Ultrapower(SZ:300002) Huachuang Securities·2024-04-28 15:02Investment Rating - The report maintains a "Recommendation" rating for the company [2][4]. Core Views - The company's Q1 2024 performance exceeded expectations, with a net profit of 290 million yuan, representing a year-over-year increase of 95% [2]. - Revenue for the same period reached 1.49 billion yuan, up 66% year-over-year, although it saw a quarter-over-quarter decline of 2% [2]. - The decline in revenue was attributed to seasonal fluctuations in the computer division, while the gaming segment showed strong performance, supporting profit release [2]. - The company ranks well in the domestic gaming overseas revenue rankings, with flagship products performing steadily [2]. - New product reserves include two SLG+ games expected to launch in H2 2024, which could enhance long-term growth potential [2]. Financial Summary - The company forecasts total revenue of 6.99 billion yuan for 2024, with a year-over-year growth rate of 17.3% [12]. - The projected net profit for 2024 is 1.15 billion yuan, reflecting a growth rate of 30% [12]. - Earnings per share (EPS) is expected to increase to 0.59 yuan in 2024, up from 0.45 yuan in 2023 [12]. - The price-to-earnings (P/E) ratio is projected to be 17 for 2024, down from 22 in 2023 [12]. - The company’s total assets are expected to reach 8.15 billion yuan by 2024, with a debt-to-equity ratio of 1.0% [12].