新游上线助涨销售费率，研发及管理费率控制得当。2023H1 公司毛利率89.49%、净利率46.13%，同比+1.96pct、+0.02pct,保持相对稳定；销售费用同比增长270.94%至5.57 亿元，销售费率增至38.59%，同比+24.47pct，主要系新游《原始征途》上线致宣传推广费用大幅增加。2023H1 公司研发费率23.18%，同比-6.58pct，管理费率6.40%，同比-3.12pct。Event: The company announced its semi-annual report, (1) revenue for the first half of 2023 was 1,443 billion yuan, up 35.68% year on year; net profit was 664 million yuan, up 32.95% year on year. (2) 2023Q2's quarterly revenue was 936 million yuan, up 93.58% year on year; net profit was 419 million yuan, up 83.57% year on year. (3) A cash dividend of 1.3 yuan (tax included) was distributed to all shareholders for every 10 shares. The cash dividend amount was about 247 million yuan, and the dividend ratio reached 37%.
Q2's quarterly revenue increased by 93.58%, profit increased by 83.57%, and the flagship mobile game “The Original Journey” contributed significantly. “The Original Journey” was launched on 2023/3/24. As of 23H1, the cumulative turnover exceeded 1 billion yuan, contributing mainly to incremental revenue and profit. It is expected that 2023Q4 will continue to launch the “Original Journey - Official Edition” and mini-program version to further expand the influence of Journey IP. Q2 The revenue growth rate is higher than the profit growth rate. It is mainly due to the deferred confirmation of revenue side game flow and current confirmation of cost side sales expenses; 2023Q2 final contract debt was 424 million yuan, an increase of 150 million yuan over the previous month, which is expected to continue to release profits to boost performance.
“Operation Space” has increased the number of leisure sports tracks and deepened its global layout. “Space Action” was launched on 2023/1/16. The product continues to be refined around core gameplay, filling the gap in mobile games. By the end of July 2023, the total number of new users added to all channels had reached 28 million, and DAU exceeded 2.5 million. The overseas version of “SuperSUS” is expected to officially begin testing in North America in 2023H2, further deepening the global layout.
The launch of the new tour boosted sales rates, and R&D and management rates were properly controlled. 2023H1's gross profit margin was 89.49% and net interest rate was 46.13%, +1.96 pct, +0.02 pct, which remained relatively stable; sales expenses increased 270.94% year on year to 557 million yuan, and sales rate increased to 38.59%, +24.47 pct year on year, mainly due to a sharp increase in promotion expenses due to the launch of the new tour “The Original Journey”. 2023H1's R&D rate is 23.18%, year-on-year -6.58pct, management fee rate 6.40%, year-on-year -3.12pct.
Actively promote the AI layout, and accelerate the implementation of “Game+AI”. The company has set up an AI innovation lab to promote the popularization and implementation of AIGC tools in various business scenarios to reduce costs and increase efficiency. The “AI Inference Mini Theater”, a new AI gameplay for “Space Operation,” is expected to begin extensive testing in September 2023, and the subsequent project team will continue to explore more gameplay and scenarios for “Game+AI.”
Investment suggestions: The company's net profit for 2023-2025 is expected to be 1,327/15.31/1,634 billion yuan, EPS is 0.66/0.76/0.81 yuan, with outstanding growth, and a buy-A investment rating; 25 times PE corresponding to 2023, with a target price of 16.5 yuan for 6 months.
Risk warning: New travel performance falls short of expectations, and overseas market expansion falls short of expectations.
