長線遊戲持續爬坡，2023年四季度利潤增長加速，有望進入新一輪產品週期
公司公告2023年營業收入約59.6億元，同比增長24%；歸母淨利潤約8.9億元，同比增長65%；扣非歸母淨利潤約8.3億元，同比增長87%。
對應公司2023Q4營業收入約19.1億元，同比增長22%，環比增長37%；歸母淨利潤約3.3億元，同比+108%，環比+108%；預計2023Q4扣非歸母淨利潤約3億元，同比+163%，環比+91%。
公司的支柱遊戲《旭日之城》上線5年多，流水仍處於爬坡期，2023年上半年月均流水達到3500萬美元。2023年三季度公司對《旭日之城》的內容更新策略、投放策略做了新的安排，期望持續提升用戶粘性和數量，2023Q3公司銷售費用環比增加了約4000萬元。
Long reign of top games; 23Q4E profit growth spike; new launch cycle ahead
The company released preliminary 2023E results with revenue at about RMB5.96bn, up 24%; net profit at about RMB890m, up 65%; and ex-nonrecurring net profit at about RMB830m, up 87%.
23Q4E revenue came to about RMB1.91bn, a yoy increase of 22% and a qoq increase of 37%; net profit was about RMB330m, up 108% yoy and up 108% qoq; and ex-nonrecurring net profit was about RMB300m, up 163% yoy and up 91% qoq.
The company’s long-running flagship game, Age of Origins: Tower Defense, is into its sixth year online and continues to drive a revenue uptrend: 23H1 revenue averaged USD35m per month. Ultrapower restructured and updated the game content and investment strategy in 23Q3 to increase user numbers and add stickiness, after which sales expenses increased by about RMB40m qoq.
從Data.ai發佈的“中國遊戲廠商應用出海收入排行榜”來看，公司在2023年三季度調整內容更新和投放策略或在第四季度進入收穫期。根據Data.ai：
1）2023年10/11/12月殼木遊戲排名穩定在第6位，對比23年7/8/9月的第6/7/6位排名，對比22年10/11/12月的第7/6/6位排名。2024年1月排名略有降至第8。
2）2023年10/11/12月《旭日之城》排名5/5/6，較23年7/8/9月的第7/8/7位排名有較明顯提升，也明顯好於22年10/11/12月第8/10/8位排名。2024年1月排名略降至第8位。
3）2023年10/11/12月《戰火與秩序》排名18/23/23，對比23年7/8/9月排名爲23/21/22，對比22年10/11/12月排名位20/20/22位。2024年1月排名穩定在23。
23Q3 content update and delivery strategy likely led to good outcomes in Q4E
Looking at foreign market revenue rankings of applications produced by Chinese game companies as according to data.ai, we believe that Ultrapower’s 23Q3 content update and investment strategy likely gave good outcomes in Q4E:
•Camel Games:
Ultrapower’s subsidiary slid to 8th position in Jan 2024 after holding stable at 6th in Oct/Nov/Dec 2023, 6th/7th/6th in Jul/Aug/Sep 2023 and 7th/6th/6th in Oct/Nov/Dec 2022.
•Age of Origins:
Tower Defense dipped to 8th position in Jan 2024, after it ascended to 5th/5th/6th in Oct/Nov/Dec 2023 from 7th/8th/7th in Jul/Aug/Sep 2023 and 8th/10th/8th in Oct/Nov/Dec 2022.
•War and Order
remained stable at 23rd position in Jan 2024 vs 18th/23rd/23rd in Oct/Nov/Dec 2023, 23rd/21st/22nd in Jul/Aug/Sep 2023 and 20th/20th/22nd in Oct/Nov/Dec 2022.
展望2024年，
一方面，我們預計《旭日之城》大概率仍可維持流水爬坡，預計《戰火與秩序》流水或可維持基本穩定，持續關注2款長線遊戲內容更新策略和投放節奏。另一方面，公司有望進入新一輪產品週期，預計今年在海外發行2款新遊戲，《代號DL》和《代號LOA》，都是SLG融合模擬經營玩法，一款是科幻題材，一款是文明題材。
2024E outlook for pipeline games:
•We expect Age of Origins: Tower Defense will likely continue with revenue growth, while War and Order would maintain revenue levels. We would monitor the company’s content update strategy and investments on these two long-running flagship games.
•We expect Ultrapower will enter a new cycle of product launches and anticipate the release of two new simulation games (SLG) for the foreign market this year: one is a sci-fi game codenamed DL and the other one, codenamed LOA, has a civilization theme. Both entail the fusion of simulation and operational management gameplay.
軟件和信息技術服務業務穩定增長，在智能催收業務外開闢智能電銷業務線
2023年公司在ICT運維、雲服務、信息安全、智能催收等業務領域的經營業績取得穩定的增長。人工智能業務方面，2023年下半年，“泰嶽小催”平臺再次升級爲“泰嶽智呼”，在智能催收之外開闢智能電銷業務線，助力B端客戶售前售後服務。
Stable software, infotech services; added e-sales to smart payments
The company’s operating performance had stable growth in 2023 in the areas of ICT operations and maintenance, cloud services, data security, as well as smart business payment collection. Under the AI business, it upgraded the Ultracui platform to Ultrabot in 23H2 and added a new smart e-sales business line to smart payments to help B2B customers with pre-sales and aftersales services.
