核心产品流水企稳，关注后续新游上线节奏

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 252.36 CNY per share, based on an 18x PE ratio [11][27]. Core Insights - The company's revenue for 2023 is projected at 4.185 billion CNY, a decline of 19.02% year-on-year, with a net profit of 1.125 billion CNY, down 22.98% year-on-year [26]. - In Q1 2024, the company achieved a revenue of 0.927 billion CNY, a year-on-year decrease of 18.97%, but a quarter-on-quarter increase of 5.60% [26][27]. - The company has a rich product pipeline, with multiple new games expected to launch in 2024, which is anticipated to stabilize revenue from core products [15][27]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 4.096 billion CNY, 4.580 billion CNY, and 5.072 billion CNY, respectively, with growth rates of -2.12%, 11.81%, and 10.75% [19][27]. - Net profit forecasts for the same years are 1.010 billion CNY, 1.160 billion CNY, and 1.277 billion CNY, with corresponding growth rates of -10.23%, 14.89%, and 10.05% [19][27]. - The diluted earnings per share for 2024, 2025, and 2026 are projected at 14.02 CNY, 16.11 CNY, and 17.73 CNY, respectively [19][27].