三七互娱2023年报及2024年一季度业绩预告点评：坚持长线运营，新游储备有望贡献业绩增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is expected to maintain its long-term operational advantages and has a promising new game pipeline that is likely to contribute to performance growth [4][5] - The company achieved a revenue of 16.547 billion yuan in 2023, with a year-on-year growth of 0.86%, while the net profit attributable to shareholders was 2.659 billion yuan, down 10.01% year-on-year [4][5] - The company is actively diversifying its game offerings and enhancing its self-research capabilities, which is anticipated to drive future growth [5][10] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 16.547 billion yuan, net profit of 2.659 billion yuan, and net profit after deducting non-recurring gains and losses of 2.497 billion yuan, with respective year-on-year changes of +0.86%, -10.01%, and -13.38% [4] - For Q4 2023, the company achieved operating revenue of 4.504 billion yuan, net profit of 466 million yuan, and net profit after deducting non-recurring gains and losses of 419 million yuan, with year-on-year changes of -4.74%, -33.17%, and -37.61% [4] - The company expects Q1 2024 net profit to be between 600 million and 650 million yuan, a year-on-year decline of 16.08% to 22.54% [4] Operational Strategy - The company is focusing on long-term operations and providing comprehensive services, leveraging IP highlights for continuous innovation in product lifecycle management [5] - The company has a diverse game portfolio, with domestic and overseas revenues of 10.739 billion yuan and 5.807 billion yuan, respectively, accounting for 64.90% and 35.10% of total revenue [5] - The company is enhancing its self-research capabilities and diversifying its product supply, which is expected to support its development [5] Future Outlook - The company is projected to achieve net profits of 3.084 billion yuan, 3.415 billion yuan, and 3.673 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.02%, 10.70%, and 7.56% [10] - The company is expected to maintain a strong position in the overseas gaming market, despite challenges such as increased competition and rising marketing costs [5][10]