2025年05月08日 证券研究报告|公司研究|公司点评 神州泰岳（300002） 核心业务提质、云与 AI 业务加速放量 投资评级 买入 维持评级 | 2025年05月07日 | | --- | | 收盘价(元): | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 1,962.56 | | 总市值(百万) | 22.451.74 | | 流通股本(百万股) | 1,817.91 | | 流通市值(百万) | 20,796.91 | | 12 月最高/最低价(元) | 16.08/7.73 | | 资产负债率(%) | 10.99 | | 每股净资产(元) | 3.70 | | 市盈率(TTM) | 16.37 | | 市净率(PB) | 3.09 | | 净资产收益率(%) | 3.29 | 股价走势图 70% 50% 30% 10% -10% | 作者 | | | --- | --- | | 裴伊凡 | 分析师 | | SAC 执业证书: S0640516120002 | | | 联系电话:010-59562517 | | | 邮箱:peiyf@avicsec.com | ...

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% ...

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]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's existing games are operating steadily while awaiting the launch of new games [1] - The gaming business shows robust performance with a strong pipeline of new games [8] - The computer business is experiencing significant growth driven by innovations in AI and ICT [8] Financial Performance Summary - Total revenue for 2023 is projected at 5,962 million, with a year-on-year growth of 24.06% [1] - Net profit attributable to the parent company for 2023 is expected to be 887.18 million, reflecting a year-on-year increase of 63.84% [1] - Earnings per share (EPS) for 2023 is estimated at 0.45 yuan [1] Revenue and Profit Forecast - Revenue is expected to reach 6,452 million in 2024, with a year-on-year growth of 8.22% [1] - The net profit for 2024 is projected at 1,427.67 million, indicating a year-on-year increase of 60.92% [1] - EPS for 2024 is forecasted to be 0.73 yuan [1] Game Business Insights - The gaming segment achieved revenue of 46.62 billion in 2024, with a year-on-year growth of 3.66% and a gross margin of 72.70% [8] - Key games such as "Age of Origins" and "War and Order" continue to perform well, contributing significantly to revenue [8] - New games like "Stellar Sanctuary" and "Next Agers" are set to launch in 2025, with expectations for substantial contributions to revenue [8] Computer Business Performance - The computer and other businesses generated revenue of 17.90 billion in 2024, reflecting a year-on-year increase of 22.21% [8] - AI/ICT operations accounted for 14.78 billion, growing by 20.53% year-on-year [8] - The company is actively integrating AI into various business lines, enhancing service offerings [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.49, 17.96, and 16.66 respectively [1] - The company maintains a strong financial position with a net asset value per share of 3.70 yuan [6]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 26 年 月 日 神州泰岳（300002.SZ） 拳头产品流水保持高位，两款新游海外上线 业绩概览：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营业收入 64.52 亿元，同比增长 8.22%；实现归母净利润 14.28 亿元，同比增长 60.92%； 实现扣非归母净利润 11.47 亿元，同比增长 38.29%。2025Q1，公司实现营业收 入 13.23 亿元，同比下滑 11.07%；实现归母净利润 2.39 亿元，同比下滑 19.09%； 实现扣非归母净利润 2.26 亿元，同比下滑 21.10%。公司 2024 年利润分配预案拟 向全体股东每 10 股派发现金红利 1 元（含税）。 2024 年销售费用率显著降低，2025Q1 毛利率环比提升。2024 年，公司毛利率 同比降低 1.69pct 至 61.04%；销售费用率同比降低 9.06pct 至 15.60%；管理费 用率同比提升 4.28pct 至 19.66%；财务费用率同比降低 0.50pct 至-1.71%。 2025Q1，公司毛利率环比 ...