Investment Rating - The investment rating for the company is "Buy - A" [8][7]. Core Insights - The company has shown steady growth in its mobile gaming and card business, with mobile games like "Finger Fishing" and "Fishing Blast" receiving positive player feedback and awards from major tech companies [1]. - The card business has achieved stable growth through sales structure adjustments and is expanding its production capacity with a new factory project [1]. - The innovative marketing strategies and international expansion efforts are expected to create new business opportunities for the company [1]. Financial Data and Valuation - The company's revenue for 2023 is projected to be 4.307 billion yuan, a year-on-year increase of 10% [2]. - The net profit attributable to shareholders for 2023 is expected to be 562 million yuan, reflecting a significant year-on-year growth of 61.4% [2]. - The gross profit margin is forecasted to remain stable around 37.6% for 2023 [2]. - Earnings per share (EPS) is projected to increase from 1.36 yuan in 2023 to 2.02 yuan by 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 18.0 in 2023 to 12.1 in 2026, indicating potential valuation improvement [2].

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：127104 | 债券代码：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于 2022 年股权激励计划股票期权第一个行权期采用自主 行权模式的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司 2022 年股权激励计划股票期权分四期行权，第一个可行权期的 99 名激励对象合计可行权的股票数量为 280 万份，行权价格为每股 14.66 元。 2、本次行权的期权代码：037324，期权简称：姚记 JLC7。 3、公司 2022 年股权激励计划股票期权共 4 个行权期，第一个行权期可行 权期限为 2024 年 1 月 15 日至 2025 年 1 月 13 日，实际可行权期为 2024 年 5 月 14 日至 2025 年 1 月 13 日。 4、本次行权采取自主行权模式，公司已与被激励对象就自主行权模式及承 办券商的选择达成一致，并明确约定了各方权利及责任。 5、第一个行权期可行权股 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-038 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于 2022 年股权激励计划限制性股票 第一个解除限售期解除限售股份上市流通的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2、本次解除限售的限制性股票的限售起始日期为2023年1月17日，发行时 承诺的限售期限为12个月； 3、本次解除限售的限制性股票的上市流通日为2024年5月14日（周二）。 上海姚记科技股份有限公司（以下简称"公司"、"本公司"）于 2024 年 4 月 28 日召开第六届董事会第八次会议和第六届监事会第八次会议，审议通过了《关 于 2022 年股权激励计划第一个行权期行权条件及第一个解除限售期解除限售条 件成就的议案》，根据公司 2022 年第一次临时股东大会对董事会的授权，公司 办理了 2022 年股权激励计划（以下简称"本次股权激励计划"）限制性股票第一 个解除限售期涉及的股份上市流通手续，本次 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 上海姚记科技股份有限公司（以下简称"公司"）于 2023 年 4 月 18 日召开 第五届董事会第四十次会议和第五届监事会第三十九次会议审议通过了《关于 2020 年第三期股票期权激励计划第二个行权期行权条件未成就及注销部分股票 期权的议案》。根据《2020 年第三期股票期权激励计划（草案）》及《2020 年第 三期股票期权激励计划实施考核管理办法》的相关规定，鉴于 2020 年第三期股 票期权激励计划（以下简称"本次激励计划"）中公司 2022 年度净利润增长率未 达到公司层面的业绩考核要求，公司决定对第二个行权期行权条件未成就的 120.90 万份股票期权进行注销，同时注销任职单位不再系公司控股子公司或离 职的激励对象已经获授但尚未达到行权条件的 31.50 万份股票期权，本次拟合计 注销 152.40 万份股票期权。具体内容详见公司 2023 年 4 月 20 日披露于巨潮资 讯网上的《关于 2020 年第三期股票期权激励计划第二个行权期行权条件未成就 及注销部分股票期权的公告》（公告编号：2023-023 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Title] 业务多元布局，高分红回馈股东 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报。 点评： 净利润提升明显，高分红率回报股东 2023 年公司实现营业收入 43.07 亿元，同比提升 10.01%；归母净利润 5.62 亿元，同比增长 61.37%；扣非归母净利润 5.19 亿元，同比增加 51.72%。 24Q1 单季度实现营收 9.82 亿元，同比下降 17.38%；归母净利润 1.51 亿 元，同比下降 23.94%。公司公布 2023 年度利润分配方案，拟向全体股东 每 10 股派发现金股利人民币 9.00 元（含税），合计派发现金红利 3.71 亿 元（含税），占年度归母净利润的 65.94%。 游戏业务维持高毛利水平，数字营销稳健增长 2023 年公司游戏/数字营销业务实现营收 12.26/19.12 亿元，同比分别提升 1.94%/24.90%，业务毛利率分别为 96.01%/5.46%，游戏业务维持高毛利 率水平。游戏业务，公司坚持"聚焦精品，研运一体化"原 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance of the stock to exceed the benchmark by more than 15% over the next six months [20][26]. Core Insights - The company achieved a revenue of 4.31 billion yuan in 2023, representing a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 562.46 million yuan, up 61.4% year-on-year [9][20]. - For Q1 2024, the company reported a revenue of 980 million yuan, down 17.4% year-on-year, and a net profit of 150 million yuan, down 24.0% year-on-year [9][20]. - The company's gross profit margin slightly declined to 37.6% in 2023, down 1.1 percentage points year-on-year, primarily due to changes in revenue structure [2]. Financial Projections - Total revenue projections for the company are as follows: 4.82 billion yuan in 2024, 5.38 billion yuan in 2025, and 5.80 billion yuan in 2026, with respective year-on-year growth rates of 11.93%, 11.51%, and 7.80% [1]. - Net profit attributable to shareholders is projected to be 702.46 million yuan in 2024, 792.34 million yuan in 2025, and 868.53 million yuan in 2026, with growth rates of 24.89%, 12.80%, and 9.62% respectively [1]. - The latest diluted EPS is expected to be 1.70 yuan in 2024, 1.92 yuan in 2025, and 2.11 yuan in 2026 [1]. Cost Structure and Efficiency - The company's sales, management, and R&D expense ratios were 7.4%, 6.7%, and 5.6% respectively in 2023, with a notable decrease in sales expense ratio due to optimized marketing strategies in the gaming sector [2]. - The company plans to enhance production efficiency and expand its poker production capacity, which is expected to contribute positively to future revenue [16]. Market Position and Strategy - The company is a long-term ecological partner of major advertising platforms, contributing to its digital marketing revenue growth, which reached 1.91 billion yuan in 2023, up 24.9% year-on-year [26]. - The gaming segment remains a strong performer, with a gross margin of 96.01%, despite facing competitive pressures in overseas markets [16]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 14 for 2024, 13 for 2025, and 12 for 2026, indicating a favorable valuation outlook [20]. - The company’s market capitalization is approximately 10.1 billion yuan, with a circulating A-share market value of about 8.08 billion yuan [11].

公司研究丨点评报告丨姚记科技（002605.SZ） [Table_Title] 多元业务稳健发展，积极推进股东回报 [Table_Author] 高超 范超 杨云祺 请阅读最后评级说明和重要声明 11-05 公司披露 24Q1 业绩，24Q1 实现营收 9.82 亿（同比-17.38%，环比+33.47%），归母净利润 1.51 亿（同比-23.94%），扣非净利润 1.50 亿（同比-21.60%）。 2、行业监管风险。 ⚫ 盈利预测与投资建议：我们预计 2024/2025 年公司归母净利润分别为 6.7 亿/7.8 亿，对 应 PE 15.8/13.8 倍，维持买入评级。 风险提示 ⚫ 减值等因素致 23Q4 业绩承压，24Q1 收入和利润实现环比改善。1）公司 2023 年针对大 鱼竞技等计提商誉减值准备，形成商誉减值损失约 0.5 亿，此外长期股权投资减值损失约 0.27 亿，对公司 23Q4 业绩产生一次性影响。2）由于 23Q1 游戏业务高基数，24Q1 公 司营收同比下滑，环比+33%；此外由于公司海外游戏业务运营模式调整，导致 24Q1 销 售费用同比+55%至 0.7 亿元，预计公司在海外发 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's main business, including poker cards, games, and digital marketing, showed mixed performance in 2023 with poker card revenue at 1.09 billion yuan (yoy -1.57%), game revenue at 1.23 billion yuan (yoy +1.9%), and digital marketing revenue at 1.91 billion yuan (yoy +24.9%) [9] - The company plans to expand its poker card production scale in 2024, focusing on the "Yaoji Guandan" product, which has gained consumer popularity [9] - The company is exploring new growth areas in sports culture, particularly through strategic investments in the sports card market, aiming to create a comprehensive entertainment industry chain [11][28] - The company's 2024-2026 revenue is forecasted to be 4.71 billion, 5.15 billion, and 5.68 billion yuan, with net profits of 640 million, 730 million, and 850 million yuan, respectively [13] Business Performance - In 2023, the company's total revenue was 4.3 billion yuan (yoy +10%), with net profit attributable to shareholders of 562 million yuan (yoy +61.4%) [4] - Q4 2023 revenue was 735 million yuan (yoy -33.2%), with a net profit of 5 million yuan (yoy -91.5%) [4] - Q1 2024 revenue was 982 million yuan (yoy -17.38%), with net profit of 151 million yuan (yoy -23.9%) [4] Strategic Development - The company is focusing on expanding its "big entertainment" strategy, including increasing poker card production and exploring overseas markets for its game business [27] - The company is also deepening its digital marketing efforts, with its subsidiary Xiting Culture steadily attracting businesses to the Shanghai International Short Video Center [27] Financial Forecast - The company's EPS for 2024-2026 is projected to be 1.56, 1.78, and 2.07 yuan, with corresponding P/E ratios of 16.6x, 14.5x, and 12.5x [13] - The company's ROE is expected to remain stable at around 17% from 2023 to 2026 [30]

证 券 研 究 报 告 公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 [Table_Range] 52 周内价格范围 19.85-47.34 市值（百万元） 10,504 33% 39% 45% 50% 56% 61% 1471 1595 1720 1844 1969 2094 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|------------------------------------------------------|--------------------------------|----------------|----------------|--------------------------------------------------------------|----------------------|---- ...

报告编号：HX-240501161639 告 究 司 发展，促进卡淘球星卡二级市场社群扩展，进一步完善公司 在卡牌产品、体育文化产业的布局，打造综合休闲娱乐全产 业链，驱动体育新消费新增量的发展。 ▌ 风险提示 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 2024 年 05 月 06 日 研 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...