网易-S：1Q24点评：《永劫无间》手游将驱动未来增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that the mobile game "Naraka: Bladepoint" is expected to drive future growth for the company [2] - In Q1 2024, the company's revenue was 26.852 billion yuan, a year-on-year increase of 7.2%, which was in line with market expectations [2][6] - The net profit (Non-GAAP) for Q1 2024 was 8.511 billion yuan, representing a year-on-year growth of 12.5%, exceeding market expectations [2][6] - The company has a strong pipeline of games, including "Naraka: Bladepoint" mobile version and "Yanyun Sixteen Sounds," which are anticipated to contribute to future revenue [3][4] Financial Performance Summary - For the fiscal year 2023, the company reported total revenue of 103.468 billion yuan, with a year-on-year growth of 7.2% [4] - The projected revenues for 2024, 2025, and 2026 are 116.792 billion yuan, 144.093 billion yuan, and 162.964 billion yuan, respectively, indicating a growth trajectory [4][7] - The company's net profit (Non-GAAP) for 2024 is projected to be 38.032 billion yuan, with a year-on-year growth of 16.6% [4][7] - The report indicates a consistent increase in gross profit, with a projected gross profit of 73.594 billion yuan for 2024, reflecting a year-on-year growth of 16.7% [4][7] Game and Service Revenue - Revenue from games and related value-added services for Q1 2024 was 21.460 billion yuan, a year-on-year increase of 7.0% [2][6] - The company continues to see strong performance from existing titles such as "Identity V" and "Onmyoji," which maintain a loyal user base [2][3] - The report notes that the company is expanding its game offerings in more regions, enhancing its market presence [2][3] Future Outlook - The company is expected to launch several highly anticipated games in the coming quarters, which are likely to boost revenue [2][3] - The report maintains a positive outlook on the company's long-term commercialization capabilities, driven by its strong game portfolio and user engagement [2][3]