艺电（EA）：FC复活，多款新游戏即将发布

1Rating (Maintain):BUYTarget price (USD):184.60AnalystXIA LuluSAC No. S0570523100002SFC No. BTP154xialulu@htsc.com+(852) 3658 6000AnalystZHAN BoSAC No. S0570523110002SFC No. BUS698zhanbo@htsc.com+(86) 21 2897 2228Key dataTarget price (USD)184.60Closing price (USD as of 9 May)153.30Potential upside/+ (%)20Mkt cap (USDmn)39,9536m avg daily val (USDmn)466.8852wk price range (USD)115.04168.06BVPS (USD)24.85Share performanceSource:S&P(9)122333May-24Sep-24Jan-25May-25(%)Electronic ArtsS&P 500 Company UpdateInternet This report must be read with important disclosures and analyst certifications located on the end of the report.FinancialsYE 31 MarRevenue (USDmn)+/%Net profit attr. to parent (USDmn)+/%EPS (diluted, USD)ROE (%)PE (x)PB (x)EV EBITDA (x)Source:Company announcements, HuataiResearch estimates This report must be read with important disclosures and analyst certifications located on the end of the report.Source:S&P, Huatai Research Source:S&P, Huatai Research This report must be read with important disclosures and analyst certifications located on the end of the report.Full financialsIncome statementYE 31 Mar (USDmn)RevenueCost of goods soldGross marginSelling and distribution costAdmin expensesOther income/expensesFinancial costnetShare of P&L of associateProfit before taxTax expenseMinority interest/otherNet profit attr. to parentDiscount and amortizationEBITDAEPS (USD, basic)Balance sheetYE 31 Mar (USDmn)InventoriesAccount & bill receivablesCash & cash equivalentsOther current assetsTotal current assetsFixed assetsIntangible assetsOther noncurrent assetsTotal noncurrent assetsTotal assetsAccounts payableShortterm loansOther liabilitiesTotal current liabilitiesInterestbearing bankborrowingsOther long term liabilitiesTotal noncurrent liabilitiesEquityReserves/other itemsShareholder equityMinority interestsTotal equityValuationYE 31 Mar (x)PEPBEV EBITDADividend yield (%)FCF yield (%)Source:Company announcementsHuataiResearch estimate This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, XIA Lulu, ZHAN Bo, hereby certify that the views expressed in this report accurately reflect the personal views of theanalyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directly orindirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to asHFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafterHuatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not aguide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report,which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the reports authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in