Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.95 RMB, up from the previous 18.61 RMB [1][5] Core Views - The company has a strong dividend policy, having distributed dividends three times this year, totaling 0.63 RMB per share [1] - Despite a competitive domestic gaming market and increased marketing expenses, the company's product pipeline is robust, with multiple games expected to launch in 2024-2025 [1][3] - The company's revenue for Q3 2024 reached 13.339 billion RMB, a 10.76% YoY increase, although net profit declined due to higher sales expenses [1] Financial Performance - The company's 2024 Q3 revenue was 4.107 billion RMB, down 8.35% QoQ and 4.09% YoY, with net profit at 633 million RMB, down 34.51% YoY [1] - Gross margin for Q3 2024 was 78.0%, down 2.4 percentage points YoY, while sales expenses increased by 8.45 percentage points to 57.05% [1] - EPS for 2024-2026 is forecasted at 1.22/1.42/1.59 RMB, slightly lower than previous estimates of 1.26/1.47/1.66 RMB [1] Product Pipeline - The company has a rich product reserve, with several games expected to launch in 2024-2025, including MMORPGs and SLGs [1] - Key titles include "Douluo Continent: Soul Hunting World," which began pre-registration in August 2024, and other games like "Code: War Song M" and "Code: MLK" [1] Industry Comparison - The company's PE ratio is 13.57x for 2024E, lower than the industry average of 18.72x, indicating potential undervaluation [1][11] - Compared to peers like Giant Network and Perfect World, the company's valuation metrics are relatively attractive [11]

证券代码：002555 证券简称：三七互娱 公告编号：2024-066 三七互娱网络科技集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司(以下简称"公司")分别于 2023 年 12 月 26 日和 2024 年 1 月 12 日召开了第六届董事会第十五次会议和 2024 年第一次临时股东大会，审议 通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集 中竞价交易的方式回购公司股份，回购金额不低于（含）人民币 1 亿元且不超过（含）人民 币 2 亿元，回购价格不超过（含）人民币 33.90 元/股，回购股份实施期限为自公司股东大 会审议通过本次回购股份方案之日起 12 个月内,公司将在回购期限内根据市场情况择机作 出回购决策并予以实施。公司本次回购的股份将用于注销减少注册资本。回购方案的具体内 容请详见公司于 2024 年 1 月 13 日披露于巨潮资讯网和公司指定信息披露报刊的《关于以集 中竞价交易方式回购公司股份方案的报告书》。 2024 年 5 月 ...

2024 年第三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开 第六届董事会第二十一次会议和第六届监事会第十七次会议审议通过 2024 年第三季度权益 分派方案，现将权益分派事宜公告如下： 一、董事会审议通过权益分派方案情况 1、公司 2024 年第三季度权益分派方案具体内容为：按分配比例不变的方式，以分红派 息股权登记日实际发行在外的总股本剔除上市公司回购专用证券账户的股份为基数，向全体 股东每 10 股派送现金股利 2.10 元（含税）；本次分配不派送红股，不以资本公积转增股本。 2、自权益分派方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分派方案与公司第六届董事会第二十一次会议审议通过的权益分派方案 一致。 证券代码：002555 证券简称：三七互娱 公告编号：2024-067 三七互娱网络科技集团股份有限公司 4、本次实施的分派方案距离董事会审议通过的时间未超过两个月。 5、公司已于 2024 年 5 月 10 日召开 20 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company achieved a revenue of 13.339 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.76%. However, the net profit attributable to shareholders decreased by 13.45% to 1.897 billion yuan [1]. - The decline in net profit is attributed to increased marketing expenses for successful games and a natural decline in revenue from older games [1]. - The company has a diverse game portfolio and is set to launch several new titles, including "Douluo Dalu: Hunting Soul World," which is scheduled for testing on November 6 [1]. - The company plans to distribute cash dividends of 2.10 yuan per share, totaling over 460 million yuan, which is expected to exceed 72.96% of the net profit attributable to shareholders [1]. Financial Summary - Revenue projections for 2024-2026 are 17.484 billion yuan, 18.942 billion yuan, and 20.483 billion yuan, with corresponding growth rates of 5.66%, 8.34%, and 8.13% [4]. - The net profit for the same period is projected to be 2.523 billion yuan, 2.883 billion yuan, and 3.139 billion yuan, with growth rates of -5.12%, 14.29%, and 8.89% respectively [4]. - The diluted earnings per share (EPS) are expected to be 1.14 yuan, 1.30 yuan, and 1.42 yuan for 2024, 2025, and 2026 [4].

来源：公司年报、国金证券研究所 买入(维持评级) 业绩简评 10 月 30 日，公司发布 23 年三季报，Q3 收入 41.07 亿元，同 比-4.09%，归母净利润 6.33 亿元，同比-34.51%，扣非归母 净利润 6.02 亿元，同比-37.41%。 经营分析 收入：整体表现稳健。Q3 收入同比-4.09%，环比-8.35%，小 幅下滑，预计主要系《叫我大掌柜》《云上城之歌》等部分老 产品受生命周期影响，流水有所下滑，但当期推出的《时光 杂货店》等新游贡献增量，弥补部分老产品的下滑，其中《寻 道大千》《无名之辈》《灵魂序章》等小游戏仍表现良好。 盈利：Q3 净利率环比稳健，营销推广费用增加致使其同比下 滑。Q3 归母净利润、扣非净利润分别环比-2.41%、-8.56%， 小幅下滑，而归母净利率、扣非净利率分别为 15.41%、14.66%， 分别环比+0.94、-0.04pct，环比变化不大，分别同比-7.15、 -7.81pct，同比降幅较大主要系销售费率的提升，同比 +8.45pct，因为 Q3 推出的《时光杂货店》《三国群英传：鸿 鹄霸业》等多款新产品处于推广初期，对应的销售费用增长 率会高于营 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 18.93 [2][4][7] Core Views - The company reported Q3 revenue of RMB 4.107 billion, a year-over-year decrease of 4.09% and a quarter-over-quarter decrease of 8.35%. The net profit attributable to shareholders was RMB 633 million, down 34.51% year-over-year and 2.41% quarter-over-quarter, slightly below the forecasted range of RMB 650-750 million for Q3 2024 [4] - For the first three quarters of 2024, the company achieved revenue of RMB 13.339 billion, a year-over-year increase of 10.76%, and a net profit of RMB 1.897 billion, down 13.45% year-over-year [4] - The company plans to distribute a cash dividend of RMB 2.10 per 10 shares, totaling over RMB 460 million, which represents approximately 73% of the net profit for the first three quarters of 2024 [4] - The company has initiated a share buyback program using RMB 100-200 million of its own funds, with over RMB 100 million already repurchased, indicating strong operational capability and management confidence [4] Financial Performance - The company’s overall gross margin for Q1-Q3 2024 was 79.12%, a slight decrease of 0.08 percentage points, while the sales expense ratio increased by 4.93 percentage points to 57.75% due to increased marketing expenditures for new games [7] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of RMB 2.6 billion, RMB 2.8 billion, and RMB 3.05 billion respectively [7] - The company’s revenue projections for 2024-2026 are RMB 18.398 billion, RMB 20.671 billion, and RMB 23.054 billion respectively, with a projected net profit margin of around 14% [7] Product Performance - The self-developed game "Time Grocery Store" launched on August 1 and has consistently ranked in the top ten of the simulation game sales charts, with estimated revenue exceeding RMB 400 million in its first week on iOS [5] - The company has over twenty products in its pipeline, with strong performance from overseas titles such as "Puzzles & Survival" and "Puzzles & Chaos" [6] - The company continues to maintain a leading position in the mini-game sector, with multiple titles entering the top 100 of the WeChat mini-game sales charts from July to September [5][6]

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 三七互娱（002555.SZ） 多元储备开启新产品周期， AGI 投资布局加码提速 业绩概览：公司发布 2024 年三季报。2024Q1-Q3，公司实现营业收入 133.39 亿 元，同比增长 10.76%；实现归母净利润 18.97 亿元，同比下滑 13.45%；实现扣 非归母净利润 18.77 亿元，同比下滑 9.67%。2024Q3，公司实现营业收入 41.07 亿元，YoY-4.09%，QoQ-8.35%；实现归母净利润 6.33 亿元，YoY-34.51%，QoQ2.41%；实现扣非归母净利润 6.02 亿元，YoY-37.41%，QoQ-8.56%。 三季度毛利率环比提升，销售及管理费用环比降低。2024Q3 公司整体毛利率环比 提升 0.57pct 至 77.98%；销售费用环比降低 5.09%至 23.43 亿，销售费用率环比 提升 1.96pct 至 57.05%；管理费用环比降低 46.81%至 0.57 亿，管理费用率环比 降低 1.00pct 至 1.39%。 自研产品《斗罗大陆：猎魂世界》测试，多 ...

证券代码：002555 证券简称：三七互娱 公告编号：2024-062 三七互娱网络科技集团股份有限公司 第六届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司（下称"公司"或"本公司"）第六届董事会第二 十一次会议通知于 2024 年 10 月 23 日以专人送达、电子邮件、电话方式发出，会议于 2024 年 10 月 30 日在公司会议室以现场与通讯结合的方式召开。本次会议应到董事 9 位，实到董 事 9 位。会议由董事长李卫伟主持。会议的召集和召开符合法律、法规及《三七互娱网络科 技集团股份有限公司章程》（下称"《公司章程》"）的有关规定。本次会议作出了如下决 议： 一、审议通过《2024 年第三季度报告》 公司全体董事确认：公司编制的《2024 年第三季度报告》真实、准确、完整地反映了 公司的经营发展情况，不存在虚假记载、误导性陈述或重大遗漏。 表决结果：同意 9 票、弃权 0 票、反对 0 票。 公司《2024 年第三季度报告》具体内容详见《中国证券报》《上海证券报》《证券时 报》《证券日 ...

Financial Performance - Revenue for Q3 2024 was RMB 4.11 billion, a decrease of 4.09% year-over-year[2] - Net profit attributable to shareholders in Q3 2024 was RMB 632.83 million, down 34.51% year-over-year[2] - Year-to-date revenue as of Q3 2024 was RMB 13.34 billion, an increase of 10.76% year-over-year[2] - Year-to-date net profit attributable to shareholders as of Q3 2024 was RMB 1.90 billion, down 13.45% year-over-year[2] - Total revenue for the first three quarters of 2024 reached RMB 13.34 billion, compared to RMB 12.04 billion in the same period last year[15] - Net profit attributable to the parent company's shareholders was RMB 7.57 billion, up from RMB 7.43 billion at the beginning of the year[14] - Sales revenue for the quarter reached RMB 13,815,989,885.06, a significant increase from the previous period[17] - Net profit attributable to the parent company's shareholders was RMB 1,897,466,681.56, showing a slight decrease compared to the previous period[16] - Basic earnings per share (EPS) for the quarter were RMB 0.86, down from RMB 0.99 in the previous period[17] - The company's total comprehensive income for the quarter was RMB 1,891,173,139.41, showing a slight decrease from the previous period[16] Expenses and Costs - Sales expenses increased due to higher traffic investment for new games like "Xun Dao Da Qian" and "Wu Ming Zhi Bei"[3] - Sales expenses increased by 21.11% compared to the same period last year, an increase of 1.343 billion yuan, mainly due to increased internet traffic fees resulting from continuous traffic investment in games such as "Xun Dao Da Qian," "Wu Ming Zhi Bei," and "Ling Hun Xu Zhang"[6] - Total operating costs for the first three quarters of 2024 were RMB 11.23 billion, compared to RMB 9.73 billion in the same period last year[15] - Sales expenses increased to RMB 7,703,677,663.25, reflecting higher marketing and promotional costs[16] - Research and development expenses amounted to RMB 471,490,890.23, reflecting a decrease from the previous period[16] - Management expenses decreased by 16.86% compared to the same period last year, a reduction of 72 million yuan, mainly due to the full reversal of share-based payment expenses recognized in 2022 and 2023 as the fourth employee stock ownership plan is expected to fail to meet the company-level performance assessment indicators in the third assessment period[6] - R&D expenses decreased by 17.76% compared to the same period last year, a reduction of 102 million yuan, mainly due to the full reversal of share-based payment expenses recognized in 2022 and 2023 as the fourth employee stock ownership plan is expected to fail to meet the company-level performance assessment indicators in the third assessment period[6] Assets and Liabilities - Total assets as of Q3 2024 were RMB 19.47 billion, an increase of 1.77% compared to the end of the previous year[2] - The monetary funds at the end of the period decreased by 34.24% compared to the beginning of the period, a reduction of 2.115 billion yuan, mainly due to increased net cash outflows from investment activities such as purchasing and redeeming financial products, fixed deposits, and external equity investments[6] - The balance of non-current assets due within one year increased by 523.04% compared to the beginning of the period, an increase of 859 million yuan, mainly due to the increase in the portion of fixed deposits with a term of more than one year that will mature within one year[6] - The balance of construction in progress increased by 70.15% compared to the beginning of the period, an increase of 375 million yuan, mainly due to the investment in the Guangzhou headquarters building project during the reporting period[6] - The balance of intangible assets increased by 87.49% compared to the beginning of the period, an increase of 910 million yuan, mainly due to the recognition of land use rights obtained from the purchase of land in 2023[6] - Total assets as of the end of Q3 2024 amounted to RMB 19.47 billion, a slight increase from RMB 19.13 billion at the beginning of the year[14] - Cash and cash equivalents decreased to RMB 4.06 billion from RMB 6.18 billion at the beginning of the year[12] - Accounts receivable decreased to RMB 1.24 billion from RMB 1.48 billion at the beginning of the year[12] - Total liabilities increased to RMB 6.74 billion from RMB 6.32 billion at the beginning of the year[14] - The company's total equity at the end of Q3 2024 was RMB 12.73 billion, slightly down from RMB 12.81 billion at the beginning of the year[14] - The company's short-term borrowings increased to RMB 2.07 billion from RMB 1.55 billion at the beginning of the year[13] - The company's long-term equity investments decreased to RMB 504 million from RMB 521 million at the beginning of the year[13] Cash Flow - The net cash flow from investment activities decreased by 336.02% compared to the same period last year, a reduction of 2.049 billion yuan, mainly due to a decrease in net cash outflows from purchasing and redeeming financial products and fixed deposits, an increase in cash outflows for copyright fees and project payments, and an increase in cash payments for external equity investments[6] - Operating cash flow for the quarter was RMB 2,266,917,618.06, indicating strong cash generation[17] - Investment activities generated a cash inflow of RMB 14,382,556,457.79, highlighting significant investment returns[17] - Cash received from customers for goods and services was RMB 13,815,989,885.06, indicating strong customer demand[17] - Total cash outflow from investment activities was RMB 17,041,317,763.03, compared to RMB 11,917,849,106.30 in the previous period[18] - Net cash flow from investment activities was -RMB 2,658,761,305.24, a significant decrease from -RMB 609,778,405.84 in the previous period[18] - Total cash inflow from financing activities was RMB 3,838,305,900.00, up from RMB 1,786,620,000.00 in the previous period[18] - Net cash flow from financing activities was -RMB 719,711,899.61, an improvement from -RMB 2,004,819,079.39 in the previous period[18] - The net increase in cash and cash equivalents was -RMB 1,169,190,241.26, compared to RMB 53,333,403.46 in the previous period[18] - The ending balance of cash and cash equivalents was RMB 1,576,291,485.56, down from RMB 3,373,805,502.40 in the previous period[18] Game Development and Pipeline - New games launched in Q3 2024, such as "Shi Guang Za Huo Dian" and "San Guo Qun Ying Zhuan: Hong Hu Ba Ye," are in the early promotion phase, impacting profitability[3] - The company has a diversified product pipeline, including "Dou Luo Da Lu: Lie Hun Shi Jie" and "Zhui Xu," with multiple games already approved for release in China[4] - The company is focusing on long-term operations and content breakthroughs for existing games like "Dou Luo Da Lu: Hun Shi Dui Jue" and "Puzzles & Survival"[4] Non-Recurring Items and Other Income - Non-recurring gains for Q3 2024 amounted to RMB 30.53 million, primarily from government subsidies and other non-operating income[5] - Investment income increased by 986.64% compared to the same period last year, an increase of 60 million yuan, mainly due to dividends declared by affiliated enterprises during the reporting period[6] - The company's financial expenses were negative at RMB -110,337,353.35, primarily due to higher interest income[16] Shareholder Information - The top three shareholders are Li Weiwei with a 14.57% stake, Zeng Kaitian with an 11.11% stake, and Hu Yuhang with a 9.09% stake[7]

第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司（以下简称"公司"）第六届监事会第十七次会议通 知于 2024 年 10 月 23 日以专人送达、电子邮件、电话方式发出，会议于 2024 年 10 月 30 日在公司会议室以现场与通讯结合的方式召开，本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席何洋先生主持。本次会议的召集、召开和表决程序及出席会议的监事 人数符合法律、法规和公司章程等有关规定，经与会监事审议表决，形成如下决议： 一、审议通过《2024 年第三季度报告》 监事会对公司《2024 年第三季度报告》进行了专项审核，认为：董事会编制和审核公 司《2024 年第三季度报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真 实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司全体监事确认：公司及时、公平地披露了信息，所披露的信息真实、准确、完整。 表决结果：同意 3 票、弃权 0 票、反对 0 票。 公司《2024 年第三季度报 ...