赘婿

Search documents
三七互娱(002555):游戏流水稳健叠加投放优化带动利润释放,业绩表现高于预期
Changjiang Securities· 2025-08-28 05:46
Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue of 4.243 billion yuan in Q2 2025, a year-on-year decrease of 5.33%, while the net profit attributable to shareholders was 851 million yuan, an increase of 31.24% year-on-year [2][4] - The company has a rich product and IP reserve, with several new games expected to launch in early 2025, contributing to stable performance in Q2 [2][12] - The company’s overseas revenue for H1 2025 was 2.724 billion yuan, accounting for 32.1% of total revenue, despite a year-on-year decrease of 6.0% [12] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, and a net profit of 1.4 billion yuan, an increase of 10.72% year-on-year [4] - Q2 2025 saw a net profit of 851 million yuan, with a net profit margin of 20.1% [12] Product Development - The company has multiple new games set to launch, including "Time Explosion" and "Heroes Don't Flash," which are expected to perform well in the market [12] - The company’s self-developed MMO "Douluo Dalu: Hunting World" began public testing in July 2025, with plans for gradual revenue contribution [12] Cost Management - Q2 2025 saw a reduction in sales expenses to 1.992 billion yuan, a decrease of 4.8% year-on-year, leading to a sales expense ratio of 46.9%, the lowest since 2022 [12] - The gross profit margin slightly decreased to 76.1% due to an increase in agency product proportion, but the net profit margin improved significantly [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 66% of net profit for H1 2025 [12]
三七互娱(002555):25Q1业绩承压,关注后续新游表现
Great Wall Securities· 2025-05-08 07:03
Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4]. Core Views - The company experienced pressure on its performance in Q1 2025, with a year-on-year revenue decline of 10.67% to 4.243 billion yuan, and a net profit decrease of 10.87% to 549 million yuan. This was attributed to the early promotional phase of several new games and the natural decline in revenue from mature products [2][3]. - The company has a rich product pipeline, with new games like "Time Grocery Store" and "Heroes No Flash" showing strong market performance, indicating potential for future growth [3]. - The company is expected to achieve revenues of 19.033 billion yuan, 20.533 billion yuan, and 21.769 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.839 billion yuan, 3.156 billion yuan, and 3.482 billion yuan [3][4]. Financial Summary - For 2023, the company reported a revenue of 16.547 billion yuan, with a projected growth rate of 0.9% year-on-year. The net profit for the same year was 2.659 billion yuan, reflecting a year-on-year decline of 10% [1][2]. - The company's return on equity (ROE) is projected to be 20.6% in 2023, gradually decreasing to 17.4% by 2027 [1][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 13.0 in 2023 to 9.9 by 2027, indicating a potentially more attractive valuation over time [1][3].
三七互娱(002555):25Q1多款新游表现亮眼,投放阶段性影响业绩,关注投放回收及储备游戏进展
Changjiang Securities· 2025-05-02 08:13
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-on-year decrease of 10.67% but a quarter-on-quarter increase of 3.45%. The net profit attributable to the parent company was 549 million yuan, down 10.87% year-on-year and down 29.19% quarter-on-quarter. The net profit excluding non-recurring items was 536 million yuan, a year-on-year decrease of 12.90% and a quarter-on-quarter decrease of 24.90% [2][4]. - The performance of several new games, such as "Time Explosion" and "Heroes Don't Flash," has been strong, driving a quarter-on-quarter revenue increase. However, the revenue declined year-on-year due to the natural decline in existing game revenue and a high base effect. Increased expenses from new game launches have led to a decline in performance, and future attention will be on the recovery of initial investments [2][4]. - The company has a rich pipeline of upcoming products, and attention should be paid to the testing and launch progress of key new games [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 4.243 billion yuan, a year-on-year decline of 10.67% and a quarter-on-quarter increase of 3.45%. The net profit attributable to the parent company was 549 million yuan, down 10.87% year-on-year and down 29.19% quarter-on-quarter. The net profit excluding non-recurring items was 536 million yuan, a year-on-year decrease of 12.90% and a quarter-on-quarter decrease of 24.90% [2][4]. New Game Performance - Several new games launched in early 2025, including "Time Explosion" and "Heroes Don't Flash," have shown strong performance, with "Time Explosion" ranking in the top 4 of the WeChat mini-game sales list and "Heroes Don't Flash" entering the top 5 of the iOS sales list [2][4]. - The increase in sales expenses due to new game promotions has led to a sales expense ratio of 57% in Q1 2025, resulting in temporary losses for the issuing entities of these new games. As the initial investments for these new games are recovered, profit margins are expected to improve [2][4]. Product Pipeline - The company has a diverse pipeline of new games, including MMORPG, SLG, card games, and simulation management genres, which may continue to contribute to revenue growth. Notable upcoming titles include "Douluo Dalu: Hunting Soul World" and "Zhui Xu," which have already received approval for release [2][4]. - The company expects net profits attributable to the parent company to be 2.84 billion yuan and 3.09 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.8 and 10.9 times [2][4].