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三七互娱(002555):25H1业绩增长超预期,新游储备丰富
NORTHEAST SECURITIES· 2025-08-26 06:44
[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 25H1 业绩增长超预期,新游储备丰富 [Table_Summary] 事件: 公司发布 2025 年半年度报告。2025 年上半年,公司实现营收 84.86 亿 元,同比减少 8.08%;归母净利润达 14.00 亿元,同比增长 10.72%;扣 非归母净利润 13.87 亿元,同比增长 8.83%;2025 年二季度实现营收 42.43 亿元,同比减少 5.33%;归母净利润 8.51 亿元,同比增长 31.24%。 点评: 25 年 H1 公司归母净利润增长略超市场预期,主因销售费用减少。 25H1 公司收入端略降,主因上半年主要运营处于引入期小游戏《英雄 没有闪》、《时光大爆炸》,过往主要游戏产品《寻到大千》等已逐步进 入成熟平台期;25Q2 公司收入降幅较 25Q1 收窄。25H1 公司销售费用 同比下降 17.73%,系成熟期游戏流量投放费用减少所致。 新品储备丰富覆盖多品类。公司目前已储备二十余款新游,其中 10 款 为 SLG 产品,包括日式 Q 版 MMORPG《代号 MLK》、写实三国 SLG《代号正奇 ...
一季度现金分红披露!三七互娱:前3月归母净利润约5亿元
Nan Fang Du Shi Bao· 2025-05-15 09:03
Group 1 - The company announced a cash dividend plan for Q1 2025, proposing a distribution of 2.10 yuan per 10 shares, totaling approximately 462 million yuan (before tax) [2] - The mid-year cash dividend plan for 2025 includes a maximum total distribution of 1.5 billion yuan (before tax) across three periods, with each period not exceeding 500 million yuan [2] - In Q1 2025, the company's revenue was 4.243 billion yuan, and net profit attributable to shareholders was 549 million yuan, reflecting year-on-year declines of 10.67% and 10.87% respectively [2] Group 2 - The company has a rich product pipeline in various genres such as MMORPG, SLG, card games, and simulation management, with titles like "Douluo Dalu: Hunting Soul World" and "Zhui Xu" [3] - The product portfolio includes diverse themes ranging from Western fantasy to Eastern mythology, and the company is actively advancing the launch of several mobile games that have received domestic game licenses [3]
三七互娱(002555):Q1业绩有所下滑 期待后续新品回收
Xin Lang Cai Jing· 2025-05-02 00:44
Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-over-year decrease of 10.67% and a quarter-over-quarter increase of 3.45% [1] - The net profit attributable to the parent company was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1] - The non-recurring net profit was 536 million yuan, reflecting a year-over-year decline of 12.90% and a quarter-over-quarter decline of 24.90% [1] Group 2: Product Development and Pipeline - The key product "Time Explosion" ranked 4th in the WeChat mini-game sales list, while "Heroes Have No Flash" entered the iOS sales top five upon launch and topped the WeChat mini-game sales list in April [2] - The company has built a comprehensive pipeline with key products like "Douluo Dalu: Hunting Soul World," "The Son-in-Law," and "Code MLK" all obtaining domestic game licenses, indicating a potential for sustained product cycles [2] - The company is implementing refined operational strategies to extend the lifecycle of mature products like "Seeking the Way to the Universe" and "Douluo Dalu: Soul Master Showdown," which may enhance operational performance stability [2] Group 3: AI Technology Integration - The company has developed an in-house game industry large model "Xiao Qi" and an external advanced model cluster, creating a complete technical system with over 40 AI capabilities, significantly improving R&D efficiency and operational precision [3] - AI technology has been applied to achieve intelligent production and application of various content forms, which may become a core competitive advantage in the new industry landscape [3] - Continuous investment in AI is expected to enhance the company's ability to commercialize AI products and provide solid support for medium to long-term performance growth [3] Group 4: Profit Forecast and Valuation - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.85 billion, 3.18 billion, and 3.48 billion yuan, respectively, with slight downward adjustments of 1%-2% due to product revenue instability [4] - The average PE ratio for comparable companies in 2025 is expected to be 17 times, while the company is assigned a PE of 15 times for 2025, maintaining a target price of 19.33 yuan, slightly down from the previous 19.53 yuan [4] - The company maintains a "buy" rating based on its future product launch uncertainties [4]