宝通科技 20250429 摘要 • 宝通科技 2024 年营收 36.27 亿元，移动互联网板块收入 14.36 亿元，工 业互联网板块收入 18.66 亿元，其中智能输送数字化产品收入 13.92 亿元， 智能输送产品与服务收入 4.73 亿元，同比增长 31.15%。整体毛利率为 25.26%。 • 2025 年第一季度，宝通科技营收 7.59 亿元，同比下降 9.62%；归母净 利润 5,455 万元，同比下降 36.47%。移动互联网板块收入 3.52 亿元， 同比下降 24%；工业端收入 4.07 亿元，同比增长 8.24%。 • 易幻子公司 2024 年营收 9.2 亿元，利润 2.28 亿，同比增长 248%，主 要受益于《马赛克英雄》在日本的成功发行，收入超过 5 亿人民币。2025 年第一季度，易幻营收 2,540 万元，同比下滑 16%，净利润 6,953 万元， 同比下滑 18%。 • 海南高图子公司 2024 年营收 5.17 亿，实现利润 1,458 万，扭亏为盈。 《Bloodline》运营三年，2024 年收入超过 1.7 亿人民币。 • 工业互联网领域，数字化输送带产品收入 ...

Core Insights - In 2024, the company achieved operating revenue of 3.302 billion yuan, a year-over-year decrease of 9.67%, and a net profit attributable to shareholders of 210 million yuan, a year-over-year increase of 97.93% [1] - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders in 2024 [1] Group 1: Financial Performance - In Q1 2025, the company reported operating revenue of 759 million yuan, a year-over-year decrease of 9.62% and a quarter-over-quarter decrease of 11.18% [1] - The net profit attributable to shareholders in Q1 2025 was 55 million yuan, a year-over-year decrease of 36.47% [1] - The company experienced a net profit of -28 million yuan in Q4 2024, while the non-recurring net profit was 59 million yuan, a year-over-year decrease of 40.59% [1][2] Group 2: Business Segments - The industrial internet segment generated revenue of 1.866 billion yuan in 2024, a year-over-year decrease of 8.10%, with a gross margin of 25.26% [3] - The smart conveyor digital product manufacturing revenue was 1.392 billion yuan, a year-over-year decrease of 16.59%, while the smart conveyor system service revenue was 473 million yuan, a year-over-year increase of 31.15% [3] - The mobile internet segment reported revenue of 1.436 billion yuan in 2024, a year-over-year decrease of 11.63%, with a gross margin of 54.60% [4] Group 3: Future Outlook - The company is optimistic about the upcoming release of new games, including titles based on popular IPs from Japan and South Korea, which are expected to contribute to revenue growth [4] - The company has adjusted its earnings forecasts for 2025-2027, expecting EPS of 0.73, 0.93, and 1.12 yuan respectively, with corresponding PE ratios of 31, 24, and 20 times [4]

Core Viewpoint - The report highlights that Baotong Technology (300031) is expected to face challenges in revenue growth but shows strong profit growth due to effective cost management, with a "buy" rating maintained for the stock [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.302 billion yuan, a year-over-year decrease of 9.67%, while net profit attributable to shareholders was 210 million yuan, a year-over-year increase of 97.93% [1]. - For Q1 2025, the company reported revenue of 759 million yuan, down 9.62% year-over-year and 11.18% quarter-over-quarter, with a net profit of 55 million yuan, a year-over-year decline of 36.47% [1][2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders in 2024 [1]. Business Segments Industrial Internet - The industrial internet segment generated revenue of 1.866 billion yuan in 2024, down 8.10% year-over-year, with a gross margin of 25.26% [3]. - The revenue from intelligent conveyor digital products was 1.392 billion yuan, down 16.59% year-over-year, while intelligent conveyor system services revenue increased by 31.15% to 473 million yuan [3]. - The company is focusing on global expansion, with overseas service business growing over 20% year-over-year [3]. Mobile Internet - The mobile internet segment reported revenue of 1.436 billion yuan in 2024, a decrease of 11.63% year-over-year, with a gross margin of 54.60% [4]. - The decline is attributed to the natural decrease in revenue from games like "Mosaic Heroes" during their lifecycle [4]. - The company has a strong pipeline of new games expected to launch within the year, which may contribute to revenue growth [4]. Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been adjusted, with expected EPS of 0.73, 0.93, and 1.12 yuan respectively, reflecting a decrease from previous estimates [4]. - The current price-to-earnings ratios are projected to be 31, 24, and 20 times for 2025, 2026, and 2027 respectively [4]. - The company maintains a positive outlook on its strategic advancements in AI and embodied intelligence technologies, sustaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is strategically positioning itself in the field of embodied intelligence and has a robust pipeline of new mobile games [1] - The revenue for 2024 is projected to be 33.02 billion yuan, with a year-over-year decrease of 9.67%, while the net profit attributable to shareholders is expected to be 2.10 billion yuan, reflecting a year-over-year increase of 97.93% [7] - The company is focusing on global expansion in its industrial internet business, with a strong growth trajectory in overseas services [7] Financial Summary - Total revenue is forecasted to grow from 33.02 billion yuan in 2024 to 51.01 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.17% [1][8] - The net profit attributable to shareholders is expected to increase from 2.10 billion yuan in 2024 to 4.70 billion yuan in 2027, indicating a significant growth potential [1][8] - The earnings per share (EPS) is projected to rise from 0.50 yuan in 2024 to 1.12 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 44.98 to 20.08 [1][8] Business Segments - In the industrial internet segment, revenue is expected to be 18.66 billion yuan in 2024, with a year-over-year decrease of 8.10%, while the mobile internet segment is projected to generate 14.36 billion yuan, down 11.63% year-over-year [7] - The company is set to launch several new games in 2025, which are anticipated to contribute positively to revenue growth [7]