传媒 2024年08月18日 同研究/公司书 报告原因:有业绩公布需要点评 STY (维持) 事件: . | --- | --- | |-----------------------|-------------------| | 市场数据: | 2024年08月16日 | | 收盘价(元) | 190.10 | | 年内最高/最低(元) | 426.80/153.23 | | 市净率 | 2.8 | | 息率(分红/股价) | 3.68 | | 流通 A 股市值(百万元) | 13,695 | | 上证指数/深址成指 | 2,879.43/8,349.87 | 注:"息率"以最近一年已公布分红计算 2024年06月30日 直研数据: 每股净资产(元) 68.61 资产负债率% 20.11 总股本/流通 A 股(百万) 72/72 流通 B 股/H 股 (百万) -1- 年内股价与大盘对比走势: 相关研究 《看好港股互联网,巨人&吉比特更新- 互联网传媒周报 20240729-20240803 } 2024/08/03 《吉比特(603444)点评:短期业绩承压。 中期产品储备充足,成长性可期》 2023/10 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The market's expectations for the company are primarily based on mobile game performance, while the company's PC game performance is strong, indicating that the overall situation of existing products may be better than market expectations. The company has four new products expected to launch within the next year, which may support performance [2][3] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%. The net profit attributable to the parent company was 518 million yuan, down 23.39% year-on-year [3] - In Q2 2024, the company achieved revenue of 1.03 billion yuan, a quarter-on-quarter increase of 11.34%, but a year-on-year decline of 14.29%. The net profit attributable to the parent company was 264 million yuan, with a quarter-on-quarter increase of 4.38% and a year-on-year decline of 28.41% [3] Product Performance - The PC game "Wandao" generated revenue of 656 million yuan in the first half of 2024, a year-on-year increase of 16.31%, demonstrating strong vitality and being a key support for the company's performance. However, the mobile game "Wandao Mobile" saw a year-on-year revenue decline of 14.66% despite a revenue increase during its anniversary event [3] - The company plans to launch at least four new products in the next year, including three agency products in the second half of 2024 and a self-developed product in the first half of 2025. The product pipeline also includes several other self-developed and agency products, with most already obtaining approval [3] Valuation and Target Price - The target price for the company has been adjusted to 218.25 yuan from the previous 274.44 yuan, based on a reference of 15.1x PE for the media industry in 2024. The EPS forecast for 2024-2026 is adjusted to 14.55, 16.80, and 18.69 yuan, respectively [3][4]

证券研究报告 | 半年报点评 2024gszqdatemark 年 08 月 17 日 吉比特（603444.SH） 二季度业绩环比增长，境外业务持续高速扩张 业绩概览：公司发布 2024 年半年报。2024H1，公司实现营业收入 19.60 亿 元，同比下滑 16.57%；实现归母净利润 5.18 亿元，同比下滑 23.39%；实现 扣非归母净利润 4.63 亿元，同比下滑 28.36%。2024Q2，公司实现营业收入 10.32 亿元，YoY-14.29%，QoQ+11.34%；实现归母净利润 2.64 亿元，YoY28.41%，QoQ+4.38%；实现扣非归母净利润 2.65 亿元，YoY-27.52%， QoQ+33.67%。公司 2024 年半年度利润分配方案拟向全体股东每 10 股派 45.00 元（含税），合计拟派发现金红利 3.23 亿元（含税）。 三款新游上线，二季度收入及利润环比增长。2024H1，《问道》端游总流水同 比增长 16.31%至 6.56 亿元，收入及利润同比增长；《问道手游》总流水同比 下滑 14.66%至 11.55 亿元，收入及利润同比下滑；《一念逍遥（大陆版）》总 流 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 222.79 [1][6]. Core Insights - The company showed a significant quarter-on-quarter improvement in Q2 performance, with a revenue of RMB 10.32 billion, a year-on-year decline of 14.3% but a quarter-on-quarter increase of 11.3% [1]. - The company plans to distribute a cash dividend of RMB 3.23 billion, which accounts for 62.36% of the net profit for the first half of 2024 [1]. - The report anticipates that the company will achieve net profits of RMB 10.7 billion, RMB 11.8 billion, and RMB 13.2 billion for the years 2024 to 2026, respectively [1]. Revenue and Profit Analysis - In the first half of 2024, the company achieved a revenue of RMB 19.6 billion, down 16.57% year-on-year, with a net profit of RMB 5.18 billion, down 23.4% year-on-year [1]. - The Q2 revenue from the game "Wandao" was RMB 6.56 billion, up 16.3% year-on-year, while "Wandao Mobile" and "Yinian Xiaoyao" saw declines of 14.7% and 54.8%, respectively [2]. - The overseas revenue in Q2 increased by 113.8% to RMB 2.55 billion, driven by new game launches [3]. Product Development and R&D - The company is expected to enter a new product cycle starting in the second half of 2024, with several new games set to launch [3]. - The gross margin remained stable at 88.2%, with a slight year-on-year decrease of 0.3 percentage points [4]. - The R&D team has expanded, with 871 personnel now making up 59.5% of the total workforce, reflecting the company's commitment to increasing R&D investment [4]. Financial Metrics - The report provides financial forecasts, including expected revenues and net profits for the upcoming years, with a projected PE ratio of 15X for 2024 [1][5]. - The company’s market capitalization is reported at RMB 14.335 billion, with a closing price of RMB 198.99 as of August 15 [6]. Valuation Comparisons - The report includes a comparison of the company's valuation metrics with peers, indicating an average PE of 12.1X for comparable companies [8].

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 中期高比例分红，关注新产品上线表现 ——吉比特(603444)中报点评 | --- | --- | --- | |----------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 增持 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 吉比特(603444)公司点评报告 2024 年 08 月 16 日 [Table_Title] 核心游戏表现稳健，关注重点产品排期 ——吉比特(603444) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年报。 点评： 短期业绩略承压，分红及回购提振投资者信心 2024H1，公司实现营业收入 19.60 亿元，同比下降 16.57%，实现归母净 利润 5.18 亿元，同比下降 23.39%，实现扣非归母净利润 4.63 亿元，同比 下降 28.36%。2024H1，销售/管理/研发费用率为 27.43%/9.19%/19.96%， 同比+0.04/+0.89/+4.22pct，研发投入力度加大。2024 年上半年现金分红及 回购金额合计预计为 3.68 亿元，占归母净利润的 71.0%，积极回馈投资者。 自研核心游戏长线运营，境外游戏业务高增长 公司核心长线产品稳健运营，《问道》端游上半年实现流水 6.56 亿，同比增 长 16.31%；《问道手游》实现流水 11.55 亿元，同比下滑 14. ...

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Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 1.96 billion yuan for the first half of 2024, a decrease of 16.57% year-on-year, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [1]. - The core gaming products experienced a revenue decline, with three main games generating 2.123 billion yuan, a decrease of 18.56% year-on-year, contributing to 68% of total revenue [1]. - The overseas gaming revenue showed significant growth, reaching 255 million yuan, an increase of 113.77% year-on-year, indicating strong performance in international markets [1]. - The company has a rich pipeline of new games that have received approval and are in various stages of development, expected to launch in the second half of 2024 [1]. - The company plans to distribute a dividend of 4.5 yuan per share, which accounts for 62% of the net profit attributable to shareholders for the period [1]. Financial Summary - For 2024-2026, the projected net profits attributable to shareholders are 1.038 billion yuan, 1.167 billion yuan, and 1.349 billion yuan, respectively, with corresponding P/E ratios of 14x, 12x, and 11x [3]. - The revenue for 2024 is expected to be 3.839 billion yuan, reflecting a decline of 8.27% compared to 2023 [3]. - The gross margin is projected to remain stable, with estimates of 88.92% in 2024 and gradually increasing to 89.55% by 2026 [3].

F原证券 传媒/游戏Ⅱ 公 司 研 究 吉比特（603444.SH） 2024 年 08 月 16 日 海外收入增长亮眼，新产品周期或驱动后续成长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 198.99 | | 一年最高最低 ( 元 ) | 436.00/153.23 | | 总市值 ( 亿元 ) | 143.35 | | 流通市值 ( 亿元 ) | 143.35 | | 总股本 ( 亿股 ) | 0.72 | | 流通股本 ( 亿股 ) | 0.72 | | 近 3 个月换手率 (%) | 103.24 | Q2 业绩下滑，拟实施中期分红，关注新产品周期，维持"买入"评级 公司 2024H1 实现营业收入 19.60 亿元（同比- ...

来源：公司年报、国金证券研究所 吉比特 (603444.SH) 买入(维持评级) 业绩企稳,中期分红回馈投资者,关注 业绩简评 8 月 15 日，24 年中报发布，H1 营收 19.6 亿元/同比-16.6%，归母 净利 5.2 亿/同比-23.4%；Q2 营收 10.3 亿/同比-14.3%，归母净利 2.6亿/同降28.4%。中期现金分红4.5元/股，现金分红比例62.4%。 经营分析 收入：Q2 环比增长，《问道》IP 稳中有升，新游贡献增量。1）Q2 收入同比-14.3%，主要系《一念逍遥》流水大幅下滑，及《摩尔 庄园》合作到期致本年度未再确收，《问道端游》的增长、新游《飞 吧龙骑士》《超进化物语 2》等的增量及境外业务增长（同比+113.8% 至 2.55 亿元）未能弥补前述下降的缺口。2）Q2 收入环比+11.3%， 连续 2 个季度环比增长，主要系主力《问道手游》Q2 开启 8 周年 庆，流水环比增长；此外，H1《问道》端游流水同比+16.3%，持 续运营 18 年仍能实现流水正增长，体现了问道 IP 较强的生命力。 盈利：Q2 扣非净利率环比提升，新游后续有望盈利。1）Q2 归母 净利同、环比 ...