SANQI HUYU(002555) 东吴证券·2025-04-20 09:47Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance in new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40%, while the net profit attributable to the parent company was 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent successful launches contributing significantly to revenue [8] - The company is actively embracing AI technology to enhance its game development and operational efficiency, aiming to create more immersive and personalized gaming experiences [8] - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 times [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1] - The net profit attributable to the parent company is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% and a net asset value per share of 5.83 yuan [6][9]