公司研究 证 券 研 究 报 告 神州泰岳（300002）2024 年报及 2025 年一季报点评 推荐（维持） Q4 符合、Q1 有所承压，期待新产品提供流 水增量 事项： ❖ 公司发布 24Q4&25Q1 财报：Q4 符合，Q1 有所承压。其中 4Q24 业绩落于前 期预告区间中枢附近，单季度实现收入 19.4 亿元，YOY+1.5%，QOQ+33%； 实现归母净利润 3.3 亿元，YOY+3%，QOQ-28%；实现扣非归母净利润 3.1 亿 元，YOY+7%，QOQ+46%。1Q25 业绩有所承压，单季度实现收入 13.2 亿元， YOY-11%，QOQ-32%；实现归母净利润 2.4 亿元，YOY-20%，QOQ-29%；实 现扣非归母净利润 2.3 亿元，YOY-21%，QOQ-28%。24 年年末现金分红 1.96 亿元，分红率 14%，YOY 基本稳定。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,452 ...

公司研究 证 券 研 究 报 告 神州泰岳（300002）2024 年报及 2025 年一季报点评 推荐（维持） Q4 符合、Q1 有所承压，期待新产品提供流 水增量 事项： ❖ 公司发布 24Q4&25Q1 财报：Q4 符合，Q1 有所承压。其中 4Q24 业绩落于前 期预告区间中枢附近，单季度实现收入 19.4 亿元，YOY+1.5%，QOQ+33%； 实现归母净利润 3.3 亿元，YOY+3%，QOQ-28%；实现扣非归母净利润 3.1 亿 元，YOY+7%，QOQ+46%。1Q25 业绩有所承压，单季度实现收入 13.2 亿元， YOY-11%，QOQ-32%；实现归母净利润 2.4 亿元，YOY-20%，QOQ-29%；实 现扣非归母净利润 2.3 亿元，YOY-21%，QOQ-28%。24 年年末现金分红 1.96 亿元，分红率 14%，YOY 基本稳定。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,452 ...

Core Viewpoint - The company reported a revenue of 6.452 billion yuan in 2024, representing a year-over-year increase of 8.22%, with a net profit of 1.428 billion yuan, up 60.92% year-over-year, indicating strong financial performance despite a decline in Q1 2025 [1] Group 1: Game Business - The gaming segment achieved a revenue of 4.662 billion yuan in 2024, with a year-over-year growth of 3.66% and a gross margin of 72.70%, reflecting a 1.56 percentage point increase [2] - The net profit from gaming was 1.552 billion yuan, up 40.47% year-over-year, with a net profit margin of 33.28%, an increase of 8.72 percentage points [2] - The company expects a natural decline in revenue from existing products in Q1 2025, leading to an overall revenue decrease of 11.07% year-over-year [2][3] Group 2: Future Outlook - The company plans to maintain long-term operations for existing games, with expectations for stable revenue from key titles like "Age of Origins" and "War and Order" [3] - New games "Stellar Sanctuary" and "Next Agers" are set to launch in overseas markets by the end of 2024, with plans for large-scale promotion in mid to late 2025 [3] - The company has additional RPG and SLG games in the pipeline, which are anticipated to contribute to revenue growth [3] Group 3: Computer Business - The computer and other businesses generated revenue of 1.790 billion yuan in 2024, marking a year-over-year increase of 22.21% [4] - AI/ICT operations accounted for 1.478 billion yuan, growing 20.53% year-over-year, while IoT/communications revenue reached 133 million yuan, up 62.30% [4] - The company is focusing on integrating AI across various business lines, enhancing profitability and growth potential [4] Group 4: Profit Forecast and Investment Rating - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.59, 0.64, and 0.69 yuan, respectively, reflecting a downward revision from previous estimates [5] - The current price-to-earnings (PE) ratios are projected at 19, 18, and 17 times for 2025-2027 [5] - The company maintains a "buy" rating, supported by strong computer business growth and a robust pipeline of new games [5]