Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure in Q3, but signs of a bottom have emerged [1] - The report highlights a significant decline in revenue and net profit, with a year-on-year decrease of 23.48% in net profit for Q3 [1] - The company is expected to see a gradual recovery in revenue and profit growth in the coming years, with projected revenue growth of 17% in 2025 and 8% in 2026 [1] Financial Summary - **Revenue Forecast**: - 2022A: 5,168 million - 2023A: 4,185 million - 2024E: 3,775 million - 2025E: 4,421 million - 2026E: 4,775 million - Year-on-year growth rates: -19% in 2023, -10% in 2024, 17% in 2025, and 8% in 2026 [1] - **Net Profit Forecast**: - 2022A: 1,461 million - 2023A: 1,125 million - 2024E: 878 million - 2025E: 1,079 million - 2026E: 1,281 million - Year-on-year growth rates: -23% in 2023, -22% in 2024, 23% in 2025, and 19% in 2026 [1] - **Earnings Per Share (EPS)**: - 2022A: 20.33 - 2023A: 15.62 - 2024E: 12.19 - 2025E: 14.98 - 2026E: 17.78 [1] - **Cash Flow and Profitability**: - Operating cash flow for Q3 was 2.33 billion, an increase of 4.41% year-on-year [1] - The company maintained a high gross margin of 88.5% in 2023A, projected to be 89.5% in 2026E [2] Market Comparison - The company's stock price is currently at 212.64 yuan, with a market capitalization of approximately 15.32 billion [1] - The report indicates that the company's performance is expected to outperform the benchmark index by over 15% in the next 6-12 months [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][15]. Core Views - The company experienced a narrowing decline in revenue and profit in the third quarter, with a high dividend payout ratio. For the first three quarters of 2024, revenue was 2.82 billion yuan, down 14.8% year-on-year, primarily due to declines in core games. The net profit attributable to the parent company was 660 million yuan, down 23.5% year-on-year. The cash dividend for the first three quarters was 470 million yuan, representing 70.9% of net profit [1][7]. - The gross margin remained high at over 89%, with a slight increase of 1.5 percentage points year-on-year. However, the expense ratio rose by 10.5 percentage points to 63.1% due to the decline in revenue [2][8]. - The overseas business saw nearly 100% year-on-year growth, with new agency products expected to contribute to revenue growth. The company plans to focus on MMORPG, idle games, and SLG genres, with several self-developed and agency products in the pipeline [3][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.82 billion yuan, a year-on-year decline of 14.8%, and a net profit of 660 million yuan, down 23.5% year-on-year. In the third quarter alone, revenue was 860 million yuan, down 10.4% year-on-year, and net profit was 140 million yuan, down 23.8% year-on-year [1][7]. - The company maintained a high dividend payout, with a proposed cash dividend of 140 million yuan for the third quarter, representing 100% of net profit [1][7]. Profitability and Expenses - The gross margin for the third quarter was 89.0%, up 1.5 percentage points year-on-year, while the overall expense ratio increased to 63.1%, with sales, management, financial, and R&D expense ratios at 28.9%, 10.0%, 1.8%, and 22.4%, respectively [2][8]. Product Development and Market Strategy - The company’s overseas revenue grew by 99.6% year-on-year to 370 million yuan, driven by the release of several international titles. The company is focusing on MMORPG, idle games, and SLG genres, with multiple self-developed and agency products in various stages of development and testing [3][9].

时间：2024 年 10 月 25 日下午 15:30-16:30 业绩说明会会议形式：网络、电话会议 会议嘉宾：董事长、总经理 卢竑岩 独立董事 鲍卉芳 副总经理、财务总监 林佳金 副总经理、董事会秘书 梁丽莉 2024 年第三季度业绩说明会纪要 厦门吉比特网络技术股份有限公司 2024 年第三季度业绩说明会纪要 说明：本次交流纪要根据 2024 年第三季度业绩说明会交流问答情况整理，具体 参会名单及会议资料见文末附录。 一、2024 年第三季度公司经营情况介绍 1、主要财务数据变动情况 2024 年 1-9 月，公司实现营业收入 28.18 亿元，同比下降 14.77%；归属于 上市公司股东的净利润 6.58 亿元，同比下降 23.48%；经营活动现金流量净额 8.27 亿元，同比增加 0.3%。 2024 年第三季度，公司实现营业收入 8.59 亿元，同比下降 10.36%；归属 于上市公司股东的净利润 1.40 亿元，同比下降 23.82%；经营活动现金流量净额 2.33 亿元，同比增加 4.41%。 2、第三季度利润分配方案 2024 年第三季度，公司拟向全体股东每 10 股派发现金红利 20.00 ...

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 2.82 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 658 million yuan, down 23.48% year-on-year, with a net profit margin of 23.3% [1]. - The third quarter alone saw a revenue of 859 million yuan, a quarter-on-quarter decline of 16.83% and a year-on-year decline of 10.36%, with a net profit of 140 million yuan, down 47.19% quarter-on-quarter and 23.82% year-on-year [1]. - The company continues to provide high cash dividends to investors, with a dividend payout ratio of 70.94% for the first three quarters [1]. - The performance of some core products has been affected by seasonal factors, with the game "Wandering Dao" generating 881 million yuan in revenue from January to September 2024, a year-on-year increase of 7.71% [1]. - The company has a rich pipeline of upcoming products, with expectations for new game launches to improve revenue performance in the fourth quarter [1]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 3.75 billion yuan, 4.31 billion yuan, and 4.70 billion yuan, respectively, reflecting year-on-year changes of -10.3%, +14.8%, and +9.1% [2]. - The net profit attributable to shareholders is expected to be 878 million yuan in 2024, 1.09 billion yuan in 2025, and 1.27 billion yuan in 2026, with year-on-year changes of -22.0%, +24.1%, and +16.4% [2]. - The gross profit margin is projected to be 87.7% in 2024, 88.3% in 2025, and 88.8% in 2026 [2]. - The return on equity (ROE) is expected to decline to 18.8% in 2024, then stabilize at 20.0% for 2025 and 2026 [2]. Product Pipeline and Future Outlook - The company plans to launch a new version of "Wandering Dao Mobile" in November, which is expected to enhance revenue performance in Q4 [1]. - Two new products, "Wand Sword Eternal" and "Staff Sword Legend," have undergone initial paid testing and are set for further testing and potential launch in the first half of 2025 [1].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported a Q3 revenue of 860 million, a year-on-year decline of 10%, and a net profit attributable to shareholders of 140 million, down 24% year-on-year. The performance was weaker than market expectations [4]. - The core product, "Wandao" mobile game, faced pressure in Q3 due to competitive environment, version/activity pacing, and consumer fatigue, although overall revenue remains within normal fluctuation range. A new feature server for "Wandao" is expected to boost revenue in November [4]. - The company experienced a foreign exchange loss of approximately 27 million in Q3, compared to a loss of 12 million in Q3 2023, impacting the profit statement. The cash dividend for Q3 was 144 million, corresponding to a dividend payout ratio of 103% [4][5]. - The company has a rich pipeline of game approvals, with several self-developed titles expected to launch in the first half of 2025. The overseas revenue increased by over 70% due to the launch of "Monster Never Cry" in Hong Kong and Taiwan [4]. Financial Summary - The company’s total revenue for 2023 is projected at 4,185 million, with a year-on-year decline of 19%. The net profit for 2023 is estimated at 1,125 million, down 23% year-on-year [6]. - Revenue forecasts for 2024-2026 are adjusted to 3,730 million, 4,075 million, and 4,314 million respectively, with net profits of 892 million, 1,016 million, and 1,146 million for the same periods [5][6]. - The report indicates a projected PE ratio of 17x for 2024, 15x for 2025, and 13x for 2026, reflecting the company's stable core product trend and upcoming new product cycle [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company experienced a decline in core product revenue, impacting overall performance, but continues to provide substantial cash dividends to shareholders [1] - The company is focusing on long-term operations of core products, with rapid growth in overseas business and a robust product pipeline [1][2] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.818 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 658 million yuan, down 23.48% [1] - In Q3 2024 alone, revenue was 859 million yuan, a decline of 10.36% year-on-year, with a net profit of 140 million yuan, down 23.82% [1] - The company’s R&D expenses increased, with a ratio of 20.70% for the first three quarters of 2024, up 4.01 percentage points year-on-year [1] Product Performance - The core product "Wandao" saw a revenue increase of 7.71% year-on-year, while "Wandao Mobile" revenue decreased by 14.13% [1] - The overseas gaming business grew significantly, with revenue reaching 369 million yuan, a year-on-year increase of 99.57% [1] - The company has a strong product pipeline, with several self-developed games in testing and scheduled for release in 2025 [1][2] Profit Forecast - The company is expected to achieve net profits of 911 million yuan, 1.095 billion yuan, and 1.245 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 12.6, 15.2, and 17.3 yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's Q3 2024 performance showed a revenue of 859 million yuan, a year-over-year decrease of 10.36%, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The company continues to reward shareholders with cash dividends, proposing a distribution of 20.00 yuan per 10 shares, totaling 144 million yuan, which represents 70.94% of the net profit attributable to shareholders for the first three quarters of 2024 [3][5] - The overseas revenue for the first nine months of 2024 reached 369 million yuan, reflecting a significant year-over-year increase of 99.57% [4][5] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 859 million yuan, a decrease of 10.36% year-over-year, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The total revenue for the first nine months of 2024 was 2.818 billion yuan, a decline of 14.77% year-over-year, with a net profit of 658 million yuan, down 23.48% year-over-year [3][4] Dividend Policy - The company announced a cash dividend of 20.00 yuan per 10 shares, amounting to 144 million yuan, with total cash dividends for the first three quarters of 2024 expected to be 466 million yuan, representing 70.94% of the net profit attributable to shareholders [3][5] Product Pipeline and Growth Potential - The company has a rich product pipeline with several games in the testing phase, including "Wanjian Changsheng" and "Zhangjian Chuanqi," which are expected to launch in 2025 [5] - The company forecasts revenues of 3.68 billion yuan, 4.10 billion yuan, and 4.53 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 873 million yuan, 1.092 billion yuan, and 1.240 billion yuan for the same years [5][6]

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议,会议即将开始,请稍后。感谢大家参加本次会议,会议即将开始,请稍后。 大家好欢迎参加吉里特2024年第三季度业绩说明会目前所有参会者均处于静音状态下面开始播报免责声明本次会议仅服务于邀请参会的广大投资者会议PPT音频及文字纪录的内容仅供参会者内部使用不得公开发布 吉比特未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发居属侵权吉比特将保留追究其法律责任的权利吉比特不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请公司领导发言谢谢 尊敬的各位投资者各位分析师朋友和其他的小伙伴我是吉比特总理梁莉莉非常感谢各位参加吉比特三七报的一个业绩说明会本次会议的话是参会人员包括董事长兼总经理罗洪源先生独立董事鲍辉芳女士副董兼财务总监林家坚先生以及我本人 那我们本次会议的该流程是先做一个报告情况的简要说明然后进入到我们的一个互动交流环节那接下来我简单介绍三级报的一个业绩概要情况今年前三季度工资营业收入28.18亿元同比下降14.77% 规模净利润6.5 ...

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The Q3 performance met expectations, with a year-on-year decline primarily due to the continued decline in revenue from existing products. However, the company maintains its dividend distribution rhythm, and several new games are expected to launch in 2025, warranting attention to the transition from old to new products [3] Summary by Sections Financial Performance - For the first three quarters, the company achieved operating revenue of 2.818 billion yuan, a year-on-year decrease of 14.77%. The net profit attributable to the parent company was 658 million yuan, down 23.48% year-on-year, while the net profit after deducting non-recurring gains and losses was 613 million yuan, down 25.54% year-on-year. The Q3 single-quarter revenue was 859 million yuan, a year-on-year decline of 10.36%, with a net profit of 140 million yuan, down 23.82% year-on-year [7] - The company announced a cash dividend of 20 yuan for every 10 shares, with a single-quarter dividend payout ratio of 103% [7] Future Outlook - The company is expected to launch multiple new products in 2025, including self-developed games "M72" and "M88," and agency products "Wangdu Chuangshiluo" and "Fengshen Fantasy World," which have already launched in Q3. The agency product "Yixiang Echo" is planned for launch on December 30, 2024, and has already opened for reservations on the App Store [7] - The EPS forecast for 2024-2026 is adjusted to 12.87, 15.23, and 17.15 yuan, respectively, down from the previous forecast of 14.56, 16.81, and 18.70 yuan, mainly due to the continued decline in revenue from existing games [7] Valuation - The target price is raised to 257.34 yuan from the previous 213.29 yuan, reflecting an increase in industry valuation levels. The company is expected to maintain a 20x PE ratio for 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2024 showed a revenue of 2.818 billion yuan, down 14.77% year-on-year, and a net profit attributable to shareholders of 658 million yuan, down 23.48% year-on-year, indicating slightly lower-than-expected results [2] - The decline in revenue is attributed to the natural decline of existing games, with expectations for new games to drive future growth [2] - The company announced a cash dividend of 20 yuan per 10 shares, totaling 144 million yuan, reflecting a high dividend payout ratio of 70.94% of net profit for the period [3] - The earnings forecast has been adjusted downwards, with expected EPS for 2024-2026 at 12.05, 14.30, and 15.34 yuan respectively, corresponding to P/E ratios of 18, 15, and 14 times [3] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved revenue of 859 million yuan, down 10.36% year-on-year and 16.83% quarter-on-quarter, with a net profit of 140 million yuan, down 23.82% year-on-year and 47.19% quarter-on-quarter [2] - The decline in revenue is primarily due to decreased revenue from existing games, with specific games showing significant year-on-year declines [2] - The company expects the revenue from existing games to stabilize, while new games are anticipated to launch in 2025, which could drive revenue growth [2] Dividend Policy - The company has a strong commitment to returning cash to shareholders, with a total cash dividend of 4.66 billion yuan expected for Q1-Q3 2024, representing 70.94% of net profit [3] Earnings Forecast - The earnings forecast has been revised down, with expected EPS for 2024 at 12.05 yuan, down from a previous estimate of 13.13 yuan [3] - The company is expected to see a stabilization in existing game revenues and growth driven by new game launches [3]