新游海外上线表现亮眼，接入英伟达技术平台

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a significant decline in Q1 2024 revenue, with total revenue of 1.329 billion yuan, down 30.19% year-on-year, and a net profit attributable to shareholders of -29.76 million yuan, down 112.33% year-on-year [1]. - The gaming business revenue was 1.285 billion yuan, a decrease of 23.80% year-on-year, primarily due to the natural decline in recharge from some games and personnel optimization costs [1]. - The company launched the self-developed game "Persona 5: Phantom Night" in April 2024, which performed well in the market, indicating a breakthrough in the two-dimensional game sector [1]. - The company is making progress in global game distribution, with several self-developed games receiving import licenses and performing well in various international markets [1][2]. Financial Overview - The company expects to achieve revenues of 9.193 billion yuan, 10.296 billion yuan, and 11.429 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 18.0%, 12.0%, and 11.0% [2][3]. - The net profit attributable to shareholders is projected to be 1.297 billion yuan, 1.472 billion yuan, and 1.634 billion yuan for the same years, with growth rates of 163.8%, 13.5%, and 11.0% respectively [2][3]. - The report highlights the application of AI technology in the company's development pipeline, enhancing various aspects of game production [2]. Market Position - The company is positioned in the gaming industry, with a focus on both domestic and international markets [4]. - The total market capitalization is approximately 19.67 billion yuan, with a closing price of 10.14 yuan as of April 26, 2024 [4].