KINGNET(002517) 开源证券·2025-04-30 02:23Investment 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 mobile gaming, which generated 4.055 billion yuan in revenue (up 13.39% year-on-year), and a significant increase in information services revenue, which reached 941 million yuan (up 41.62% year-on-year) [3][4] - In Q1 2025, the company reported a revenue of 1.353 billion yuan, reflecting 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, driven by effective cost control measures [3][4] - The company has a strong pipeline of new games, including titles like "Dragon Valley World" and "Douluo Continent: The Legend of Exorcism," which have performed well since their launch. The expansion of the product line is expected to continue driving growth [4][5] Financial Summary - The company forecasts revenues of 6.342 billion yuan, 7.086 billion yuan, and 7.876 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.9%, 11.7%, and 11.1% [7] - The net profit attributable to shareholders is projected to be 2.167 billion yuan, 2.401 billion yuan, and 2.649 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 33.1%, 10.8%, and 10.3% [7] - The company's earnings per share (EPS) are expected to be 1.01 yuan, 1.12 yuan, and 1.24 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 16.5, 14.9, and 13.5 [7]