2024Q4 业绩环比改善，关注新产品周期表现，维持"买入"评级公司2024 年实现营业收入36.96 亿元 （同比-11.69%），归母净利润9.45 亿元（同比-16.02%），扣非后归母净利润8.77 亿元（同 比-21.61%）。2024Q4 实现营业收入8.77 亿元（同比-0.08%，环比+2.19%），归母净利润2.87 亿元（同 比+8.13%，环比+105.78%），扣非归母净利润2.64 亿元（同比-10.63%，环比+74.90%）。公司2024 年 业绩下滑主要系《问道手游》《一念逍遥（大陆版）》《奥比岛：梦想国度》《飞吧龙骑士（大陆 版）》等游戏营业收入同比减少以及新上线游戏尚处于回收期所致。2024Q4 公司业绩环比有所改善， 此外2024 年全年分红达10 元/股，基于3 月27 日收盘价，股息率约4.7%。我们维持2025-2026 并新增 2027 年盈利预测，预计公司2025-2027 年归母净利润分别为11.55/13.09/14.33 亿元，对应EPS 分别为 16.03/18.17/19.89 元，当前股价对应PE 分别为13.7/12.1/11.0 倍，我们看好公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.696 billion yuan in 2024, a year-on-year decrease of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year. However, Q4 2024 showed a sequential improvement in performance, with revenue of 877 million yuan, a slight year-on-year decrease of 0.08% but a quarter-on-quarter increase of 2.19% [5][6] - The decline in performance in 2024 was primarily due to reduced revenue from existing games and the new games being in the recovery phase. The company expects new product cycles to drive a recovery in performance [5][6] - The company plans to maintain its dividend at 10 yuan per share, resulting in a dividend yield of approximately 4.7% based on the closing price on March 27 [5] Financial Summary and Valuation Indicators - The company forecasts net profits for 2025, 2026, and 2027 to be 1.155 billion yuan, 1.309 billion yuan, and 1.433 billion yuan respectively, with corresponding EPS of 16.03 yuan, 18.17 yuan, and 19.89 yuan. The current stock price corresponds to P/E ratios of 13.7, 12.1, and 11.0 times for the respective years [5][8] - The company's revenue is expected to recover in 2025 with a projected increase of 14.8% year-on-year, followed by growth rates of 10.6% and 6.9% in 2026 and 2027 respectively [8][10] - The gross margin is projected to remain stable around 87.5% to 88.0% over the forecast period, while the net profit margin is expected to improve gradually from 25.6% in 2024 to 28.6% in 2027 [8][10] Game Performance and Growth Drivers - Key games such as "Wandao" and "Yinian Xiaoyao" have shown varying performance, with "Wandao" maintaining stable revenue while "Yinian Xiaoyao" experienced a significant decline. However, overseas revenue has seen substantial growth, reaching 500 million yuan in 2024, up 83.92% year-on-year [6][7] - The launch of new games like "Wanjian Changsheng" in January 2025 has already attracted over 1 million registered users, indicating potential for future revenue growth [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 3.696 billion yuan in 2024, a year-on-year decrease of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year. The fourth quarter of 2024 showed a slight improvement with a revenue of 877 million yuan, a year-on-year decrease of 0.08% but a quarter-on-quarter increase of 2.19% [5][6] - The decline in performance is attributed to reduced revenues from existing games and the new games being in the recovery phase. However, the fourth quarter of 2024 saw a significant quarter-on-quarter profit increase of 105.78% [5][6] - The company plans to launch several new games, which are expected to offset the decline in revenue from older titles and drive growth [7] Financial Summary and Valuation Metrics - The company forecasts net profits of 1.155 billion yuan, 1.309 billion yuan, and 1.433 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 16.03 yuan, 18.17 yuan, and 19.89 yuan [5][10] - The current price-to-earnings (P/E) ratios are projected to be 13.7, 12.1, and 11.0 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [5][10] - The company’s overseas revenue reached 500 million yuan in 2024, reflecting a year-on-year growth of 83.92%, contributing positively to overall performance [6][10]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 3.696 billion RMB in 2024, a year-over-year decrease of 11.69%, and a net profit attributable to shareholders of 944.92 million RMB, down 16.02% year-over-year [1] - The fourth quarter saw a revenue of 877 million RMB, slightly up by 0.08% year-over-year and up 2.19% quarter-over-quarter, with a net profit of 287 million RMB, which is an increase of 8.13% year-over-year and a significant increase of 105.78% quarter-over-quarter [1] - The company announced a cash dividend of 35 RMB per 10 shares, with an expected total cash dividend of 718 million RMB for 2024, representing 76% of the net profit for the year, resulting in a dividend yield of 4.7% [1] Revenue and Profitability - The company’s revenue from the game "Wandao" reached 1.119 billion RMB in 2024, an increase of 3.93% year-over-year, while "Wandao Mobile" generated 2.073 billion RMB, down 11.4% year-over-year [2] - The overseas revenue increased by 83.92% to 500 million RMB, attributed to the launch of new products in international markets [2] - The gross margin for 2024 slightly decreased by 0.67 percentage points to 87.86%, maintaining overall stability [4] Cost Structure - The report indicates a decrease in the issuance expense ratio in Q4, contributing to improved profitability, while the R&D expense ratio increased due to a rise in personnel [4] - The sales, management, and R&D expense ratios for 2024 were 26.53%, 8.45%, and 20.50%, respectively, with year-over-year changes of -0.41%, +0.92%, and +4.27% [4] Future Outlook - The company is expected to launch new games, including "Wanjian Changsheng," which has already shown promising rankings in the App Store, and is anticipated to contribute to revenue growth in 2025 [3] - The report projects net profits of 1.176 billion RMB for 2025, 1.320 billion RMB for 2026, and 1.449 billion RMB for 2027, with a target price set at 294.84 RMB based on an 18X PE ratio for 2025 [5]

3月27日盘后，吉比特（603444.SH）披露2024年度业绩报告，报告期内实现营业收入36.96亿元，归母净利润9.45亿元，基本每股收益13.15元/股。 其中，第四季度单季表现亮眼，实现营业收入8.77亿，同比基本持平，环比第三季度增长2.19%；归母净利润2.87亿，同比增长8.13%，环比增长105.78%； 经营性现金流4.22亿，同比增长16.81%，环比增长81.16%，释放出业绩修复的积极信号。 数据来源：吉比特2024年报 新老游双端发力 推动业绩修复 当前国产游戏行业竞争进入深水区，消费者对游戏产品的创意与品质均提出更高要求，而吉比特凭借过硬的产品质量与长线的运营策略，牢牢把握业绩 的"压舱石"。 目前公司旗下已有《问道》端游、《问道手游》《一念逍遥》等知名产品，长线运营多年，持续贡献稳定收益。报告期内，《问道》端游上线近19年依然表 现稳定，总流水有所增长，营收及利润同比基本持平；《问道手游》通过延续往年四大版本活动并推出特色服，反响良好，一度跻身App Store游戏畅销榜 前10，年平均排名为46名。 核心老游平稳发挥的同时，吉比特新游陆续上线，带来增量空间。2025年1月，公司 ...

Core Insights - Jibite (603444.SH) released its 2024 annual report on March 28, 2025, indicating that 46 institutional investors held a total of 10.8147 million A-shares, accounting for 15.01% of the total share capital [1] - The top ten institutional investors collectively held 14.56% of the shares, with a decrease of 1.75 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Jibite shares is 46, with a total holding of 10.8147 million shares [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and Cathay Fund Management [1] - The proportion of shares held by the top ten institutional investors decreased by 1.75 percentage points from the last quarter [1] Public Fund Activity - One public fund, Ping An Low Carbon Economy Mixed A, increased its holdings, while three funds reduced their holdings, with a total decrease of 0.47% [2] - Eight new public funds disclosed their holdings, including Rongtong Huixin Mixed A and Morgan Stanley ESG Quantitative Mixed [2] - A total of 47 public funds did not disclose their holdings this period, including notable funds like China Europe Internet Mixed A [2] Social Security Fund and Foreign Investment - One social security fund, Cathay Fund Management - Social Security Fund 1102 Combination, increased its holdings by 0.17% [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.04% [2]

收入符合我们预期，归母净利润高于我们预期 关注新游进展，重视股东回报价值。新游方面，1Q25 上线《问剑长生》，我们估计首月流水过亿元， 买量动作稳步谨慎推进。公司后续储备有《杖剑传说》（已开启预约，关注日本地区及国内上线进展， 公司计划于1H25 上线）、《九牧之野》（代理，已进行删档不计费测试，公司计划于2H25 上线）等产 品。我们认为公司新游排期相对有序，且资源聚焦核心项目或有望实现更好表现。股东回报方面，公司 2024 年进行3 次分红，合计现金分红7 亿元，股利支付率超过75%，股息率超过4.5%（按3/27 收盘 价）。公司同时公告提请股东会授权决定2025 年（半年度&前三季度）中期现金分红方案。截至2024 年末，公司在手货币资金达22.5 亿元，整体现金流充裕。 盈利预测与估值 考虑到新游投入，我们下调25/26 年归母净利润4.5/4.8%至10.1/11.4 亿元。 当前股价对应15/13 倍25/26 年P/E。维持跑赢行业评级，由于行业估值中枢有所上移，我们维持目标价 263 元，对应19/17 倍25/26 年目标P/E，上行空间23.5%。 公司公布4Q24 业绩：收入8.77 ...

2025年中期现金分红授权安排尚需提交公司股东会审议。 三、履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于2025年3月26日召开第六届董事会第四次会议，公司董事会成员7人，出席7人，董事会以7票同 意、0票反对、0票弃权审议通过了《关于审议公司2024年年度利润分配方案及2025年中期现金分红授权 安排的议案》。 （二）监事会会议的召开、审议和表决情况 公司于2025年3月26日召开第六届监事会第三次会议，公司监事会成员3人，出席3人，监事会以3票同 意、0票反对、0票弃权审议通过了《关于审议公司2024年年度利润分配方案及2025年中期现金分红授权 安排的议案》。 四、相关风险提示 （一）本次利润分配方案结合了公司发展阶段、未来的资金需求等因素，不会对公司每股收益和经营现 金流产生重大影响，不会影响公司正常经营和长期发展。 （二）2024年年度利润分配方案及2025年中期现金分红授权安排尚需提交公司2024年年度股东会会议审 议，敬请广大投资者谨慎决策，注意投资风险。 五、报备文件 （一）《厦门吉比特网络技术股份有限公司第六届董事会第四次会议决议》； （二）《厦门吉比特网络技术股份有限公司 ...

Stock Code: 603444 Stock Name: G-bits I.The summary of the Annual Report is extracted from the full text of the Annual Report. To gain a thorough understanding of the Company's operational achievements, financial condition, and future development plans, investors are advised to carefully read the full Annual Report on the website (www.sse.com.cn). II.The board of directors (or the "Board"), supervisory board, directors, supervisors, and senior management of the Company guarantee the truthfulness, accuracy, ...

| | | | | | 其他应收款 | 8.38 | | | 8.38 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代垫款 | 非经营性往来 | | | | | | | | | | | 上市公司的子公司及其附 | | | 术有限公司 | 的法人 | | | | | | | | 属企业 | | 厦门雷霆互动网 | 子公司及其控制 | | | | | | | | | | | | | 其他应收款 | | | | 2.00 | 1.67 | 0.33 代 | | 垫款 | 非经营性往来 | | | | | | | | | | | 络有限公司 | | | 的法人 | | | | | | | | | 关联自然人 | | | | | | | | | | | | 无 | | | | | | | | | 非经营性往来 | | | 其他关联方及其附属企业 | | | | | | | | | | | | 无 | | | | | | | | | 非经营性往来 | | | 总计 | | | / | / / | | 8.38 | 2. ...