Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's revenue for 2024-2026 is projected to be CNY 37.50 billion, CNY 43.13 billion, and CNY 47.44 billion, representing year-on-year changes of -10.39%, +15.00%, and +10.00% respectively. The net profit attributable to shareholders is expected to be CNY 8.48 billion, CNY 11.40 billion, and CNY 12.88 billion, with year-on-year growth rates of -24.65%, +34.42%, and +13.00% respectively. The EPS is projected to be CNY 11.77, CNY 15.82, and CNY 17.87 [2][6]. Financial Data and Valuation - The company reported a revenue of CNY 8.59 billion in Q3 2024, a decrease of 10% year-on-year. The net profit attributable to shareholders was CNY 1.40 billion, down 24% year-on-year. The company plans to distribute a cash dividend of CNY 20 per 10 shares, totaling CNY 4.66 billion for the first three quarters of 2024, which accounts for 70.94% of the net profit [6][7]. - The company's financial forecasts for 2024E, 2025E, and 2026E include revenues of CNY 37.50 billion, CNY 43.13 billion, and CNY 47.44 billion, with corresponding net profits of CNY 8.48 billion, CNY 11.40 billion, and CNY 12.88 billion. The projected EPS for these years is CNY 11.77, CNY 15.82, and CNY 17.87 [7][9]. Game Development and Market Position - The company is focusing on the progress of new game launches, with several self-developed and agency-distributed titles in the pipeline. Notable titles include "Wanjian Changsheng" and "Zhangjian Chuanqi," which have recently entered paid testing. The company is also accelerating its overseas market expansion, with overseas revenue growing by 99.6% year-on-year in the first three quarters of 2024 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company's Q3 2024 performance was under pressure, with a revenue of 859 million yuan, a year-on-year decrease of 10.36% and a quarter-on-quarter decrease of 16.83%. The net profit attributable to shareholders was 140 million yuan, down 23.82% year-on-year and 47.19% quarter-on-quarter [1][3]. - Despite the pressure on profits, the company announced a quarterly dividend of 2 yuan per share, totaling 144 million yuan, with a cumulative dividend of 466 million yuan for the first three quarters of 2024, representing a payout ratio of 71% [1][3]. - The report anticipates revenue growth for 2024-2026, projecting revenues of 3.686 billion yuan, 4.372 billion yuan, and 4.609 billion yuan respectively, with net profits of 925 million yuan, 1.129 billion yuan, and 1.218 billion yuan [3]. Financial Summary - For Q3 2024, the company reported a revenue of 859 million yuan, a decrease of 10.36% year-on-year and 16.83% quarter-on-quarter. The net profit attributable to shareholders was 140 million yuan, down 23.82% year-on-year and 47.19% quarter-on-quarter [1]. - The company's revenue for 2022 was 5.168 billion yuan, which decreased to 4.185 billion yuan in 2023, with an expected further decline to 3.686 billion yuan in 2024 [1][5]. - The report highlights a significant increase in sales expense ratio to 28.9% due to increased marketing costs for new game launches, impacting overall profitability [3]. Game Performance - The report notes that the revenue from major existing games has shown a significant narrowing of decline in Q3, with "Wandao" PC game revenue reaching 881 million yuan in the first three quarters of 2024, a year-on-year increase of 7.7% [2]. - New games such as "Zhang Jian Chuan Shuo" and "Wang Du Chuang Shi Lu" are expected to launch in the first half of 2025, which may help stabilize and improve revenue [2].

证券代码：603444 证券简称：吉比特 公告编号：2024-052 厦门吉比特网络技术股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 公告》（公告编号：2023-060）、《厦门吉比特网络技术股份有限公司关于以集中竞价 交易方式回购股份的回购报告书》（公告编号：2023-063）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，上市公司应当在每个月的前 3 个交易日内披露截至 上月末的回购进展情况。公司现将回购股份进展情况公告如下： 2024 年 10 月，公司未通过集中竞价交易方式回购公司股份。 重要内容提示： | 回购方案首次披露日 | 2023/12/28 | | --- | --- | | 回购方案实施期限 | 2023/12/27~ 2024/12/26 | | 预计回购金额 | 万元 5,000.00 万元~10,000.00 | | 回购用途 | □减少注册资本 √用于员工持 ...

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 ...