KINGNET(002517) 开源证券·2025-04-30 02:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.118 billion yuan in 2024, representing a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% year-on-year. The growth was primarily driven by the robust performance of the mobile gaming business, which generated 4.055 billion yuan in revenue, a year-on-year increase of 13.39%, and the rapid growth of the information services business, which saw revenue of 941 million yuan, up 41.62% year-on-year [3][4] - In Q1 2025, the company reported a revenue of 1.353 billion yuan, a year-on-year increase of 3.46% and a quarter-on-quarter increase of 13.62%. The net profit attributable to shareholders was 518 million yuan, up 21.57% year-on-year and 48.71% quarter-on-quarter, benefiting from effective cost control measures [3][4] - The company has a strong pipeline of new games, including titles like "Dragon Valley World" and others, which have performed well since their launch. The expansion of the product line is expected to continue driving growth [4] Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.167 billion yuan, 2.401 billion yuan, and 2.649 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.12 yuan, and 1.24 yuan. The current stock price corresponds to P/E ratios of 16.5, 14.9, and 13.5 for the respective years [3][5] - The company’s revenue is projected to grow from 5.118 billion yuan in 2024 to 6.342 billion yuan in 2025, reflecting a year-on-year growth rate of 23.9% [7]