《Next Agers》

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神州泰岳(300002) - 2025年5月21日投资者关系活动记录表
2025-05-21 13:38
编号:2025-003 | | | □特定对象调研□分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访☑业绩说明会 | | | 类别 | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 参加"智脑赋能·逐梦新蓝海—2024 年度集体业绩说明会" | | | 人员姓名 | 的全体投资者 | | | 时间 | | 2025 年 5 月 21 日下午 15:00-17:00 | | 地点 | | 深圳证券交易所"互动易"平台(http://irm.cninfo.com.cn) | | | | 董事兼首席运营官:翟一兵先生 | | 上市公司接待人 | | 独立董事:刘慧龙先生 | | 员姓名 | | 副总裁兼财务总监:戈爱晶女士 | | | | 董事会秘书兼首席品牌官:张开彦先生 | | | 年度业 | 公司于 年 月 日(星期三)在深圳证券交易所 2025 5 21 上市大厅通过图文与直播视频转播的方式举办 2024 | | 投资者关系活动 | | 绩说明会,公司与投资者进行了互动交流和沟通,并就投资 | | 主要内 ...
国泰海通:SLG赛道出海佳作频出 龙头具长线运营能力和技术壁垒
Zhi Tong Cai Jing· 2025-05-21 03:56
国泰海通发布研报称,在当前全球手游市场增速放缓的背景下,SLG赛道因其高用户付费、长生命周 期、全球化适配性,仍具备结构性投资机会。SLG厂家切入玩法创新赛道,SLG+模拟经营等玩法吸引 轻度用户,降低买量成本,副玩法买量通过塔防、肉鸽等机制提升转化率;SLG与小游戏的结合已经涌 现成功案例,未来有望进一步成为赛道主流发展方向之一。头部厂商具备长线运营能力和技术壁垒,叠 加技术降本能力和本地化深度,护城河较为稳固,成熟产品有望为厂商持续提供盈利支撑。 国泰海通主要观点如下: 1)点点互动:《WhiteoutSurvival》表现优秀,截至2025年3月底全球累计收入达22.5亿美元,通过冰雪 题材和模拟经营前期玩法引领SLG新模式。新作《Kingshot》预估总收入已达690万美元。2)壳木游戏: 2024年两款SLG产品《Age of Origins(旭日之城)》和《War and Order(战火与秩序)》ARPU值和流水稳定 增长,总计占据了神州泰岳(300002)游戏业务收入总额的96.83%,新游戏《Stellar Sanctuary》和 《Next Agers》正在海外进行商业化测试,有望为公司游 ...
神州泰岳:2024年报及2025年一季报点评Q4符合、Q1有所承压,期待新产品提供流水增量-20250515
Huachuang Securities· 2025-05-15 00:35
公司研究 证 券 研 究 报 告 神州泰岳(300002)2024 年报及 2025 年一季报点评 推荐(维持) Q4 符合、Q1 有所承压,期待新产品提供流 水增量 事项: ❖ 公司发布 24Q4&25Q1 财报:Q4 符合,Q1 有所承压。其中 4Q24 业绩落于前 期预告区间中枢附近,单季度实现收入 19.4 亿元,YOY+1.5%,QOQ+33%; 实现归母净利润 3.3 亿元,YOY+3%,QOQ-28%;实现扣非归母净利润 3.1 亿 元,YOY+7%,QOQ+46%。1Q25 业绩有所承压,单季度实现收入 13.2 亿元, YOY-11%,QOQ-32%;实现归母净利润 2.4 亿元,YOY-20%,QOQ-29%;实 现扣非归母净利润 2.3 亿元,YOY-21%,QOQ-28%。24 年年末现金分红 1.96 亿元,分红率 14%,YOY 基本稳定。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,452 ...
神州泰岳(300002):2024年报及2025年一季报点评:Q4符合、Q1有所承压,期待新产品提供流水增量
Huachuang Securities· 2025-05-14 13:13
公司研究 证 券 研 究 报 告 神州泰岳(300002)2024 年报及 2025 年一季报点评 推荐(维持) Q4 符合、Q1 有所承压,期待新产品提供流 水增量 事项: ❖ 公司发布 24Q4&25Q1 财报:Q4 符合,Q1 有所承压。其中 4Q24 业绩落于前 期预告区间中枢附近,单季度实现收入 19.4 亿元,YOY+1.5%,QOQ+33%; 实现归母净利润 3.3 亿元,YOY+3%,QOQ-28%;实现扣非归母净利润 3.1 亿 元,YOY+7%,QOQ+46%。1Q25 业绩有所承压,单季度实现收入 13.2 亿元, YOY-11%,QOQ-32%;实现归母净利润 2.4 亿元,YOY-20%,QOQ-29%;实 现扣非归母净利润 2.3 亿元,YOY-21%,QOQ-28%。24 年年末现金分红 1.96 亿元,分红率 14%,YOY 基本稳定。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,452 ...
神州泰岳(300002):2024年年报及2025年一季报点评:核心产品稳健增长,关注新品上线表现
Guoyuan Securities· 2025-04-29 12:46
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a 60.92% increase year-on-year [2]. - The gaming business continues to show stable growth, with the main mobile games generating significant revenue, while new games are expected to contribute to future performance [3]. - The software and IT services segment also demonstrated stable growth, integrating advanced technologies such as AI and IoT into its offerings [4]. Financial Performance Summary - In 2024, the company reported a revenue of 64.52 billion yuan, with a year-on-year growth of 8.22%, and a net profit of 14.28 billion yuan, up 60.92% year-on-year [2]. - For Q1 2025, the company recorded a revenue of 1.323 billion yuan, a decrease of 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]. Business Segment Performance - The gaming segment, particularly through its subsidiary Shellwood Games, ranked 9th globally among mobile game publishers in 2024, with significant revenue contributions from established titles [3]. - The software and IT services segment generated revenues of 1.478 billion yuan from AI/ICT, 133 million yuan from IoT/communications, and 150 million yuan from innovative services, showing year-on-year growth rates of 20.53%, 62.30%, and 27.05% respectively [4]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.67 yuan, 0.75 yuan, and 0.81 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16, 15, and 14 [5].
神州泰岳(300002):海外新游推广及国内新游上线或驱动后续成长
Xin Lang Cai Jing· 2025-04-29 08:46
创新引擎初见成效,AI 不断融入到产品与服务中,成为重要发展引擎2024 年公司软件与信息技术服务 业务实现营收17.90 亿元(同比+22.21%),其中AI/ICT 运营管理业务营收14.78 亿元(同比 +20.53%),物联网/通讯业务营收1.33 亿元(同比+62.30%),创新服务业务营收1.50 亿元(同比 +27.05%)。2024年公司云增值服务覆盖客户超300 家,同时公司借助亚马逊云科技的全球基础设施及 生成式 AI 产品优势,融合自身的技术资源,打造了一系列行业解决方案,涵盖文生文、文生图、图文 搜索、智能知识库以及定制工具开发和集成等解决方案。泰岳智呼平台商业化持续推进,AI 技术不断 融入到公司的产品和服务中。 2024 年业绩大幅增长,看好新游戏上线继续驱动增长,维持"买入"评级公司2024 年实现营业收入64.52 亿元(同比+8.22%),归母净利润14.28 亿元(同比+60.92%),扣非归母净利润11.47 亿元(同比 +38.29%)。2025Q1,公司实现营业收入13.23 亿元(同比-11.07%,环比-31.74%)。归母净利润2.39 亿元(同比-19.09% ...
神州泰岳(300002):海外新游推广及国内新游上线或驱动后续成长
KAIYUAN SECURITIES· 2025-04-29 07:24
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue of 64.52 billion yuan, representing a year-on-year increase of 8.22%. The net profit attributable to the parent company was 14.28 billion yuan, up 60.92% year-on-year [4] - The company is expected to continue its growth trajectory driven by new game launches and AI-related business developments [4][5] - The first quarter of 2025 saw a decline in revenue and net profit, attributed to the maturity of core game products and adjustments in marketing strategies [4][5] Financial Summary - Revenue for 2024 is projected at 64.52 billion yuan, with a year-on-year growth of 8.22%. The net profit for 2024 is expected to be 14.28 billion yuan, reflecting a 60.92% increase [4] - The company forecasts net profits of 13.60 billion yuan, 15.03 billion yuan, and 16.62 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69, 0.77, and 0.85 yuan [4] - The company's gross margin is expected to be around 62.3% in 2025, with a net margin of 18.6% [8][9] Game Development and AI Integration - The company has launched two new games overseas, "Stellar Sanctuary" and "Next Agers," which are currently in the commercialization testing phase. These games are expected to enhance user engagement and revenue streams [5] - The AI/ICT operations management business generated 14.78 billion yuan in revenue in 2024, marking a year-on-year increase of 20.53% [6] - The integration of AI into products and services is becoming a significant growth engine for the company, with ongoing development of various industry solutions [6]
神州泰岳(300002):存量游戏稳健运营 静待新游周期开启
Xin Lang Cai Jing· 2025-04-29 02:48
Core Viewpoint - The company reported a revenue of 6.452 billion yuan in 2024, representing a year-over-year increase of 8.22%, with a net profit of 1.428 billion yuan, up 60.92% year-over-year, indicating strong financial performance despite a decline in Q1 2025 [1] Group 1: Game Business - The gaming segment achieved a revenue of 4.662 billion yuan in 2024, with a year-over-year growth of 3.66% and a gross margin of 72.70%, reflecting a 1.56 percentage point increase [2] - The net profit from gaming was 1.552 billion yuan, up 40.47% year-over-year, with a net profit margin of 33.28%, an increase of 8.72 percentage points [2] - The company expects a natural decline in revenue from existing products in Q1 2025, leading to an overall revenue decrease of 11.07% year-over-year [2][3] Group 2: Future Outlook - The company plans to maintain long-term operations for existing games, with expectations for stable revenue from key titles like "Age of Origins" and "War and Order" [3] - New games "Stellar Sanctuary" and "Next Agers" are set to launch in overseas markets by the end of 2024, with plans for large-scale promotion in mid to late 2025 [3] - The company has additional RPG and SLG games in the pipeline, which are anticipated to contribute to revenue growth [3] Group 3: Computer Business - The computer and other businesses generated revenue of 1.790 billion yuan in 2024, marking a year-over-year increase of 22.21% [4] - AI/ICT operations accounted for 1.478 billion yuan, growing 20.53% year-over-year, while IoT/communications revenue reached 133 million yuan, up 62.30% [4] - The company is focusing on integrating AI across various business lines, enhancing profitability and growth potential [4] Group 4: Profit Forecast and Investment Rating - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.59, 0.64, and 0.69 yuan, respectively, reflecting a downward revision from previous estimates [5] - The current price-to-earnings (PE) ratios are projected at 19, 18, and 17 times for 2025-2027 [5] - The company maintains a "buy" rating, supported by strong computer business growth and a robust pipeline of new games [5]
神州泰岳(300002):核心产品流水回落 期待海外新品表现
Xin Lang Cai Jing· 2025-04-29 02:48
Core Insights - The company reported a revenue of 6.452 billion yuan for 2024, representing a year-over-year increase of 8.22%, and a net profit attributable to shareholders of 1.428 billion yuan, up 60.92% year-over-year, aligning with the performance forecast range [1] - In Q1 2025, the company achieved a revenue of 1.323 billion yuan, down 11.07% year-over-year and 31.74% quarter-over-quarter, with a net profit of 239 million yuan, down 19.09% year-over-year and 28.53% quarter-over-quarter, primarily due to a decline in core game product revenue [1][2] Game Business Performance - The company's game business generated a revenue of 4.662 billion yuan in 2024, an increase of 3.66% year-over-year [2] - The core products, "Age of Origins" and "War and Order," saw a decline in recharge revenue in Q4 2024, with figures of 825 million yuan and 249 million yuan respectively, down 4.4% and 2.6% quarter-over-quarter [2] - New games "Stellar Sanctuary" and "Next Agers" were released overseas at the end of 2024 and are currently in the commercialization testing phase, with expectations for performance contributions in 2025 [2] Software and AI Business Development - The software business achieved a revenue of 1.79 billion yuan in 2024, reflecting a year-over-year growth of 22.21% [3] - The company is leveraging AI technology to enhance product innovation and commercialization, particularly in ICT operations, cloud services, and information security [3] - Notable initiatives include collaboration with Amazon Cloud and the introduction of the Ultra-AIS intelligent security model, which significantly improves the level of intelligence in security solutions [3] Profit Forecast and Valuation - Due to the decline in existing game revenue and increased marketing expenses, the company has adjusted its profit forecast, lowering expected net profits for 2025 and 2026 to 1.15 billion yuan and 1.29 billion yuan respectively, a reduction of 21% and 22% [4] - The target price is set at 13.47 yuan, based on a 23x PE for 2025, reflecting a stable position in overseas markets and the need to monitor the performance of new products [4]
神州泰岳2024年财报:游戏业务强劲增长,AI技术驱动创新
Sou Hu Cai Jing· 2025-04-28 11:09
Core Insights - The company reported a total revenue of 6.452 billion yuan for 2024, representing a year-on-year growth of 8.22%, and a net profit attributable to shareholders of 1.428 billion yuan, reflecting a significant increase of 60.92% [1] Gaming Business: Global Expansion and Innovation - The gaming segment continued to show strong growth, with the core brand, Shellwood Games, achieving excellent performance in global markets, particularly with titles like "Age of Origins" and "War and Order" [4] - These games ranked highly in the revenue charts for Chinese game developers abroad, benefiting from precise marketing strategies that effectively controlled spending and enhanced profitability [4] - Two new games, "Stellar Sanctuary" and "Next Agers," are currently in commercial testing overseas and have received domestic game licenses, with plans for domestic launch in the future [4] - The company utilized "engineering innovation" to enhance R&D efficiency and product quality by reapplying past experiences in game production and operations [4] - AI technology was widely applied in game development, utilizing the latest AIGC tools to improve production efficiency and reduce costs, while also enhancing user experience through continuous training and iteration of AI models [4] Software and Information Technology Services: AI Technology Leading Industry Transformation - In the software and IT services sector, the company made significant strides in AI/ICT operations management, cloud services, and information security [5] - The company has applied for 367 patents in the AI field, with 348 being invention patents and 208 authorized, showcasing strong R&D capabilities [5] AI Solutions and Cloud Services - Dingfu Intelligent, a key player in the AI sector for the company, launched the "Taiyue Smart Call" platform, focusing on intelligent collection and sales, providing SaaS solutions for industries like financial services and retail [6] - The platform significantly improved operational efficiency and professionalism through human-machine collaboration [6] - The company partnered with Amazon Web Services to become one of the first certified partners for generative AI capabilities, helping businesses realize the commercial value of generative AI [6] - The cloud services have reached over 40 countries and regions, serving more than 300 enterprises, including Haier Innovation Design Center and KikaTech [6] Information Security and ICT Operations Management - The company introduced the Ultra-AIS self-intelligent security model system in the information security domain, enhancing operational efficiency and intelligence through a foundation of open-source large language models [7] - In ICT operations management, the company upgraded its "Smart New IT" model product system, empowering a full AI ecosystem to enhance clients' intelligence levels [7] - The company achieved revenue and profit growth in 2024, demonstrating its strength in technological innovation and global expansion [7]