[Table_MainInfo] 公司研究/传媒 证券研究报告 吉比特（603444）公司半年报点评 2024 年 08 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-----------------| | 股票数据 | | | 08 [ Table_StockInfo 月 16 日收盘价（元） ] | 190.10 | | 52 周股价波动（元） | 153.23-426.80 | | 总股本 / 流通 A 股（百万股） | 72/72 | | 总市值 / 流通市值（百万元） | 13695/13695 | | 相关研究 | | | [Table_ReportInfo] 《 23Q4 利润环比改善，关注公司代号 | M72 、 | | M88 等新品上线进展》 | 2024.04.07 | | 《 23Q3 营收和利润同比有所下滑，关注公司 自研新产品上线进展》 | 2023.10.26 | | 《 23Q2 归母 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Insights - The company reported a revenue of 1.96 billion yuan for the first half of 2024, a year-on-year decline of 16.6%, primarily due to decreased revenues from "Wandao Mobile Game" and "A Thought of Immortality" [1][6]. - The net profit attributable to the parent company for the same period was 520 million yuan, down 23.4% year-on-year, mainly because new games like "Immortal Family," "Shenzhou Qianshifang," and "One Piece: Dream Pointer" have not yet turned profitable [1][6]. - The company plans to distribute a cash dividend of 323 million yuan for the first half of 2024, accounting for 62.4% of the net profit attributable to shareholders [1][6]. - The gross margin remained above 87%, with a gross margin of 88.2% for 2023, down 0.3 percentage points year-on-year [1][8]. Summary by Sections Financial Performance - For Q2 2024, the company reported revenue of 1.03 billion yuan, a year-on-year decline of 14.3%, with a net profit of 260 million yuan, down 28.4% year-on-year [1][6]. - The overall expense ratio increased by 6.7 percentage points to 53.0% in the first half of 2024 due to a significant drop in revenue [1][8]. Product Development and Market Strategy - The company is focusing on MMORPG, idle games, and SLG genres, with self-developed products like "Wanjian Changsheng" and "Zhangjian Chuanqi" in the pipeline [2][9]. - Upcoming titles include "Fengshen Fantasy World," "Echo of Anomalies," and "Kingdom Creation," set to launch in the second half of 2024 [2][9]. International Business Growth - The company's overseas revenue grew by 113.8% year-on-year to 260 million yuan in the first half of 2024, driven by the release of international versions of existing games [2][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company reported a 24H1 revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [3][4] - The decline in performance is primarily due to a decrease in revenue from the company's main games, with total revenue from three key games in 24H1 amounting to 2.12 billion yuan, including a significant drop of 54.81% for "Yinian Xiaoyao (Mainland Version)" [3][4] - The company has a rich pipeline of new games and is successfully expanding into overseas markets, with overseas revenue increasing by 113.8% to 255 million yuan in 24H1 [3][4] Summary by Sections Market Performance - The company's stock price has shown a relative performance improvement compared to the market, with a 22.94% relative increase over the past month [2] Financial Performance - The company achieved a quarterly revenue of 1.03 billion yuan in 24Q2, representing a quarter-on-quarter increase of 11.34%, and a net profit of 264 million yuan, up 4.38% quarter-on-quarter [3][4] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, resulting in a dividend yield of 2.37% based on the closing price on August 16 [4] Earnings Forecast - The company is expected to see revenue growth in the coming years, with projected revenues of 3.93 billion yuan, 4.54 billion yuan, and 4.84 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -6.2%, 15.6%, and 6% [4][5] - The forecasted net profit for the same period is 1.02 billion yuan, 1.25 billion yuan, and 1.36 billion yuan, with corresponding year-on-year growth rates of 9.0%, 21.6%, and 9.3% [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading R&D capabilities and potential long-term benefits from the trend of high-quality game development [2][4] Core Views - The company is expected to achieve revenues of 3.83/4.405/4.845 billion yuan in 2024-2026, with year-on-year growth rates of -8.48%/15.00%/10.00% respectively [2] - Net profit attributable to the parent company is projected to be 1.028/1.161/1.312 billion yuan in 2024-2026, with growth rates of -8.67%/12.98%/13.02% respectively [2] - EPS is forecasted to be 14.26/16.12/18.21 yuan for 2024-2026 [2] - The company's new game pipeline is robust, with several self-developed and agency-distributed games expected to launch in the near future, including "Wen Jian Chang Sheng" and "Zhan Jian Chuan Shuo" [6] - The company is accelerating its overseas expansion, with overseas business revenue reaching 255 million yuan in H1 2024, a year-on-year increase of 113.77% [6] Financial Performance - In H1 2024, the company reported revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and net profit attributable to the parent company of 518 million yuan, a year-on-year decrease of 23.39% [6] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, totaling 323 million yuan, and repurchased 241,500 shares in H1 2024 [6] - R&D expenses in Q2 2024 accounted for 19.90% of revenue, an increase of 3.67 percentage points year-on-year, driven by the expansion of the R&D team [6] Game Pipeline and Overseas Expansion - Key self-developed games include "Wen Jian Chang Sheng" (expected to enter paid testing in Q3 2024) and "Zhan Jian Chuan Shuo" (expected to launch in H1 2025) [6] - Agency-distributed games include "Feng Shen Huan Xiang Shi Jie" (scheduled for release on October 18) and "Yi Xiang Hui Sheng" (expected to launch in H2 2024) [6] - The company is focusing on global distribution for games like "Zhan Jian Chuan Shuo," "Chong Ya Yuan Shi Ren," and "Yi Wan Guang Nian," which are expected to further increase the proportion of overseas revenue [6] Valuation and Financial Ratios - The company's P/E ratio is projected to be 13.3/11.8/10.4 for 2024-2026, while the P/B ratio is expected to be 2.9/2.7/2.5 for the same period [7] - The EV/EBITDA ratio is forecasted to be 5.9/5.0/4.2 for 2024-2026 [7] - The company's ROE is expected to be 21.48%/22.57%/23.64% for 2024-2026, with a net profit margin of 34.20%/33.60%/34.52% [9]

2024 年半年度业绩说明会纪要 厦门吉比特网络技术股份有限公司 2024 年半年度业绩说明会纪要 时间：2024 年 8 月 16 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 梁燕华 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：本次纪要根据 2024 年半年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 年半年度公司经营情况介绍 2024 年 1-6 月，公司实现营业收入 19.60 亿元，同比下降 16.57%；归属于上市 公司股东的净利润 5.18 亿元，同比下降 23.39%。 1、主要产品情况介绍 （1）境内游戏业务 ①《问道》端游本期营业收入及利润同比有所增加；②《问道手游》本期营业收 入、发行投入及利润同比均有所减少；③《一念逍遥（大陆版）》本期营业收入、发 行投入及利润同比均大幅减少； （2）境外游戏业务 本期公司境外营业收入合计 2.55 亿元，较上年同期增长 113.77%，主要系上线 了《飞吧龙骑士（境外版）》《Monster Never Cry（欧美版）》《Outp ...

2024 年 08 月 15 日 公司点评 公 司 研 究 增持/维持 吉比特(603444) 目标价:222.72 昨收盘:198.99 传媒互联网 24Q2 业绩环比企稳，下半年有望开启新一轮产品周期 ◼ 走势比较 ◼ 股票数据 总股本/流通(亿股) 0.72/0.72 总市值/流通(亿元) 143.35/143.35 12 个月内最高/最低价 (元) 437.72/153.23 相关研究报告 《核心产品流水企稳，关注后续新游上 线节奏》--2024-05-07 《研运一体立足"精品化"，自研游戏 开启新产品周期》--2023-09-07 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 分析师登记编号：S1190523060001 事件： 公司 2024H1 实现营收 19.60 亿元，同比下降-16.57%；归母净利润 5.18 亿元，同比下降-23.39%；归母扣非净利润 4.63 亿元，同比下降-28.36%。 其中，2024Q2 实现营收 10.32 亿元，同比下降-14.29%；归母净利润 2.64 亿元，同比下降-28.41%；归母扣非净利润 2.65 亿元，同比下降-2 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [4][2] Core Views - The company reported a decline in revenue and net profit for H1 2024, with total revenue of 1.96 billion yuan, down 16.57% year-on-year, and a net profit of 518 million yuan, down 23.39% year-on-year [1] - Despite the overall decline, the company experienced a significant increase in overseas revenue, which grew by 113.77% year-on-year, contributing to 13.01% of total revenue [1] - The company has a robust pipeline of new games, with several self-developed and agency products expected to launch within the year, which is anticipated to drive future revenue growth [2] Financial Overview - For H1 2024, the company achieved a revenue of 1.96 billion yuan, with a net profit of 518 million yuan, and a non-GAAP net profit of 463 million yuan [1] - The company plans to distribute a cash dividend of 4.5 yuan per share, totaling 323 million yuan [1] - Revenue projections for 2024-2026 are estimated at 4.44 billion yuan, 4.82 billion yuan, and 5.35 billion yuan, respectively, with year-on-year growth rates of 6.2%, 8.5%, and 11.0% [2] Game Performance - The company launched three new games, contributing to revenue growth in Q2 2024, with the game "Wandao" showing a 16.31% increase in total revenue to 656 million yuan [1] - The overseas business is expanding rapidly, with multiple self-developed products undergoing testing in international markets [1] - The company has a strong lineup of upcoming games, including "Wanjian Changsheng" and "Zhangjian Chuanqi," which have recently obtained approval for release [2]

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].