金吾财讯 | 华泰证券发研报指，赤子城科技(09911)发布24年盈利预告：总收入预计50.0~52.0亿元，同增51.1%-57.2%；归母净利润4.6-5.0亿元，同降10.3%-2.5%，剔除23Q3收购子公司的1.6亿元投资收益影响后，归母净利润同增29.9%-41.2%。增长主要来自AI技术推动多样化社交产品持续快速增长，以及蓝城兄弟及Landof Glory Ltd.于23Q3开始并表。该行表示，24年AI技术在业务场景中的应用渐次深入，助力业务从研发、运营到营销推广全线提效。其中，公司自主研发的多模态算法模型Boomiix的持续升级，有效提升产品社交效率及用户付费意愿。在Boomiix的加持下，SUGO年末ARPU值较年初提升超20%，商业化效率显著优化。该行考虑社交业务态势良好以及并购MICO少数股东权益完成、游戏业务开始贡献，AI技术推动降本增效并结合盈利预告该行上调24-26年归母净利预测至4.83/7.76/9.1亿元(调整幅度7.13%/40.91%/41.06%)，可比公司彭博一致预期25年PE均值15X，考虑腾讯控股作为行业龙头有估值溢价，该行给予公司25年12XPE，对应目标价8.35港币，维持“买入”评级。
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