“征途”IP矩阵持续扩张，AI+游戏加速落地

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.66 yuan based on a 20x PE for 2024 [4][7]. Core Insights - The company has shown strong revenue growth, with 2023 revenue at 2.924 billion yuan, a 43.5% increase year-on-year, and a net profit of 1.086 billion yuan, up 27.67% [2][4]. - The performance of the "Zhengtu" IP continues to expand, with new game releases contributing positively to revenue [2][3]. - The integration of AI technology in gaming is expected to enhance efficiency and innovation in game development [3][4]. Financial Performance Summary - 2023 revenue reached 2.924 billion yuan, with a year-on-year growth of 43.5% [5]. - The net profit for 2023 was 1.086 billion yuan, reflecting a 27.67% increase [5]. - The first quarter of 2024 saw revenue of 696 million yuan, a 37.21% increase year-on-year, and a net profit of 352 million yuan, up 43.97% [2][5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.537 billion yuan, 4.068 billion yuan, and 4.596 billion yuan, respectively, with growth rates of 21%, 15%, and 13% [4][5]. - Net profit forecasts for the same years are 1.545 billion yuan, 1.703 billion yuan, and 1.907 billion yuan, with growth rates of 42%, 10%, and 12% [4][5]. - The EPS is expected to be 0.78 yuan, 0.86 yuan, and 0.97 yuan for 2024, 2025, and 2026, respectively [4][5].