YAOJI TECHNOLOGY(002605) 开源证券·2024-04-30 08:02Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced significant revenue growth in 2023, driven by its gaming and poker businesses, which are expected to continue propelling growth [4][5] - The increase in sales expenses is impacting short-term performance, but adjustments in the overseas gaming business model are anticipated to drive future revenue growth [2][5] Financial Performance Summary - In 2023, the company achieved operating revenue of 4.31 billion yuan, a year-on-year increase of 10.01%, and a net profit attributable to shareholders of 560 million yuan, up 61.37% year-on-year [4][6] - The gross margin for 2023 was 37.63%, a decrease of 1.07 percentage points year-on-year, primarily due to the increased proportion of lower-margin internet marketing revenue [2][6] - For Q1 2024, the company reported operating revenue of 980 million yuan, a year-on-year decrease of 17.38%, but a quarter-on-quarter increase of 33.47% [4][6] Business Segment Analysis - Gaming: The core fishing games are performing steadily, maintaining positions in the top 150 of the iOS bestseller list, with ongoing efforts to expand into overseas markets [5] - Poker: The company is advancing the construction of a new poker production base, which is expected to enhance production efficiency and reduce costs [5] - Internet Marketing: The company has developed the VTATM model for marketing strategy in the gaming distribution market, enhancing its innovative marketing capabilities [5] Earnings Forecast - The report revises the profit forecasts for 2024-2026, estimating net profits of 708 million yuan, 786 million yuan, and 854 million yuan respectively, with corresponding EPS of 1.72 yuan, 1.91 yuan, and 2.07 yuan [4][6]