecasts revenue of 19.075 billion yuan for 2024, with a growth rate of 15%, and a net profit of 3.030 billion yuan, reflecting a 14% increase [10][11] - The projected P/E ratios for the next three years are 12, 10, and 9 times, respectively [9][10]