传媒/游戏Ⅱ 公 司 研 神州泰岳（300002.SZ） Q1 业绩大幅增长，盈利能力或持续提升 究 2024年04月24日 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/24 证 书编号：S0790520030004 证书编号：S0790523090001 当前股价(元) 9.48  2024Q1业绩大增，继续看好游戏及AI相关业务表现，维持“买入”评级 公 一年最高最低(元) 16.33/7.83 公司2024Q1实现营业收入14.88亿元（同比+22.79%），归母净利润2.95亿元（同 司 信 总市值(亿元) 185.91 比+65.62%），扣非归母净利润 2.87 亿元（同比+95.39%）。公司 2024Q1 业绩同 息 流通市值(亿元) 172.46 比大增主要系核心游戏《Age of Origins》（《旭日之城》）《War and Order》（《战火 更 总股本(亿股) 19.61 与秩序》）流水同比有所增长，以及公司 2024Q1 减少营销推广投放带 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,488,183,132.94, representing a 22.79% increase compared to ¥1,211,957,955.63 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 was ¥295,017,224.07, a 65.62% increase from ¥178,131,184.75 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥286,802,335.35, reflecting a 95.39% increase from ¥146,781,507.19 year-on-year[4] - Basic earnings per share for Q1 2024 were ¥0.1514, up 65.65% from ¥0.0914 in the previous year[4] - The net profit for the current period is approximately ¥289.59 million, a significant increase from ¥173.80 million in the previous period, representing a growth of about 66.7%[25] - The total comprehensive income for the current period is approximately ¥290.80 million, compared to ¥171.93 million in the previous period, representing an increase of about 69.0%[25] Cash Flow - The net cash flow from operating activities reached ¥227,830,213.18, a significant increase of 377.93% compared to ¥47,670,050.19 in the same quarter last year[4] - The cash flow from operating activities generated a net amount of ¥227.83 million, a substantial rise from ¥47.67 million in the previous year, reflecting a growth of approximately 376.5%[26] - Cash received from other operating activities rose by 180.21% to ¥62,478,782.64, mainly from employee stock plan sales and increased interest income[12] - The cash flow from financing activities decreased by 33.09% to ¥10,513,303.16, mainly due to a reduction in bank loans[12] - The net cash flow from financing activities was approximately ¥10.51 million, down from ¥15.71 million in the previous period, reflecting a decrease of about 33.3%[27] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to ¥7,024,264,917.64, a 3.26% increase from ¥6,802,772,091.55 at the end of the previous year[4] - The company’s total liabilities decreased to ¥911,516,400.21 from ¥1,016,010,141.45, a reduction of 10.3%[20] - The total equity attributable to shareholders increased to ¥3,247,741,861.62 from ¥2,952,724,637.55, reflecting a growth of 10%[20] - Cash and cash equivalents at the end of Q1 2024 were ¥2,057,725,432.70, down from ¥2,127,136,296.82 at the beginning of the quarter, indicating a decrease of 3.3%[20] Expenses - Management expenses rose by 72.86% to ¥256,661,097.09, primarily due to increased employee compensation[9] - Operating costs for Q1 2024 were ¥1,162,495,142.93, up from ¥1,027,028,674.60 in the same period last year, reflecting a growth of 13.1%[23] - Research and development expenses for Q1 2024 were ¥92,533,093.69, slightly down from ¥98,252,823.81 in Q1 2023, showing a decrease of 5.8%[23] Investment Activities - The company reported a 258.94% increase in cash paid for investments, totaling ¥1,170,150,068.16, attributed to increased bank wealth management products and time deposits[12] - The net cash flow from investment activities decreased significantly by 561.40% to -¥309,008,497.47, primarily due to increased purchases of bank wealth management products and time deposits[12] - The company received cash from investment recovery totaling ¥862 million, significantly higher than ¥292 million in the previous period, indicating a growth of approximately 194.5%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 115,040, with the largest shareholder holding 8.78% of shares[13] - The largest shareholder, Li Li, holds 172,191,092 shares, representing 8.78% of the total shares[13] Other Income and Tax - The company reported a 55.91% decrease in other income, totaling ¥7,214,916.97, mainly due to reduced government subsidies[11] - The company experienced a 49.99% decrease in tax refunds received, amounting to ¥1,024,735.98, due to a reduction in VAT refunds[12] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was positive, amounting to ¥4,445,449.64, a 129.38% increase compared to the previous period[12] Future Plans - The company plans to continue expanding its investment in bank wealth management products and time deposits to enhance cash flow management[12]

[Table_Page] 年报点评|游戏Ⅱ 证券研究报告 [神Table_州Title] 泰岳（300002.SZ） [公Tab司le_I评nves级t] 买入 当前价格 8.76元 《旭日之城》流水创新高，游戏业务稳健增长 合理价值 15.0元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-21 ⚫ 公司发布2023年年报：2023年实现收入59.62亿元，yoy+24.06%， [相Tab对le_P市icQ场uote表] 现 其中游戏业务收入 44.97 亿元，yoy+26.5%；计算机业务实现收入 14.65亿元，yoy+17.1%。公司整体毛利率为62.73%，yoy+2.34pct， 40% 26% 其中游戏业务毛利率为71%，同比提升3.61pct，游戏业务23年毛利 12% 率同比提升幅度显著。公司整体实现归母净利润 8.87 亿元， -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 yoy+63.72%，归母净利率为14.88%，其中游戏业务的净利润为11.0 -16% 亿元，净利率为25%，yoy+3. ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 神州泰岳(300002)公司点评报告 2024年04月23日 [T营able收_Tit利le] 润创新高，新品上线有望推动增长 [Table_Inves 买t] 入|维持 ——神州泰岳(300002) 2023 年年报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报。 52周最高/最低价（元）： 15.51 / 8.16 A股流通股（百万股）： 1819.19 点评： A股总股本（百万股）： 1961.09  2023年公司营收及归母利润创同期新高，费用率控制成效显著 流通市值（百万元）： 15972.52 2023 年，公司实现营收 59.62 亿元，同比增加 24.06%；实现归母净利润 总市值（百万元）： 17218.39 8.87 亿元，同比增加 63.84%；扣非后归母净利润 8.29 亿元，同比提升 [过Ta去bl一e_年Pic股Q价uo走te]势 85.77%，营业收入和归母净利润均创同期新高。费用端看，2023年，公司 23% ...

] y r t s u d n I _ e l b a T [ [ 神Ta 州bl 泰e_ 岳T （itl 3e 0] 0 002）2023年报点评 公 司 游戏、AI业务双轮驱动，业绩创新高 研 挖掘价值 投资成长 究 [Table_Rank] / 增持 （维持） 互 联 2024 年 04 月 23 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报。2023年公司实现营收59.62亿元（yoy+24.06%）， 证券分析师：陈子怡 证书编号：S1160522070002 实现归母净利润8.87亿元（yoy+63.84%）；2023Q4公司实现营收19.11 证券分析师：潘琪 亿元（yoy+21.67%），实现归母净利润3.24亿元（yoy+104.55%）。 证书编号：S1160524040001  长线运营能力瞩目，储备新游H2有望上线。2023年，公司游戏业务 联系人：潘琪 电话：021-23586487 实现收入 44.97 亿元（ ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 5.96 billion yuan, a year-over-year increase of 24%, and a net profit attributable to shareholders of 889 million yuan, up 64% year-over-year [1][2]. - The gaming segment, particularly the core product "Sunrise City," set new records, while the AI business saw substantial revenue growth [1]. - The report projects revenue for 2024 and 2025 to be 6.97 billion yuan and 8.09 billion yuan, respectively, with year-over-year growth rates of 17% and 16% [2]. Financial Performance Summary - **Revenue**: 2023 revenue was 5.96 billion yuan, with a year-over-year growth of 24.1%. Forecasts for 2024 and 2025 are 6.97 billion yuan and 8.09 billion yuan, respectively [2]. - **Net Profit**: The net profit for 2023 was 889 million yuan, reflecting a 63.7% increase year-over-year. Expected net profits for 2024 and 2025 are 1.10 billion yuan and 1.28 billion yuan [2]. - **Earnings Per Share (EPS)**: EPS for 2023 was 0.45 yuan, with projections of 0.56 yuan and 0.65 yuan for 2024 and 2025 [2]. - **Valuation Metrics**: The report assigns a target price range of 11.25 to 13.28 yuan based on a 20x price-to-earnings (PE) ratio for the gaming business [1][3]. Business Segment Analysis - **Gaming Business**: Generated 4.5 billion yuan in revenue for 2023, with a year-over-year growth of 27%. The flagship game "Sunrise City" contributed significantly to this growth, achieving a revenue of 3.15 billion yuan, up 42% year-over-year [1]. - **Computer Business**: Revenue reached 1.47 billion yuan, a 17% increase year-over-year, driven by stable growth in ICT operations and cloud services [1]. - **AI Business**: The AI subsidiary, Dingfu Intelligent, reported revenue of 140 million yuan, a remarkable 114% increase year-over-year, primarily due to the expansion of smart telemarketing and collection services [1].

[Table_Title] 证券研究报告 神州泰岳(300002.SZ)年报点评：营收及净利 公司研究 润均创历史新高，新品预计 24H2 海外上线 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年4月19日 神州泰岳(300002.SZ) [T事ab件le：_神Su州mm泰ar岳y]于 2024年4月18日发布2023年度报告，公司全年实现营 投资评级 业收入59.62亿元，同比增长24.06%；实现归母净利润8.87亿元，同比增 上次评级 长63.84%，扣非归母净利润8.29亿元，同比增长85.77%。 点评： [T[aT冯balb翠el_e婷A_uA tu传htoh媒ro]r互 ] 联网及海外 首席分析 ➢ 公司营收及净利润全面创历史新高。公司全年实现营业收入59.62亿 师 元，同比增长24.06%，创历史新高；实现归母净利润8.87亿元，同 执业编号：S1500522010001 比增长63.84%，扣非归母净利润8.29亿元，同比增长85.77%，均创 邮 箱：fengcuiting@cindasc.com 历史新高。单拆23Q4，公司实现营业收入 ...

[Table_Header] 公司点评●游戏 II 2024年 04 月19 日 [Table_Title] [Table_StockCode] 神州泰岳(300002.SZ) 老游稳健运营，新游上线或推动增长 [Table_InvestRank] 推荐 (维持) --公司 2023 年报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023年度报告：2023年公司实现营业收入 59.62亿元，同比 [岳Ta铮b le_Authors] ：010-8092-7630 增长 24.06%；归属于上市公司股东的净利润 8.87亿元，同比增长 63.84%；扣 ：yuezheng_yj@chinastock.com.cn 非归母净利润 8.29亿元，同比增长 85.77%。其中，2023 第四季度实现营业收 分析师登记编码：S0130522030006 入 19.11亿元，同比增长 21.67%；归母净利润 3.24亿元，同比增长 104.55%； 扣非归母净利润 2.92亿元，同比增长 160.45%。 研究助理 祁天睿 ：010-8092-7603 ⚫ 出海老游表现亮眼，增 ...

公司研 究 证 券研究 报 告 游戏 2024年04月20日 神 州泰岳（300002）2023年报点评 推 荐 （维持） 《旭日之城》再创新高，游戏利润略超预期， 目标价区间：11.25-13.28元 人工智能业务收入放量 当前价：9.13元 事项： 华创证券研究所  收入、业绩均实现高速增长，整体符合预期。公司发布2023年业绩，实现收 证券分析师：刘欣 入59.6亿元，YOY+24%；实现归母净利润8.9亿元，YOY+64%；实现扣非归 母净利润8.3亿元，YOY+86%。Q4实现收入19亿元，YOY+22%，QOQ+37%； 电话：010-63214660 实现归母净利润3.2亿元，YOY+105%，QOQ+104%；实现扣非归母净利润2.92 邮箱：liuxin3@hcyjs.com 亿元，YOY+160%，QOQ+89%。 执业编号：S0360521010001 评论： 证券分析师：廖志国  游戏业务：核心产品《旭日之城》再创新高、《战火与秩序》稳中有升，利润 邮箱：liaozhiguo@hcyjs.com 率改善驱动净利润略超预期。全年实现收入45亿元，YOY+27%；23H2实现 执业编号 ...

神州泰岳20240418 全文概要 该会议讨论了神州泰岳2023年的财务表现、业务板块成绩以及 未来发展战略。神州泰岳2023年营收达到59.62亿元，同比增 长24.06%,净利润8.87亿元，同比增长63.84%,扣非净利润 8.29亿元，同比增长85.77%。基本每股收益0.4550元，同比 增长60.14%。游戏业务是公司收入的主要来源，实现44.97亿 元的收入，同比增长26.51%,软件业务也有所增长，收入为14.65 亿元，同比增长17.08%。 公司的游戏业务因精品策略和长线运营战略实现显著增长，核心 产品《旭日之城》和《战火与秩序》季度环比增长，充值流水分 别达到9.26亿元和2.90亿元。计算机业务方面，云服务和 Al 领域的快速发展带来了营收增长和结构调整的成果，特别是与亚 马逊云合作，服务超过400家中国出海企业，并计划提供更多增 ...