研报掘金丨国元证券:维持恺英网络“买入”评级,拓展出海业务,打造多元化产品矩阵

格隆汇
Sep 03, 2025

国元证券研报指出,恺英网络上半年利润端稳定增长,公布回购方案提振信心。上半年归母净利润9.50亿元,同比+17.41%,25Q2归母净利润4.32亿元,同比+12.79%。公司发布股份回购方案,将以集中竞价方式回购公司总股本0.16%-0.32%股份,用于回购的总资金为1.0至2.0亿元,回购价格不超过29.33元/股。游戏业务上,公司在复古情怀游戏品类建立起较高竞争壁垒,《原始传奇》、《天使之战》等产品表现优秀,《龙之谷世界》公测首日登AppStore游戏榜TOP1、总榜TOP2,《热血传奇:归来》8.27全平台公测,持续巩固赛道优势,在创新精品品类,上半年上线《数码宝贝:源码》表现良好。公司深度探索AI技术,游戏AI全流程开发平台“SOON”于7月上线,提升游戏开发效率。公司在AI领域持续布局,投资3DAI情感陪伴应用“EVE”年内开启内测,反馈良好,推出AI潮玩品牌“暖星谷梦游记”,投资大朋VR的首款AI眼镜已于8.28开启预约。公司坚持研发、发行、投资+IP三大业务并举,游戏主业传奇奇迹基本盘保持稳定增长,积极拓展创新品类,引入和自研优质IP,拓展出海业务,打造多元化产品矩阵。维持“买入”评级。

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