自我救赎和腾子的大手，缺了哪个都不行 随着6月份已过近一半，不少这个月的游戏都已经浮出了水面，最近，一款由腾讯投资的产品在Steam上正卖的火 热， 在撰写此文时，《沙丘：觉醒》的 全球销量已经稳定在了全球第二名（买断制第一），而在此之前，他们的销量排名一度冲上过全球第一。 同时作为一款多人在线游戏，据SteamDB统计，《沙丘：觉醒》的最高在线人数也一度达到14万人之多，可见当下这款游戏有着相当爆炸的热度。 这不免也让我有些好奇，这款游戏是什么情况，居然能够从预购开始一直到发售，就力压众多游戏卖得这么好？或许是我此前并未了解过这款游戏，因此 在得知它居然是一款大型多人在线游戏时还是有点惊讶。 这年头多人游戏可不好做，大多数都是上线后难以成功，更别说《沙丘：觉醒》还有一层所谓的"IP改" debuff在，这两个类型都是游戏市场当中很容易出 问题的那一类。 但顶着这样的压力，《沙丘：觉醒》依旧取得了不错的成绩，而且似乎还把IP还原得不错，在Steam当中有不少《沙丘》迷表示大大赞赏的评价。 如此看来，《沙丘：觉醒》不仅卖爆了，甚至还把所有debuff标签都给摘掉了，抱着好奇心，我也打算一探究竟。 01 背靠IP ...

Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]