按照这个趋势，《百花ランブル》有可能成为易幻新晋出海爆款。 时间回到2023年，易幻靠着一款《马赛克英雄》在日本市场大获成功。其收入连创新高，直接把公司送进了SensorTower中国手游发行商全球收入榜 TOP30。但此后许久，公司都没能再拎出一个爆款新品。随着《马赛克英雄》收入回落，易幻也慢慢淡出了榜单。 但其实对于一家在海外征战十余年的老将来说，沉沉浮浮本就是常态，而在蛰伏之中蓄力、寻找突破口以再次崛起，似乎也并非难事。 寻觅下一个爆款 易幻从成立之初便专注于游戏海外发行业务，2012年以《英雄战魂》抢占中国港澳台市场，后续又逐步开拓了韩国、东南亚、日本、欧美等市场。而港澳 台、日韩可以说是易幻最熟悉的战场，依托于过去积累的资源与经验，公司在这里更容易跑出爆款。 几周前，广州易幻旗下二次元新游《百花ランブル》在日本上线，很快就冲到了iOS游戏畅销榜第11名，截至目前仍保持在TOP90。根据SensorTower，该 产品上线不到1个月，在单个市场已经实现了3300万元收入。 今年易幻在繁中市场接连推出了《最強宗師》《命運聖契：少女的羈絆》《異界三國：死神契約》等产品。 其中《最強宗師》是广州星嘉《最强祖 ...

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]