智通财经APP获悉，东吴证券发布研报称，预期网龙(00777)2025–2027年归母净利润分别为4.0/6.7/6.8亿 元，当前市值对应PE分别为13.6/8.1/8.0倍。SOTP估值法下，公司目标市值85.0亿人民币，对应港股目 标价17.59港元/股。该行看好公司存量游戏稳健运营，教育业务受益设备更新周期，AI全面赋能游戏教 育，多元投资贡献业绩增量。首次覆盖，给予"买入"评级。 东吴证券主要观点如下： 游戏：长青IP构筑基本盘，AI赋能助力降本增效 教育：教育互动显示设备龙头，AI+SaaS开启转型新周期 子公司Mynd.ai为全球教育互动显示设备龙头，其中2016-2024年普罗米休斯累计销量达137万台，2024 年全球存量设备市场市占率近16%位居全球第一，覆盖全球100万间以上教室。考虑北美2020–2021年疫 情高峰期采购的教育设备陆续到期，下一轮替换周期渐进，长期市场空间广阔。2025H1公司SaaS生态 初步成型，Explain Everything延续增长趋势，公司通过收购Merlyn Mind引入AI语音助手提升用户对硬 件的语音控制能力并实现软件端的教学资源库与SaaS工具联 ...

Core Viewpoint - The report from Guotai Junan highlights the robust growth of NetDragon's gaming business, particularly the strong long-term operational capabilities of the "Magic Domain" IP series, supported by AI production centers that enhance cost efficiency and gaming experience [1][2] Group 1: Financial Projections - The company is expected to achieve revenues of 4.86 billion, 5.31 billion, and 5.84 billion CNY for the years 2025 to 2027, respectively, with net profits projected at 450 million, 650 million, and 830 million CNY for the same period [1] - A target price of 16.7 HKD is set for 2025, based on an 18x PE valuation [1] Group 2: Gaming Business Insights - The core gaming business focuses on the MMORPG segment, with three evergreen IPs (Magic Domain, Conquest, and Soul of Heroes) providing stable cash flow [1] - "Magic Domain," being a 100% original IP, has seen a steady increase in MAU, surpassing 2.5 million, while "Conquest" supports the company's overseas gaming strategy, and "Soul of Heroes" benefits from a content and esports-driven approach, with MAUs exceeding 800,000 [1] Group 3: AI and Strategic Investments - The company is strategically investing in AI technology and the broader entertainment sector, including a partnership with Zhongke Wenge for AI model development and applications [2] - In 2023, NetDragon invested 20 million USD in Rokid and signed a five-year strategic cooperation agreement to enhance quality in education and gaming through hardware interaction [2] - The company is also advancing in the group broadcasting sector, holding a 46% stake in Hangzhou Shuai Ku Network Technology, which is a leading MCN with over 700 million fans and significant monthly engagement [2]