恺英网络(002517):传奇盒子高速增长,AI产业多元布局-中报点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、费用管控能力提升增厚利润，2025H1毛利率82.38%同比提升0.37pct，净利率36.83%同比提升5.17pct；销售费用率33.61%同比下降3.80pct，管理费用率3.04%同比下降0.64pct，研发费用率9.09%同比上升0.15pct。2、移动游戏营业收入18.83亿元同比减少10.14%，毛利率79.67%同比下滑1.06pct；信息服务营业收入6.57亿元同比增加65.33%，毛利率90.74%同比提升1.84pct；网页游戏营业收入3878.93万元同比减少38.41%，毛利率72.28%同比下滑9.12pct。3、境内营业收入23.76亿元同比减少2.16%，毛利率83.91%同比提升0.30pct；境外营业收入2.02亿元同比增加59.57%，毛利率64.31%同比提升13.00pct。4、游戏盒子产品提供增量，闲趣互娱与三九互娱、中旭未来、掌玩游戏达成合作。5、储备多个产品已获版号，包括《盗墓笔记：启程》《古龙群侠传》等14款游戏。6、AI矩阵多元布局，涉及AI陪伴应用、VR眼镜、AI潮玩品牌和游戏开发平台。7、回购计划完成，累计回购895.28万股。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计2025-2027年公司归母净利润为20.38亿元、23.41亿元、25.38亿元，对应PE为23.94倍、20.85倍、19.22倍。维持&quot;买入&quot;评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：行业竞争加剧；游戏产品表现不及预期；行业政策变化；经济影响文化消费需求</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>