Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.88 [5][8]. Core Insights - The company is actively expanding its overseas market presence and has a strong pipeline of new products, including the anticipated internal testing of the AI emotional companion application "EVE" [1][4]. - The successful launch of new games, such as "Dragon Valley World" and "Digital Monster: Source," has garnered significant market attention, indicating the company's ability to leverage classic IPs and innovate gameplay [2]. - The company's overseas mobile game "Party Beast Control" achieved top rankings in various regions shortly after its launch, showcasing its effective market strategy and user growth potential [3]. Summary by Sections Product Performance - The new game "Dragon Valley World" topped the App Store free games chart on its first day of public testing and remains a strong performer in the iOS action game category [2]. - "Digital Monster: Source" has also gained traction, ranking 73rd in the iOS adventure game category as of June 3, 2025 [2]. Overseas Expansion - The company launched "Party Beast Control" in Hong Kong, Taiwan, and Macau, achieving top download rankings in these regions [3]. - "MU Immortal" was released in over 100 countries, topping the RPG free charts in Canada and Germany, indicating successful international market penetration [3]. AI Technology Integration - The company is investing in AI technology, with the upcoming "EVE" game expected to enhance user engagement through multi-platform interactions [4]. - The new brand "Warm Star Valley Dream Journey" combines AI technology with interactive experiences, aiming to attract a broader audience [4]. Financial Forecast - The company forecasts net profits of RMB 20.4 billion, RMB 24.1 billion, and RMB 27.3 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 25X for 2025 [5][7]. - Revenue is projected to grow from RMB 4.295 billion in 2023 to RMB 6.910 billion by 2027, reflecting a compound annual growth rate [7][19].

评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,118 | 6,046 | 6,902 | 7,692 | | 同比增速(%) | 19.2% | 18.1% | 14.2% | 11.4% | | 归母净利润(百万) | 1,628 | 2,015 | 2,378 | 2,660 | | 同比增速(%) | 11.4% | 23.7% | 18.0% | 11.9% | | 每股盈利(元) | 0.76 | 0.94 | 1.11 | 1.25 | | 市盈率(倍) | 22 | 18 | 15 | 14 | | 市净率(倍) | 5.5 | 4.1 | 3.4 | 2.8 | 公司研究 证 券 研 究 报 告 恺英网络（002517）2024 年报和 2025 年一季报点评 推荐（维持） Q4 符合、Q1 超预期，产品储备丰富，关注 AI 应用上线进度 事项： 事件：24Q4 符合预期，25Q1 大超预期。公司发布 24 ...

Core Insights - The company reported a revenue of 5.118 billion in 2024, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion, up 11.41% [1] - In Q1 2025, the company achieved a revenue of 1.353 billion, a growth of 3.46%, and a net profit of 518 million, increasing by 21.57% [1] - The company plans to distribute a total cash dividend and share repurchase amounting to 426 million in 2024, representing 26.18% of the net profit attributable to shareholders [1] Financial Performance - The net profit margin has been steadily increasing, with figures of 24.28%, 27.52%, 34.03%, and 31.82% from 2021 to 2024, and reaching 38.30% in Q1 2025 [2] - The increase in net profit margin is attributed to a decrease in management and R&D expense ratios, indicating improved management efficiency and AI-driven productivity [2] - The overseas market revenue saw a significant increase of 221.48% in 2024, showcasing the company's successful international expansion [2] Product Development and Innovation - The company has a rich pipeline of self-developed products, including titles like "King of Legends 2" and "Tomb Raider: Journey," with several games set to release in 2024 [3] - The self-developed AI model "Xingyi" enhances game development automation, significantly reducing the time required for animation and map creation, thus improving overall development efficiency [3] - The AI model's application has decreased animation generation time from weeks to seconds and map creation time to an average of 3 minutes per map [3] Future Outlook - The company maintains a strong investment rating, projecting revenues of 6.039 billion, 6.945 billion, and 7.779 billion for 2025 to 2027, with year-on-year growth rates of 18%, 15%, and 12% respectively [4] - Expected net profits for the same period are 2.103 billion, 2.398 billion, and 2.629 billion, with growth rates of 29%, 14%, and 10% respectively [4] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 17.0, 14.9, and 13.6 times, respectively, supporting the strong investment recommendation [4]

Core Insights - The company reported strong financial performance in 2024, with revenue reaching 5.118 billion yuan, a year-on-year increase of 19.16%, and net profit attributable to shareholders at 1.628 billion yuan, up 11.41% [1] - The company continues to reward shareholders through cash dividends and share buybacks, totaling 426 million yuan, which represents 26.18% of the net profit for the year [1] - The company is focusing on game development and expansion into international markets, launching several new titles that have performed well [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.352 billion yuan, a growth of 3.46% year-on-year, and net profit of 518 million yuan, up 21.57% [1] - The company’s operating expenses in sales, management, and R&D decreased by 3.2 percentage points, 0.8 percentage points, and 1.0 percentage points respectively [1] - Forecasts for net profit growth from 2025 to 2027 are 25.32%, 18.98%, and 17.86%, with projected profits of 2.041 billion yuan, 2.428 billion yuan, and 2.862 billion yuan respectively [4] Product Development and Market Expansion - The company launched the card strategy game "Nazarick King" in 2024, achieving over 1 million pre-registrations domestically and ranking high on various charts [2] - The overseas revenue for the company reached 375 million yuan in 2024, marking a significant increase of 221.48% [2] - The company is integrating AI into game development, enhancing efficiency and creating new market opportunities [3] Strategic Initiatives - The company is committed to its core strategy of focusing on the gaming industry and has introduced multiple new products to accelerate its international presence [2] - The development of AI models aims to streamline the game development process and improve collaboration [3] - The company has invested in AI firm Tyrell AI Limited, increasing its stake to over 16%, further expanding its footprint in the AI sector [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [6]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 19.2%, and a net profit of 1.63 billion yuan, up 11.4% year-on-year. For Q1 2025, revenue was 1.35 billion yuan, a 3.5% increase year-on-year, with a net profit of 520 million yuan, reflecting a 21.6% year-on-year growth [2][6]. - The company has a strong product pipeline, with several new games set to launch, including "Digimon: Source Code" and "Tomb Raider: Journey" [5]. - The integration of AI technologies is enhancing the company's capabilities in game development, with applications in animation and story generation [5]. Revenue Analysis - The company's revenue for 2024 was driven by significant growth in mobile gaming and information services, with mobile game revenue reaching 4.06 billion yuan, up 13.4% year-on-year, and information services revenue at 940 million yuan, up 41.6% year-on-year [3]. - The Q4 2024 revenue was 1.19 billion yuan, showing a decline due to the natural decline of older products, while Q1 2025 saw a recovery with new game contributions [3]. Profitability Analysis - The company's net profit margin improved in Q1 2025, attributed to a rise in gross margin and reductions in management and R&D expense ratios [4]. - The net profit margin for Q1 2025 was 29.3%, an increase of 5.7 percentage points year-on-year, driven by changes in revenue structure [4]. Financial Forecast - The company is expected to receive a non-operating income of 224.5 million yuan from a legal arbitration case, which will positively impact the net profit forecasts for 2025-2027, with projected net profits of 2.18 billion yuan, 2.36 billion yuan, and 2.63 billion yuan respectively [6].