产品储备丰富，期待自研产品周期到来 ——三七互娱（002555.SZ）25 年中报点评 核心观点 ⚫ 我们预期 26 年公司在自研项目品类多元化有所优化，随着储备项目上线，自研游戏 占比得以提升从而优化毛利率。我们预测公司 25~27 年归母净利润为 27.63/32.26/36.56 亿（25~26 前值为 30.12/35.39 亿，因根据游戏上线进度、投放 数据调整收入、毛利率、费率，从而调整盈利预测），我们根据可比公司 25 年调整 后平均 P/E22X，给予公司目标价 27.50 元，维持"增持"评级。 盈利预测与投资建议 风险提示 流水不达预期风险；政策风险；买量成本提升风险；研发风险；投资收益风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 16,547 | 17,441 | 17,087 | 18,097 | 18,646 | | 同比增长 (%) | 0.9% | 5.4% | -2.0% | 5.9% | 3.0% | | 营 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 3.06 billion, 3.18 billion, and 3.48 billion yuan respectively, corresponding to PE ratios of 12.8, 12.3, and 11.2x [4]. Core Insights - The company's net profit for H1 2025 exceeded market expectations, primarily due to a reduction in sales expenses. Revenue slightly decreased by 8.08% year-on-year, while net profit increased by 10.72% [2][4]. - The company has a rich pipeline of over 20 new games, including 10 SLG products, covering various genres such as MMORPG and card games, indicating a diverse product matrix [2]. - The company is accelerating its overseas expansion, with its core game "Puzzles & Survival" seeing a 24.68% increase in iOS downloads and a 28.60% increase in revenue in July 2025 [3]. - The company is one of the earliest in the domestic gaming industry to systematically integrate AI technology, with over 80% of 2D art assets and over 30% of 3D assets generated with AI assistance [3]. Financial Summary - In H1 2025, the company achieved revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, while net profit reached 1.4 billion yuan, a year-on-year increase of 10.72% [1]. - The company’s sales expenses decreased by 17.73% year-on-year, attributed to reduced marketing costs for mature games [2]. - The financial forecast indicates a steady growth trajectory, with expected revenues of 18.1 billion, 19.6 billion, and 21.6 billion yuan for 2025, 2026, and 2027 respectively, alongside a net profit growth rate of 14.28% in 2025 [5].