XD INC(02400) 开源证券·2025-03-05 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is anticipated to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is driven by the strong performance of self-developed games and the continued success of the TapTap platform [4][5][6]. Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7]. - The gross margin is forecasted to improve to 67.7% in 2024, with net margin reaching 17.4% [7]. - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7]. - The company’s net profit forecasts for 2024-2026 are adjusted to 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7].