多元业务稳健发展，积极推进股东回报

Investment Rating - The report maintains a "Buy" rating for the company [36]. Core Viewpoints - The company has shown steady development across multiple business sectors and is actively enhancing shareholder returns [36]. - The company reported a revenue of 4.307 billion (up 10.01% YoY) and a net profit attributable to shareholders of 562 million (up 61.37% YoY) for 2023 [24]. - The company plans to distribute a cash dividend of 3.71 billion, which represents approximately 65.94% of the 2023 net profit, indicating a significant increase in both the amount and ratio of dividends compared to previous years [38]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 982 million (down 17.38% YoY, up 33.47% QoQ) and a net profit of 151 million (down 23.94% YoY) [4]. - The company expects net profits of 670 million and 780 million for 2024 and 2025, respectively, corresponding to PE ratios of 15.8 and 13.8 [6]. - The company’s game business generated a revenue of 1.226 billion in 2023 (up 1.94% YoY), with domestic game revenue contributing significantly [25]. Business Development Insights - The company is expanding its poker production capacity to alleviate bottlenecks and increase market share [26]. - The performance of casual games is strong, and the company is expected to continue benefiting from prior R&D and marketing investments [26]. - The digital marketing business, utilizing the innovative VTATM model, achieved over 1.9 billion in revenue in 2023 (up 24.9% YoY) [25].