Investment Rating - The report assigns a "Buy" rating for the company [5][72]. Core Views - The company's gaming business, led by its wholly-owned subsidiary Kemu Games, has a strong track record in overseas game publishing, with past titles like "Age of Origins" and "War and Order" generating revenues exceeding 30 billion and 10 billion respectively. Future titles such as "Stellar Sanctuary" and "Next Agers" are expected to exceed revenue expectations [1][4]. - The company is positioned in the low-performing segment of the gaming sector for 2025, with its current stock price reflecting only the expected performance of existing games and not accounting for new product lines [3][4]. - The company is projected to achieve revenues of 69.3 billion, 89.4 billion, and 99.3 billion for 2025, 2026, and 2027 respectively, with net profits of 12.9 billion, 19.6 billion, and 21.5 billion [5][72]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2009, aims to be a leader in the digital economy with a focus on game development and AI technology [18][19]. - Its gaming business is a top-tier player in the domestic mobile game market, with over 250 million registered users across more than 150 countries [19]. Industry Analysis - SLG games are characterized by high entry barriers and sustained revenue generation, with a typical lifecycle of 6 to 8 years [26]. - The "SLG+X" model, which integrates various gameplay elements, has gained popularity and is expected to enhance user acquisition and retention [35]. Financial Performance - The company has shown significant revenue growth, with a peak revenue of 19.4 billion in Q4 2024 and a record net profit of 4.63 billion in Q3 2024 [23][25]. - The overall expense ratio has improved, with a notable decrease in sales expense ratio from 54.5% in Q1 2021 to 43.5% in Q1 2025 [25]. New Product Development - The upcoming titles "Stellar Sanctuary" and "Next Agers" are set to initiate a new product cycle, with "Stellar Sanctuary" expected to contribute significantly to revenue [53][66]. - The company has multiple SLG games in development, with plans for commercial testing in the near future [60]. Valuation and Market Potential - The estimated target market capitalization for 2026 is around 400 billion, based on a P/E ratio of 20 times projected earnings [4][72]. - The global SLG game market is anticipated to exceed 20 billion USD by 2027, indicating strong growth potential for the company [30].

在Sensor Tower上个月发布的3月出海手游收入榜Top30中，又出现了一款新的SLG"黑马"：tap4fun旗下融合了女团养成经营元素的SLG手游《Apex Girl》 （iOS名为《Top Girl》），跻身三月出海手游收入榜Top28，收入增长榜Top19，这也是该游戏首次进入月度收入Top30榜单。 | | 手游及发行商 | | | | --- | --- | --- | --- | | 1 | Whiteout Survival | 16 | Capybara Go! | | | 点点互动 | | 海彼 | | 2 | PUBG MOBILE | 17 | 斤国气候 | | | 腾讯 | | 莉莉丝游戏 | | 3 | Gossip Harbor®: Merge & Story | 18 | 四次 | | | 柠檬微趣 | | 库洛游戏 | | 4 | 使命召唤手游 | 19 | Project Makeover | | | 动视暴雪 & 腾讯 | | Magic Tavern | | 5 | Mobile Legends: Bang Bang | 20 | 绝区零 | | | 沐瞳科技 | ...