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获外资连续加仓!贝莱德持股网龙(00777)比例超5% 押注AI前瞻布局与增长潜力
智通财经网· 2025-10-10 00:17
Core Insights - NetDragon's transformation and focus on AI have attracted significant attention from top-tier international capital, with BlackRock increasing its stake to over 5% [1] - The company is implementing a dual-driven strategy of "AI + Education" and "AI + Gaming," enhancing operational efficiency and market reach [1] Group 1: AI + Gaming Strategy - NetDragon has established an AI production center to integrate different game teams under the same IP, significantly improving cross-version content collaboration and automatic generation capabilities [1] - The flagship IP "Magic Domain" is set to launch multilingual versions efficiently, expanding into new overseas markets [1] Group 2: AI + Education Strategy - The company is leveraging its Mynd.ai business as the core operator for overseas classroom technology, embedding AI into educational hardware [1] - AI voice assistant technology is being deeply integrated with interactive display hardware to enhance product competitiveness and market share [1] Group 3: Investment in Frontier Technologies - NetDragon's strategic investments in AI edge devices have led to the successful launch of a new generation of AI glasses, marking a breakthrough in consumer market applications [2] - The influence and commercialization capabilities of NetDragon's invested companies in cultural creativity and IP operations are expanding [2] - Future strategic investments will focus on AI, XR, robotics, and blockchain technologies, reinforcing synergies with the company's core business [2]
第一上海:网龙(00777)AI降本增效显著 游戏业务稳健增长 目标价17.27港元 维持“买入”评级
智通财经网· 2025-09-10 07:05
Core Viewpoint - First Shanghai maintains a "buy" rating for NetDragon (00777), highlighting the robustness of the company's gaming business and the potential market space for its education business. The steady development of gaming IPs and the expansion into overseas markets, along with the successful promotion of tablet products, are expected to drive new performance growth for the company. The target price is set at HKD 17.27, indicating a 55% upside from the previous closing price [1] Group 1: 2025 Mid-Year Performance - NetDragon is projected to achieve revenue of RMB 2.38 billion in the first half of 2025, with a gross profit of RMB 1.7 billion and a gross margin increase of 2.9 percentage points to 69.5%, reflecting enhanced overall profitability [1] - Operating expenses are expected to be RMB 1.35 billion, a decrease of 15.6% year-on-year, indicating the effectiveness of cost optimization and efficiency improvement measures [1] - The company has a solid financial position with net cash of approximately RMB 1.5 billion and holds 12,000 Ethereum as part of its digital asset reserves [1] - A mid-term dividend of HKD 0.5 per share has been announced, with a commitment to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [1] Group 2: Gaming Business - In the first half of 2025, the gaming and other businesses generated revenue of RMB 1.74 billion, showing signs of stabilization and recovery compared to the second half of 2024 [2] - The Monthly Active Users (MAU) of "Magic Domain" increased by 11% year-on-year, with mobile revenue also showing a quarter-on-quarter increase, indicating improved user engagement and retention [2] - The operating profit margin for the gaming business has rebounded to 28.8%, nearing historical normal levels, due to ongoing cost reduction and efficiency enhancement efforts [2] - Upcoming product launches include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in multiple overseas markets in the second half of the year [2] Group 3: Education Business - The Mynd.ai business generated revenue of RMB 640 million in the first half of 2025 [3] - In response to challenges from reduced global education technology spending, the company will continue to pursue cost optimization [3] - Despite weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [3] - While short-term pressures from fluctuations in overseas education budgets remain, the long-term core logic of increasing digital penetration in global education remains unchanged [3]
中信证券:AI+战略助力网龙(00777)游戏业务降本增效 维持“买入”评级 目标价16港元
智通财经网· 2025-04-01 11:24
Mynd.ai业务 2024全年公司Mynd.ai业务营收21.1亿元,主要系海外教育信息化行业仍处于调整周期。毛利率26.0%/同 比+1.0pcts,主要系单位材料和运输成本节约。研发、销售、行政费用率分别9.6%/12.6%/17.2%,同比 分别+2.9/+1.4/+8.0pcts。 智通财经APP获悉,中信证券发布研报称,维持网龙(00777)"买入"评级,目标价 16 港元。公司公布 2024年全年业绩,2024年录得营收/归母净利润分别60.5/3.1亿元。展望2025年,公司游戏业务上半年仍 受战略主动调整略有压力,但该行预计公司有望通过AI+战略实现较好的费用控制,全年营业利润料能 持;Mynd.ai业务方面,长期看,在全球教育信息化渗透率提升趋势下,公司该业务有望恢复增长。 中信证券主要观点如下: 整体业绩 公司公布2024年全年业绩,2024年分别录得营收/归母净利润60.5/3.1亿元,主要系一次性非现金递延所 得税费用影响(约4.5亿元),剔除该影响后公司净利润同比+17.4%。盈利方面,公司全年毛利率65.2%/同 比+3.3pcts;销售、行政、研发费用率分别12.5%/19.3 ...