KINGNET(002517) 申万宏源·2024-11-08 01:16Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's performance in 2024 is strong, with Q1-3 revenue reaching 3.93 billion yuan (YoY +30%) and net profit attributable to the parent company of 1.28 billion yuan (YoY +18%) [4] - The company is actively advancing AI+IP initiatives, including the application of its self-developed "Xingyi" large model and the approval of its AI NPC text generation algorithm [5] - The company has a rich product pipeline, with several games in development and some already released, such as the casual puzzle game "Baigong Ling" and the mobile game "Rainbow Orange" [5] Financial Summary - The company's revenue for 2024E is projected to be 5.32 billion yuan, with a net profit attributable to the parent company of 1.74 billion yuan [7] - The company's gross margin for 2024E is expected to be 79.3%, with an ROE of 26.0% [7] - The company's EPS for 2024E is forecasted to be 0.81 yuan per share [7] Market Data - The company's closing price on November 6, 2024, was 14.06 yuan, with a PB ratio of 5.0 and a dividend yield of 1.42% [2] - The company's market capitalization is 26.91 billion yuan, with a total share capital of 2.15 billion shares and a circulating A-share capital of 1.91 billion shares [2][3] Product Pipeline - The company has a diverse product pipeline, including games like "Tomb Raider: Departure," "Douluo Dalu: Legend of the Evil," "Dragon Nest World," and "Nazarick: Rise" [5] - The company is also developing games based on popular IPs such as "BLEACH: Thousand-Year Blood War," "Ultraman," "The King of Fighters," and "The Condor Trilogy" [5]