相关机构表示，政策端，6月版号数量创近年新高，共158款游戏获批，共147款国产网络游戏、11款进 口网络游戏获批，供给端改善提振市场信心。国信证券指出，传媒板块25年Q1业绩拐点显现，中长期 受益于AI应用与IP潮玩的高景气。游戏板块在版号常态化发放下新品表现良好，5月国内游戏市场收入 同比增长10%，移动游戏增长12%。 AI技术持续赋能，东方证券指出，在AI助力下，投放素材生成速度加快，老游戏版更速度加速使得老 游戏留存和生命周期延长，同时大模型推理成本指数级下降推动AI+游戏逐步进入落地期。 暑期是游戏行业流量与付费的高峰期，用户活跃度显著提升，高频数据推动估值修复。同时恰逢中腰部 公司的新游周期，集中释放储备项目，市场反映良好，带动基本面持续向好，游戏板块估值仍具有向上 弹性。 游戏ETF（516010）跟踪中证动漫游戏指数（930901）。此外，游戏ETF（516010）覆盖动画、漫画、 游戏研发及硬件设备全产业链，同时重仓巨人网络、恺英网络、三七互娱等绩优龙头公司。巨人网络 《超自然行动组》7月4日版本更新，成功跻身 iOS 畅销榜前十，三七互娱《斗罗大陆：猎魂世界》锁 定7月11日公测档期；恺 ...

Group 1 - The gaming sector is experiencing a revival driven by four key factors: continuous improvement in fundamentals, marginal policy easing, significant value recovery potential, and innovation driven by AI technology [1] - Several new games from listed gaming companies are performing strongly, indicating a high level of activity in the summer gaming season [1] - AI integration in gaming is progressing positively, with notable developments such as the upcoming launch of the 3D-AI companion application EVE and the AI game development platform SOON [1] Group 2 - The new game cycle is expected to enhance the fundamentals of the gaming sector, with ongoing policy stability and the entry of gaming companies into new game cycles contributing to valuation uplift [2] - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models, suggesting potential for upward valuation elasticity [2]

丨证券研究报告丨 [Table_Summary] 中国游戏市场保持较高速增长态势，多款新游表现贡献增量。《Kingshot》等自研游戏出海表现 亮眼，游戏出海仍具有较高景气度。上市游戏公司新游产品周期陆续开启，6 月吉比特《杖剑 传说》、巨人网络《超自然行动组》等多款新游表现持续强势。6 月游戏行业支持政策陆续推出， 版号发放创近年新高，再次释放积极信号。恺英网络等 AI+游戏布局亦迎积极进展。展望后续， 暑期新游周期或带动游戏板块基本面持续向好。新游周期、政策趋势及 AI 催化共同作用下，游 戏板块估值仍具有向上弹性，建议继续关注游戏板块相关投资机会。 分析师及联系人 [Table_Author] 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（12）：新游表现持续强势，暑期 档游戏赛道有望延续高景气 报告要点 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 游戏产业跟踪（2] 12）：新游表现持续强势 ...

恺英网络最近几年的业绩十分亮眼。 公司的营收自2020年重新恢复增长，并于去年首次跻身50亿级行列。净利润也自2020年扭亏为盈后持续攀升，已连续三年突破10亿元大关。 这家公司在过去经历了创始人因操纵证券市场罪入狱、组织架构大调整、传奇IP诉讼等变故，一度亏损接近19亿元。原以为会一蹶不振，没想到却上演了 逆势翻盘的戏码。 随着曾经埋下的隐患被逐一化解，加上资金也宽裕了许多，恺英得以腾出手不断梳理整体业务。 近年来，其产品发布节奏明显加快，投资动作也较为频繁，同时大量引入IP且愈发注重品宣，甚至今年罕见地举办了成立以来首个年度产品发布会（此举 多见于腾讯、网易等大厂）。如今恺英在努力摆脱外界对其「传奇大厂」的固有印象。除了传统品类（「传奇」「奇迹」），公司的版图已逐步拓展到更 多品类。 当然就目前来说，「传奇」「奇迹」依旧构成了恺英的收入基本盘。财报中将它们归为「复古情怀类游戏」。 去年公司的营收同比增长了19%来到51亿元。其中，自营收入和联营收入均属大头，合占公司总营收的63%。贡献主力便包括《原始传奇》《热血合击》 《天使之战》《永恒联盟》等复古情怀类游戏。 另有一项信息服务的收入增长也比较快，约占总 ...

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（11）：国内游戏市场保持高增， 新游周期、出海及 AI 逻辑有望持续验证 报告要点 [Table_Summary] 中国游戏市场保持较高速增长态势，4 月中国游戏市场规模为 273.51 亿元，同比增长 21.93%， 环比增长 2.47%。《王者荣耀》《火影忍者》《崩坏：星穹铁道》等长线产品稳健增长表现带动行 业规模较高增速。《Kingshot》等自研游戏出海表现亮眼，游戏出海仍具有较高景气度。上市游 戏公司新游产品周期陆续开启，5 月吉比特《杖剑传说》、巨人网络《超自然行动组》等多款新 游表现亮眼。展望后续，恺英、完美等重点游戏厂商储备产品积极推进。新游周期或带动游戏 板块基本面持续向好。游戏板块估值仍具有向上弹性，建议继续关注游戏板块相关投资机会。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Ti ...

评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,118 | 6,046 | 6,902 | 7,692 | | 同比增速(%) | 19.2% | 18.1% | 14.2% | 11.4% | | 归母净利润(百万) | 1,628 | 2,015 | 2,378 | 2,660 | | 同比增速(%) | 11.4% | 23.7% | 18.0% | 11.9% | | 每股盈利(元) | 0.76 | 0.94 | 1.11 | 1.25 | | 市盈率(倍) | 22 | 18 | 15 | 14 | | 市净率(倍) | 5.5 | 4.1 | 3.4 | 2.8 | 公司研究 证 券 研 究 报 告 恺英网络（002517）2024 年报和 2025 年一季报点评 推荐（维持） Q4 符合、Q1 超预期，产品储备丰富，关注 AI 应用上线进度 事项： 事件：24Q4 符合预期，25Q1 大超预期。公司发布 24 ...

Core Viewpoint - The company achieved significant revenue growth in 2024, driven by overseas expansion and new game launches, with a notable performance in Q1 2025. Group 1: Financial Performance - In 2024, the company reported revenue of 5.118 billion, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion, up 11.41% year-on-year [1] - Q4 2024 revenue was 1.191 billion, down 5.95% year-on-year, while net profit was 348 million, a decrease of 8.17% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.353 billion, a year-on-year increase of 3.46%, and net profit of 518 million, up 21.57% year-on-year [1] Group 2: Growth Drivers - The company's overseas revenue reached 375 million in 2024, a significant increase of 221.48% year-on-year, with a revenue share of 9.7% [2] - The successful launch of new games such as "Dragon Valley World" in February 2025 contributed to steady revenue and performance growth in Q1 2025 [2] - The information services segment also showed robust growth, with revenue of 940 million in 2024, up 42% year-on-year, accounting for 18.4% of total revenue [2] Group 3: Cost Management and Profitability - Sales expenses increased by 29% to 459 million in Q1 2025 due to the launch of "Dragon Valley World," but the sales expense ratio improved to 33.9% [3] - The gross profit margin in Q1 2025 rose to 83.6%, and the net profit margin increased to 38.3% due to effective cost management and growth in high-margin businesses [3] Group 4: Future Prospects - The company is actively investing in AI and has a rich pipeline of new games, with several expected to launch in 2025, potentially driving further revenue growth [4] - The company anticipates net profits of 2.15 billion and 2.37 billion for 2025 and 2026, respectively, with corresponding PE ratios of 16.8 and 15.2 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.118 billion yuan in 2024, representing a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% year-on-year. The growth was primarily driven by the robust performance of mobile gaming, which generated 4.055 billion yuan in revenue (up 13.39% year-on-year), and a significant increase in information services revenue, which reached 941 million yuan (up 41.62% year-on-year) [3][4] - In Q1 2025, the company reported a revenue of 1.353 billion yuan, reflecting a year-on-year increase of 3.46% and a quarter-on-quarter increase of 13.62%. The net profit attributable to shareholders was 518 million yuan, up 21.57% year-on-year and 48.71% quarter-on-quarter, driven by effective cost control measures [3][4] - The company has a strong pipeline of new games, including titles like "Dragon Valley World" and "Douluo Continent: The Legend of Exorcism," which have performed well since their launch. The expansion of the product line is expected to continue driving growth [4][5] Financial Summary - The company forecasts revenues of 6.342 billion yuan, 7.086 billion yuan, and 7.876 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.9%, 11.7%, and 11.1% [7] - The net profit attributable to shareholders is projected to be 2.167 billion yuan, 2.401 billion yuan, and 2.649 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 33.1%, 10.8%, and 10.3% [7] - The company's earnings per share (EPS) are expected to be 1.01 yuan, 1.12 yuan, and 1.24 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 16.5, 14.9, and 13.5 [7]

Core Viewpoint - The company achieved significant revenue growth in 2024 and continued this trend into Q1 2025, driven by both established and new game titles, as well as effective cost management [1][2]. Group 1: Financial Performance - In 2024, the company reported revenue of 5.118 billion yuan, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% [1]. - For Q1 2025, the company achieved revenue of 1.353 billion yuan, a growth of 3.46%, with a net profit of 518 million yuan, reflecting a 21.57% increase [1][2]. Group 2: Game Operations and Releases - The revenue growth in 2024 was primarily due to the long-term operation of nostalgic games like "Original Legend" and "Blood of the Hero," as well as strong overseas performance, with international revenue reaching 375 million yuan, a 221% increase [2]. - The company has a rich pipeline of games, having announced 22 new titles, including "Dragon Valley World" and "Digital Monster: Source Code," with several games already launched or in testing phases [3]. Group 3: Shareholder Returns and Management Confidence - The company plans to distribute a cash dividend of 1 yuan per 10 shares for 2024, totaling approximately 214 million yuan, with a cash dividend ratio of 26.18% [4]. - Management has committed to not reducing their holdings from 2024 to 2028 and has already completed two rounds of share buybacks, demonstrating confidence in the company's future [4]. Group 4: Future Outlook - The company expects continued revenue growth driven by stable operations of existing games and the release of new titles, projecting revenues of 5.99 billion, 6.56 billion, and 7.18 billion yuan for 2025, 2026, and 2027, respectively [5]. - Net profits are forecasted to reach 2.13 billion, 2.38 billion, and 2.64 billion yuan for the same years, indicating a robust growth trajectory [5].

Core Viewpoint - The company reported a revenue of 5.118 billion yuan for 2024, representing a year-over-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% year-over-year [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 1.353 billion yuan, reflecting a year-over-year increase of 3.46% and a quarter-over-quarter increase of 13.62% [1] - The net profit attributable to shareholders for Q1 2025 was 518 million yuan, showing a year-over-year growth of 21.57% and a quarter-over-quarter growth of 48.71% [1] - The company’s gross margin for 2024 and Q1 2025 was 81.28% and 83.57% respectively, with a slight year-over-year decrease of 2.19 percentage points for 2024 but an increase of 1.53 percentage points for Q1 2025 [3] Group 2: Product Development and Market Position - The new product "Dragon Valley World," co-published with Shengqu Games, topped the App Store game rankings on its first day and generated over 20 million yuan in revenue within five days of its launch [2] - The company has a strong pipeline of self-developed projects, including "Tomb Raider: Journey" and "Douluo Continent: Legend of the Evil," which are expected to drive future growth [2] - The company’s overseas revenue reached 375 million yuan in 2024, marking a significant year-over-year increase of 221.48% [2] Group 3: Strategic Outlook and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.04 billion yuan and 2.41 billion yuan respectively, reflecting a downward adjustment of 9% and 7% due to delays in product launches [4] - The target price for the company is set at 23.88 yuan, based on a 25X PE for 2025, which is an increase from the previous target of 20.81 yuan [4] - The company maintains a "buy" rating, supported by a rich product pipeline and successful overseas expansion [4]