特别提示： 证券代码：300002 证券简称：神州泰岳 公告编号：2024-049 北京神州泰岳软件股份有限公司 关于持股5%以上股东、副董事长减持股份的预披露公告 公司股东、副董事长李力先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京神州泰岳软件股份有限公司（以下简称"公司"）第一大股东、副董事长 李力先生持有公司股份 172,191,092 股（占公司总股本比例 8.77%），计划自本 公告发布之日起 15 个交易日后的 3 个月内以集中竞价交易或大宗交易方式减持 公司部分股份，合计减持数量不超过 39,251,299 股（占公司总股本比例 2.00%）。 一、股东的基本情况 第一大股东、副董事长李力先生持有公司股份 172,191,092 股，占公司总股 本比例 8.77%。 二、本次减持计划的主要内容 1、减持原因：个人资金需求。 2、股份来源：首发前股份孳生股份、资本公积金转增股本取得的股份，集 中竞价交易取得的股份。 3、拟减持方式、数量及比例： 李力先生计划以集中竞价交易或大宗交易方式 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 14.52 CNY [4] Core Views - The company's Q3 2024 revenue reached 1.46 billion CNY, a 5% YoY increase, while net profit attributable to the parent company surged 191% YoY to 460 million CNY [1] - The company plans to launch two new "SLG + simulation" games overseas by the end of 2024, which are expected to drive growth starting in 2025 [1] - The software and IT services business grew 30% YoY in H1 2024, with Q4 expected to be the peak season for revenue recognition [2] Financial Performance - Q3 2024 gross margin declined 2.13 ppts YoY to 61.2%, while sales expenses decreased 48% YoY [1] - Operating cash flow in Q3 2024 increased 188% YoY and 79% QoQ [1] - The company's 2024-2026 forecasted net profit was revised upward to 1.37/1.46/1.73 billion CNY, representing YoY growth of 54%/7%/18% [2] Game Business - Core game "Age of Origins" ranked 7th, 9th, and 7th in China's overseas mobile game revenue chart from July to September 2024 [1] - In the US iOS market, "Age of Origins" maintained a median ranking of 19th in Q3 2024, slightly down from 16th in Q2 2024 [1] Valuation Metrics - The company's 2024-2026 forecasted P/E ratios are 21x, 20x, and 16x, respectively [2] - The 2024-2026 forecasted P/B ratios are 4.10x, 3.47x, and 2.93x, respectively [3] Industry Outlook - The company operates in the media/gaming industry, with a focus on overseas SLG (strategy) games [4] - The report highlights the importance of monitoring the company's new game launch and marketing strategies in the coming quarters [2]

证 券 研 究 报 告 神州泰岳（300002）2024 年三季报点评 推荐（维持） | --- | --- | --- | --- | --- | --- | --- | |--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|-------------------- ...

| --- | --- | |-------------------------------|------------| | | | | 2024 年 10 月 31 日 | | | 评级 | 买入 | | 评级变动 交易数据 | 维持 | | | | | 当前价格（元） | 12.91 | | 52 周价格区间（元） | 7.83-14.84 | | 总市值（百万） | 25336.72 | | 流通市值（百万） | 23504.33 | | 总股本（万股） | 196256.50 | | 流通股（万股） | 182063.00 | 涨跌幅比较 -31% 19% 69% 119% 2023-10 2024-01 2024-04 2024-07 2024-10 神州泰岳 游戏Ⅱ | --- | |-------| | | | | | | | 1M | | | | 20.99 | | 17.61 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 曹俊杰 分析师 执业证书编号:S0530522050001 caojunjie@hnchasing.com 相关报 ...

[Table_MainInfo] 公司研究/信息服务/互联网软件与服务 证券研究报告 神州泰岳（300002）公司季报点评 2024 年 11 月 04 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | 12.25 | | 52 周股价波动（元） | 7.73-14.95 | | 总股本 / 流通 A 股（百万股） | 1963/1821 | | 总市值 / 流通市值（百万元） | 24041/22303 | | 相关研究 | | | [Table_ReportInfo] 《 Q2 营收与净利延续高增长，存量游戏增长 | | | 稳健，关注《代号 LOA 》《代号 | DL 》等自研 | | 新品上线进展》 2024.09.01 | | | 《创新驱动，全球布局》 ...

2024 年 10 月 30 日 公司点评 增持 神州泰岳(300002) 昨收盘:12.91 传媒互联网 24Q3 业绩环比增长，静待储备新游上线 ◼ 走势比较 ◼ 股票数据 总股本/流通(亿股) 19.63/18.21 总市值/流通(亿元) 253.37/235.04 12 个月内最高/最低价 (元) 14.95/7.73 ◼ 相关研究报告 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 事件： 公司 2024 年前三季度实现营收 45.14 亿元，同比增长 11.42%；归母 净利润 10.94 亿元，同比增长 94.33%；归母扣非净利润 8.32 亿元， 同比增长 54.84%。其中，2024Q3 实现营收 14.61 亿元，同比增长 4.53%； 归母净利润 4.63 亿元，同比增长 191.43%；归母扣非净利润 2.15 亿 元，同比增长 38.19%。 ➢ 2024Q3 归母净利润环比增长 37.72% 第三 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2024 met expectations, with total revenue of 4.514 billion yuan, a year-on-year increase of 11.42%, and a net profit attributable to shareholders of 1.094 billion yuan, a year-on-year increase of 94.33% [2] - The core gaming business remains stable, while the computer business shows seasonal fluctuations. The revenue in Q3 2024 was 1.461 billion yuan, a year-on-year increase of 4.53% but a quarter-on-quarter decrease of 6.62% [3] - The company expects new games to contribute to revenue growth, with two new titles set to launch in Q4 2024 [5] Financial Performance Summary - For Q3 2024, the company reported a net profit of 463 million yuan, with non-recurring gains contributing 248 million yuan, primarily from the recovery of a lawsuit receivable [4] - Management expenses increased significantly, reaching 356 million yuan in Q3 2024, a year-on-year increase of 51% [4] - The company has adjusted its earnings forecast, expecting EPS of 0.71, 0.72, and 0.80 yuan for 2024, 2025, and 2026 respectively, reflecting a positive outlook on the gaming business and non-recurring gains [5]

风险因素：行业政策风险，核心游戏表现不及预期，海外市场游戏不达 预期，游戏上线周期存在递延风险。 | --- | --- | |------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司点评报告 ·传媒互联网行业 经项目助推业绩，关注后续新游上线 2024 年三季报业绩点评 核心观点 ● 事件 公司发布 2024年度三季报:2024年第三季度公司实现营业收入 14.61 亿元,同比增长 4.53%;归属于上市公司股东的净利润为 4.63亿元,同比增 长 191.43%;扣非归母净利润为 2.15 亿元,同比增长 38.19%(2023年同期 数据采用调整后口径)。2024 前三季度公司实现营业收入 45.14 亿元,同比 增长 11.42%;归母净利润10.94亿元,同比增长 94.33%;扣非归母净利润 8.32 亿元,同比增长 54.84%。 ● 游戏业务保持稳健,关注后续新游上线 公司旗下核心游戏《旭日之城》《战 火与秩序》保持长线运营,在公司年内减少买量投放费用的前提下,流水仍然 保持稳健:《旭日之城》长期保持在 Sensor Tower 中国手游出海收入榜 Top10,《战火与秩序》目前处于成熟期,月流水稳定在1200-1300万美元。 此外,公司在研两款新品 SLG游戏《代号:DL》(模拟经营+SLG)《代号: LOA》(SLG)已进入上线前准备阶段,有望在近期上线海外市场, ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 4.514 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.42%. The net profit attributable to shareholders reached 1.094 billion yuan, up 94.33% year-on-year [1] - The company is focusing on building a product matrix for large models, enhancing its AI capabilities to meet the needs of its operator customers in various intelligent scenarios [1] - The gaming business is performing steadily, with flagship products driving long-term operations and revenue growth [1] Financial Overview - For 2024, the company is projected to achieve revenues of 6.260 billion yuan, 7.074 billion yuan in 2025, and 7.923 billion yuan in 2026, with corresponding net profits of 1.380 billion yuan, 1.593 billion yuan, and 1.820 billion yuan respectively [2][10] - The company's gross margin for Q3 2024 improved slightly to 61.19%, while the sales expense ratio continued to decline [1] - The company’s earnings per share (EPS) is expected to be 0.70 yuan in 2024, 0.81 yuan in 2025, and 0.93 yuan in 2026 [2][10] Business Performance - The company’s flagship game, "Age of Origins," ranked 7th in the overseas revenue chart for Chinese mobile games from July to September 2024, indicating strong performance in the gaming sector [1] - The company has developed multiple large models and received certifications for its AI platforms, enhancing its service capabilities in the ICT sector [1]