事件评论 事件描述 姚记科技披露2024 年业绩，公司2024 年实现营收32.71 亿（同比-24.04%），归母净利润5.39亿（同 比-4.17%），扣非净利润5.06 亿（同比-2.59%）。其中24Q4 实现营收4.82 亿（同比-34.50%），归母净 利润1.15 亿（同比+2290%），扣非净利润1.00 亿（扭亏为盈）。 扑克牌业务表现稳定，海外游戏业务表现亮眼，数字营销及游戏板块收入减少致营收下滑，全年各业务 毛利率均有所提升1）2024 全年游戏业务收入10.15 亿元，同比下降17.20%（较24H1 下降幅度收窄）， 占营业收入的31.04%。国内游戏业务或由于2023 年基数较高、前期存量产品流水自然下滑及产品周期 等因素致收入下滑，海外游戏业务收入及利润均实现同比增长。2024 全年公司游戏业务毛利率小幅提 升0.14pct 至96.15%。2024 全年国内游戏业务子公司上海成蹊实现营收8.8 亿（同比-20.18%），净利润 3.7 亿（同比-23.34%）；海外业务子公司大鱼竞技实现营收1.4 亿（同比+10.07%），净利润595 万（同 比扭亏）。 2）2024 全年扑 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the Shanghai and Shenzhen 300 Index by more than 15% [12][20]. Core Insights - The company's revenue has declined, primarily due to a reduction in digital marketing business, while profit remains relatively resilient. Future focus will be on the recovery of business operations and the implementation of poker production capacity and AI enhancements across various business lines [4][12]. - The projected earnings per share (EPS) for 2025-2027 are 1.46, 1.55, and 1.63 yuan, respectively, which have been adjusted downwards from previous estimates due to declines in marketing and gaming businesses. The target price has been revised to 35.04 yuan, down from 38.96 yuan [12][14]. Financial Summary - **Revenue**: The company reported a revenue of 3.271 billion yuan in 2024, a decrease of 24.04% year-on-year. The digital marketing segment saw a significant decline of 40.25%, contributing to the overall revenue drop [6][12]. - **Net Profit**: The net profit attributable to the parent company was 539 million yuan, down 4.17% year-on-year. Despite the revenue decline, the overall profit margin improved across various business segments [6][12]. - **Gross Margins**: The gross margins for digital marketing, gaming, and poker businesses were reported at 7.76%, 96.15%, and 30.40%, respectively, showing improvements compared to the previous year [12][13]. - **Cost Management**: Marketing, management, and R&D expenses have decreased, maintaining stable expense ratios of 8.04%, 8.36%, and 5.72% [12][13]. Business Development - The company is focusing on enhancing its leading position in the poker industry by advancing the construction of a production base with an annual capacity of 600 million decks of cards, expected to be operational by early 2027 [12][13]. - The company is also exploring business and technological innovations, including the development of a short video center and AI-driven enhancements in gaming and marketing sectors [12][13].