Zhongtai **shares*** Kang Yawen and Zhu Junnan recently conducted research on Shenzhou Taiyue and released a research report "Deduction of non-net profit margin has increased significantly, and the flow of "City of the Rising Sun" has reached a new high", this report gives ** rating to Shenzhou Taiyue, and the current stock price is 1044 yuan.
Shenzhou Taiyue (300002).
Investment Essentials. Event: Shenzhou Taiyue released its 2023 performance report, achieving a total operating income of 59 during the reporting period6.5 billion, a year-on-year increase of 2411%, and the net profit attributable to the parent was 89.3 billion, a year-on-year increase of 6482%, and the net profit attributable to the parent company after deducting non-profit was 83.2 billion, a year-on-year increase of 8703%, basic earnings per share of 046 yuan, a year-on-year increase of 6597%。
The gaming business continues to soar. The company's two global core products, "City of the Rising Sun" and "War and Order", have achieved good results in 2023, among which the recharge turnover of "City of the Rising Sun" has hit a new high since its launch in 2023, and its long-term operation capabilities have been continuously verified. According to the data of the vast number of universities in January 2024, "Age of Oringins" (Age of Oringins) ranked 7th in China in terms of overseas revenue, and 12th in China on Google Play. The company's Shellwood Game ranked 8th among Chinese mobile game publishers in terms of global revenue (excluding domestic third-party Android) released by Sensor Tower in January 2024. It is expected that in 2024, the company will release two new SLG games, namely the sci-fi theme codename DL and the civilization theme codename LA, which is expected to further increase the company's game business revenue.
The profit margin after deducting non-attributable to the parent company has increased significantly. In 2023, the company's net profit margin attributable to the parent company after deducting non-profits will be 14%, an increase of 4% compared with 20227 percentage points, which is the first time since 2017 that it has exceeded 10%, which is mainly due to the high-quality improvement of the game business, and the ranking of its Shellwood Games in the global revenue of Chinese mobile game publishers (excluding domestic third-party Android) in Sensor Tower's monthly statistics has also continued to climb from 14th in January 2022 to 8th in January 2024, an increase of 6 places in two years.
The software and information technology services business is committed to providing customers with "digital intelligence" services, and has achieved stable growth in business areas such as ICT operation and maintenance, cloud services, information security, and intelligent collection.
Profitability** and valuation: In 2024, the company plans to launch two new products, and at the same time, the turnover of "City of the Rising Sun" and "War and Order" is at a high level, and the performance of 2024 and 2025 will be appropriately raised**, and the company's revenue in 2024 and 2025 is expected to be 69 respectively6.9 billion (originally 65..)2.5 billion. 0.5 billion (formerly 73..)0.8 billion), a year-on-year increase of 17% and 12%, and the net profit attributable to the parent company was 99.3 billion (formerly 9.3 billion.)2.1 billion. 0.4 billion (originally 10.)4.3 billion), a year-on-year increase of 11% and 21%. The current market capitalization corresponds to 23X and 19X PE in 2024 and 2025, maintaining the "** rating".
Risk Warning: 1) The regulatory policy of edition number is becoming stricter; 2) The game launch time does not meet expectations; 3) The risk that the information and data used in the research report are not updated in a timely manner.
*According to the calculation of the research report data released in the past three years, the research team of Huachuang ** Liu Xin has conducted in-depth research on the stock, and the average accuracy of the past three years is 7925%, and its **2023 attributable net profit is 89.5 billion, and the **PE converted according to the current price is 2287。
The latest profit** breakdown is as follows:
A total of 11 institutions have rated the stock in the last 90 days, **10 have rated the stock and 1 have overweight ratings. The average institutional price target over the last 90 days is 1346。
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