ZDDC(600633) 国元证券·2025-04-22 07:29Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a robust revenue growth of 4.16% year-on-year in Q1 2025, achieving a total revenue of 706 million yuan. The net profit attributable to shareholders increased significantly by 44.86% year-on-year, reaching 144 million yuan [1]. - The growth in performance is attributed to the improved profitability of subsidiaries and changes in the fair value of financial assets held by the company and its subsidiaries, with a fair value change gain of 52.5 million yuan in Q1 [1]. - The company focuses on the "Cultural + Technology" strategy, enhancing its business capabilities through organic growth and mergers and acquisitions, while continuously optimizing its industrial structure [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 57.52%, a decrease of 6.07 percentage points year-on-year. The net profit margin increased by 5.72 percentage points year-on-year to 20.35% [1]. - The company’s operating expenses for sales, management, and R&D were 13.98%, 14.76%, and 12.42% respectively, showing a reduction in sales expenses and a slight increase in R&D expenses compared to the previous year [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 644.56 million yuan, 750.36 million yuan, and 829.98 million yuan respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share [3][5]. Business Strategy and Development - The company is committed to the "1335" strategic action plan, focusing on the "Cultural + Technology" main track, and is actively exploring new business scenarios in digital culture and technology [2]. - The gaming business remains stable, with the company maintaining a leading position in the industry through its subsidiary, Bianfeng Network, which specializes in card games [2]. - The company is also advancing in digital media, smart city governance, and smart healthcare, with significant upgrades in its data centers and digital operations across various regions [2].