一季度收入同比增长，内部AI Agent平台提升效率

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 4.75 billion in Q1 2024, representing a year-on-year growth of 26.17%, while the net profit attributable to shareholders decreased by 20.45% to 616 million [1]. - The decline in net profit is attributed to the promotional phase of several new games and increased marketing expenditures [1]. - The company has a diverse product portfolio with over 40 mobile games in development, including titles like "Code Douluo MMO" and "Time Grocery Store" [1]. - The company is focusing on international markets, leveraging its experience in game publishing to explore opportunities in casual gaming [1]. - The internal AI Agent platform enhances operational efficiency across various stages of game development and marketing [1]. - The company is expected to achieve revenues of 18.53 billion, 20.57 billion, and 23.25 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.02 billion, 3.43 billion, and 3.94 billion [1][2]. Financial Summary - In 2024, the company is projected to have a revenue growth rate of 12.0%, followed by 11.0% in 2025 and 13.0% in 2026 [2]. - The net profit is expected to grow by 13.7% in 2024, 13.3% in 2025, and 15.0% in 2026 [2]. - The latest diluted EPS is projected to be 1.36, 1.54, and 1.78 for the years 2024, 2025, and 2026, respectively [2]. - The company’s P/E ratio is forecasted to be 12.4, 11.0, and 9.5 for the years 2024, 2025, and 2026 [2].