Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to see significant growth in 2025, with a forecasted net profit attributable to shareholders of 1.69-1.86 billion yuan, representing a year-on-year increase of 79-97%. The non-recurring net profit is projected to be 1.65-1.80 billion yuan, reflecting an 88-105% increase [3][4] - The anticipated growth is primarily driven by the new game launches in 2025, including "杖剑传说," "问剑长生," and "道友来挖宝," which are expected to contribute incremental profits [3][4] - The company has a strong long-term operational capability, as evidenced by the performance of existing games and the potential of new releases to enhance revenue [4][5] Financial Summary - The company's revenue is projected to increase from 4.185 billion yuan in 2023 to 6.102 billion yuan in 2025, with a year-on-year growth rate of 65.1% [6][8] - The net profit attributable to shareholders is expected to rise from 1.125 billion yuan in 2023 to 1.746 billion yuan in 2025, marking an 84.8% increase [6][8] - The gross margin is forecasted to improve from 88.5% in 2023 to 93.7% in 2025, indicating strong profitability [6][9] - The price-to-earnings (P/E) ratio is projected to decrease from 30.4 in 2023 to 19.6 in 2025, suggesting a more attractive valuation over time [6][8] Game Development and Market Position - The company is focusing on high-frequency content updates and building a trading ecosystem to create enduring games, with "问道手游" showing resilience in revenue generation [4][5] - Upcoming titles like "九牧之野" and "道友来挖宝" are expected to perform well based on initial rankings and user engagement metrics [4][5] - The company has several projects in development, including unique game mechanics that are expected to contribute to future revenue growth [5]

| 收盘价(元) | 475.50 | | --- | --- | | 一年内最高/最低(元) | 668.00/198.21 | | 沪深 300 指数 | 4,753.87 | | 市净率(倍) | 6.37 | | 流通市值(亿元) | 342.56 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 74.69 | | 每股经营现金流(元) | 25.80 | | 毛利率(%) | 93.31 | | 净资产收益率_摊薄(%) | 22.56 | | 资产负债率(%) | 21.96 | | 总股本/流通股(万股) | 7,204.11/7,204.11 | | B 股/H 股(万股) | 0.00/0.00 | 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 全年利润大幅增长，Q4 或将创利润新高 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-01-29) 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -5% 27% 60% 92% 125% 157% 189% 222% 20 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.69-1.86 billion yuan for the year 2025, representing a year-on-year growth of 79%-97% [1]. - The fourth quarter of 2025 is projected to see a net profit of 480-650 million yuan, with a year-on-year increase of 65%-124% [1]. - The growth in profits is primarily driven by new game releases, including "杖剑传说 (Mainland Version)" and "问剑长生 (Mainland Version)," which have significantly contributed to incremental profits [5]. - The company has a robust dividend policy, planning to distribute at least 50% of its annual net profit as cash dividends from 2025 to 2027 [5]. - The company anticipates continued revenue growth, with projected revenues of 6.19 billion yuan in 2025, 7.01 billion yuan in 2026, and 7.50 billion yuan in 2027, reflecting growth rates of 68%, 13%, and 7% respectively [6][12]. Financial Summary - The total revenue for 2025 is estimated at 6.19 billion yuan, with a net profit of 1.81 billion yuan, corresponding to a PE ratio of 18.9 [6][12]. - The company’s return on equity (ROE) is projected to be 33.2% in 2025, indicating strong profitability [12]. - The asset-liability ratio is expected to remain low at 19.0% in 2025, reflecting a solid financial position [12].

Core Insights - China has successfully conducted a business application experiment for space-ground laser communication, achieving a stable high-speed transmission rate of 120 Gbps, setting a new record in the field [1][3] - This advancement marks a new phase in the business application of space-ground laser communication, laying a critical technological foundation to meet future demands for massive space-based data transmission [1] Group 1: Experiment Details - The experiment was conducted at the Xinjiang Tak County laser ground station, utilizing the AIRSAT-02 satellite developed by China Aerospace Science and Technology Corporation [3] - The laser link established a rapid capture and connection within seconds, with a success rate exceeding 93%, and the longest continuous stable communication lasting 108 seconds [3] - The research team achieved this enhancement without modifying the satellite hardware, instead employing "on-orbit software reconfiguration" to double the original transmission capacity from 60 Gbps to 120 Gbps [3][5] Group 2: Technical Challenges and Solutions - Space-ground laser communication utilizes laser as a medium for high-speed information transfer, offering advantages such as large bandwidth, strong anti-interference capability, and good confidentiality [3] - The team overcame three core technical challenges: optimizing real-time correction algorithms to stabilize light beam disturbances caused by atmospheric turbulence, applying advanced compensation techniques to reduce data error rates, and improving adaptive transmission strategies to maximize channel capacity [5] - The successful operation of space-ground laser communication demonstrates its capability to support future massive space data transmission, with potential to become a key hub connecting space-based information networks and ground fiber networks [5]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603444 | 吉比特 | 475.50 | 6.61% | 3.36万 | | 15.90 Z | | 300418 | 昆仑万维 | 56.61 | 6.05% | 169.47万 | | 97.34亿 | | 600633 | 浙数文化 | 15.91 | 5.43% | 116.55万 | | 18.72亿 | | 300315 | 掌趣科技 | 6.12 | 3.73% | 368.12万 | | 22.68亿 | | 002624 | 完美世界 | 18.77 | 3.42% | 66.96万 | | 12.59亿 | | 300459 | 汤姆猫 | 5.25 | 2.94% | 364.95万 | | 19.34亿 | | 300043 | 量辉娱乐 | 6.46 | 2.70% | 103.83万 | | 6.76亿 | | 002605 | 姚记科技 | 26.81 | 1.94% | 19.87万 | | 5 ...

[Table_Page] 公告点评|游戏Ⅱ [公司评级 Table_Invest] 买入 当前价格 446.00 元 合理价值 541.76 元 前次评级 买入 报告日期 2026-01-29 证券研究报告 [Table_Title] 吉比特（603444.SH） 新品推动业绩表现出色，关注产品储备 [Table_Summary] 核心观点： | 盈利预测： | | --- | | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 4,185 | 3,696 | 6,589 | 8,269 | 9,481 | | 增长率（ % ） | -19.0% | -11.7% | 78.3% | 25.5% | 14.6% | | EBITDA | 1,718 | 1,303 | 2,694 | 2,921 | 3,268 | | 归母净利润 | 1,125 | 945 | 1,776 | 1,951 | 2,159 | | 增长率（ % ...

Group 1 - The core viewpoint of the news is the strategic collaboration between Youzu Interactive and Sunrise to explore efficient integration of domestic inference chips into game operations, aiming to create a self-controlled, practical "Game AI Computing Solution" for the industry [1] - This partnership is expected to enhance the capital attention and valuation elasticity of Youzu Interactive in the short term, while in the medium to long term, it may strengthen performance certainty through domestic computing power substitution and AI cost reduction [1] - The collaboration is anticipated to positively influence capital expectations in both the gaming and domestic GPU sectors [1] Group 2 - The game "Black Myth: Wukong" has been selected for the proposed award list of the 6th China Publishing Government Award, highlighting its significance in the industry [2] - This game is recognized as the first true AAA single-player game in China, generating global discussions since its launch in 2024 [2] - The inclusion in a national-level publishing award list signifies official recognition of its content quality, cultural value, and industry benchmark significance [2] Group 3 - G-bits has announced an expected net profit increase of 79% to 97% for the year 2025, projecting a net profit of 1.69 billion to 1.86 billion yuan [3] - The company anticipates a non-deducted net profit of 1.65 billion to 1.8 billion yuan for 2025, representing an increase of 88% to 105% compared to the previous year [3] - The growth in net profit is primarily attributed to the contribution of new products launched in 2025, indicating the company's strong capabilities in the gaming sector [3]

Core Viewpoint - The article highlights significant projected net profit growth for various companies in 2025, indicating strong performance expectations across multiple sectors [1] Group 1: Company Projections - Haixia Innovation is expected to see a net profit increase of 1660.56% to 2540.85% year-on-year in 2025 [1] - Electric Power Water is projected to have a net profit growth of approximately 1337% in 2025 [1] - Honghe Technology anticipates a net profit increase of 745% to 889% in 2025 [1] - Shangluo Electronics expects a net profit growth of 302.55% to 344.92% in 2025 [1] - Fangda Special Steel is projected to see a net profit increase of 236.90% to 302.67% in 2025 [1] - Changchuan Technology anticipates a net profit growth of 172.67% to 205.39% in 2025 [1] - Xiechuang Data expects a net profit increase of 52% to 81% in 2025 [1] - Industrial Fulian is projected to have a net profit growth of 51% to 54% in 2025 [1] - Ruifeng Optoelectronics anticipates a net profit increase of 80% to 160% in 2025 [1] - Xiaocheng Technology expects a net profit growth of 93.32% to 179.24% in 2025 [1] - Mingyang Smart Energy is projected to see a net profit increase of 131.14% to 188.92% in 2025 [1] - iFlytek anticipates a net profit growth of 40% to 70% in 2025 [1] - Gigabit expects a net profit increase of 79% to 97% in 2025 [1] - Zhangyuan Tungsten anticipates a net profit growth of 51% to 86% in 2025 [1] - Hunan Silver is projected to see a net profit increase of 67.88% to 126.78% in 2025 [1] - Tibet Summit expects a net profit growth of 92.28% to 135.01% in 2025 [1] - Silan Microelectronics anticipates a net profit increase of 50% to 80% in 2025 [1] - Tianhai Defense is projected to see a net profit growth of 51.57% to 116.53% in 2025 [1] - Wolong Nuclear Materials expects a net profit increase of 29.79% to 39.22% in 2025 [1]

Group 1 - The company, G-bits, announced an expected net profit attributable to shareholders for the fiscal year 2025 ranging from 1.69 billion to 1.86 billion yuan, which represents an increase of 745.08 million to 915.08 million yuan compared to the previous year [2] - This projected profit increase corresponds to a year-on-year growth of 79% to 97% [2]

2025年度归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性损益的净利润均较2024年 度同比增加，主要系2025年上线的《杖剑传说(大陆版)》《问剑长生(大陆版)》《杖剑传说(境外版)》 《道友来挖宝》等新产品贡献增量利润。 吉比特（603444）(603444.SH)发布2025年年度业绩预增公告，预计2025年度实现归属于上市公司股东 的净利润169,000万元到186,000万元，与上年同期相比，将增加74,508万元到91,508万元，同比增加79% 到97%。 ...