Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][3] Core Views - The company is experiencing a decline in profits due to the diminishing revenue from core games and an increase in R&D expenses. The report emphasizes the need to monitor the performance of upcoming new products and the company's long-term dividend strategy [1][2][3] Financial Summary - **Revenue Forecast (in million yuan)**: - 2022A: 5,167.62 - 2023A: 4,184.85 - 2024E: 3,676.11 - 2025E: 4,101.75 - 2026E: 4,409.35 [1][3] - **Net Profit Forecast (in million yuan)**: - 2022A: 1,460.87 - 2023A: 1,125.12 - 2024E: 893.30 - 2025E: 1,037.40 - 2026E: 1,126.61 [1][3] - **Earnings Per Share (EPS)**: - 2022A: 20.28 - 2023A: 15.62 - 2024E: 12.40 - 2025E: 14.40 - 2026E: 15.64 [1][3] - **Price-to-Earnings Ratio (P/E)**: - 2022A: 10.37 - 2023A: 13.46 - 2024E: 16.96 - 2025E: 14.60 - 2026E: 13.45 [1][3] - **Price-to-Book Ratio (P/B)**: - 2022A: 3.81 - 2023A: 3.39 - 2024E: 3.19 - 2025E: 2.99 - 2026E: 2.80 [1][3] Investment Highlights - The company is focusing on enhancing shareholder returns and increasing long-term investment value. It has announced a cash dividend distribution plan for the third quarter of 2024, proposing a total cash dividend of 1.44 billion yuan, which accounts for 20% of the corresponding net profit attributable to shareholders [1][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 212.50 CNY [3][2] Core Insights - The company is expected to enter the peak season for its core product "Wandao" in Q4, with several new games set to launch [1] - Q3 2024 revenue was 859 million CNY, a year-over-year decline of 10.36% and a quarter-over-quarter decline of 16.83%, primarily due to decreased revenue from key products [1] - The company anticipates a revenue increase in Q4 2024, driven by the launch of new games and seasonal activities [1] - Q3 2024 net profit attributable to shareholders was 140 million CNY, down 23.82% year-over-year and 47.19% quarter-over-quarter [1] Financial Summary - Revenue for 2024 is projected at 3.762 billion CNY, with a year-over-year decline of 10.1% [2] - The company expects net profits of 901 million CNY in 2024, down 19.9% year-over-year [2] - Gross margin for Q3 2024 was 89%, an increase of 2% year-over-year and quarter-over-quarter [1] - The company has several self-developed games in the pipeline, including "Xiu Xian Fang Zhi" and "Zhang Jian Chuan Shuo," which have already obtained licenses [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][8]. Core Views - The company experienced a revenue decline of 14.77% year-on-year in the first three quarters of 2024, totaling 2.818 billion yuan, with a net profit decrease of 23.48% to 658 million yuan [1]. - The third quarter of 2024 saw a revenue of 859 million yuan, down 10.36% year-on-year, and a net profit of 140 million yuan, down 23.82% year-on-year [1]. - The decline in performance is attributed to several factors, including the underperformance of existing games, decreased sales efficiency, and increased financial costs due to reduced interest income and exchange rate fluctuations [1]. - The company plans to launch five new games, which are expected to revitalize its product cycle [1]. - The company has a strong commitment to returning value to shareholders, with a proposed cash dividend of 20 yuan per 10 shares, totaling 144 million yuan, and an expected cash dividend payout ratio of 70.94% for the first three quarters of 2024 [1]. Financial Summary - The projected revenues for 2024-2026 are 3.689 billion yuan, 4.536 billion yuan, and 5.008 billion yuan, respectively, with growth rates of -11.84%, 22.96%, and 10.39% [4]. - The net profit forecasts for the same period are 861 million yuan, 1.153 billion yuan, and 1.278 billion yuan, with corresponding growth rates of -23.48%, 33.99%, and 10.82% [4]. - The diluted earnings per share are expected to be 11.95 yuan in 2024, 16.01 yuan in 2025, and 17.74 yuan in 2026 [4].

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 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 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" (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]