Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for Q1 2024 was 927 million yuan, a year-on-year decrease of 18.97%. The net profit attributable to the parent company was 253 million yuan, down 17.35% year-on-year. The net profit excluding non-recurring items was 198 million yuan, a decline of 29.54% year-on-year [1] - Core product revenues have stabilized, with games like "Wandao Mobile" and "Yinian Xiaoyao" experiencing natural declines in revenue during their lifecycle. The online game "Fei Ba Long Qi Shi" launched in August 2023 has reached breakeven. New games launched at the end of 2023 and in Q1 2024 are expected to contribute to revenue growth, although they have not yet turned profitable due to mismatched revenues and expenses [1] - The overseas segment has shown strong growth, with Q1 2024 overseas revenue reaching 139 million yuan, a year-on-year increase of 146.68%. New games launched overseas include "Fei Ba Long Qi Shi (Overseas Version)" and "Monster Never Cry (European and American Version)" [1] Financial Projections - Revenue projections for 2024-2026 are 3.992 billion yuan, 4.425 billion yuan, and 4.949 billion yuan, with year-on-year growth rates of -4.6%, 10.8%, and 11.9% respectively. Net profit attributable to the parent company is projected to be 1.075 billion yuan, 1.209 billion yuan, and 1.356 billion yuan, with year-on-year growth rates of -4.4%, 12.4%, and 12.2% respectively [1][4] - The company's gross margin is expected to remain stable around 88.2% to 88.6% over the forecast period [4] - The price-to-earnings ratio (P/E) is projected to decrease from 11.54 in 2024 to 9.15 in 2026, indicating a potentially attractive valuation as earnings recover [4]

吉比特（603444.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-----------------|-----------------|-----------------|-----------------|---------------|------------------------------------------|-----------| | 财务指标 \n营业收入（百万元） | 2022A \n5,168 | 2023A \n4,185 | 2024E \n4,219 | 2025E \n4,518 | 2026E \n4,749 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | 11.9 | -19.0 | 0.8 | 7.1 | 5.1 | | | | 归母净利润（百万元） | 1,461 | 1,125 | 1,080 | 1,189 | 1,261 | 行业 | 传媒 | | 增长率 yoy （ % ） ...

Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by over 10% in the next 12 months [1]. Core Insights - The report highlights that the company's revenue for Q1 2024 is projected to be 9.27 billion yuan, with a year-over-year decline of 18.97% but a quarter-over-quarter increase of 5.6%. The gross margin is noted at 89.24%, showing a slight improvement [32]. - The company is expected to have a net profit of 1.25 billion yuan in 2024, with a forecasted net profit growth rate of 19.5% in 2025 [10][16]. - The report anticipates that the upcoming product launches will contribute positively to revenue, particularly with the celebration of the eighth anniversary of the game "Wandao" [8][9]. Financial Summary - The company's projected financials include: - Revenue: 5,168 million yuan in 2022, with a forecast of 4,185 million yuan in 2023, and expected to recover to 4,688 million yuan by 2026 [10][15]. - EBITDA: 2,305 million yuan in 2022, declining to 1,722 million yuan in 2023, with a gradual recovery expected thereafter [10][15]. - Net profit: 1,461 million yuan in 2023, with projections of 1,125 million yuan in 2024 and 1,312 million yuan in 2026 [10][15]. - The report provides a reasonable value estimate of 252.54 yuan per share based on a 18x PE valuation for 2024 [8][29].

南昌 深圳 北京 上海 P.3 请仔细阅读本报告末页声明 | --- | --- | --- | --- | --- | --- | |---------------------------|-------|------------------------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,168 | 4,185 | 4,444 | 4,822 | 5,353 | | 增长率 yoy （ % ） | 11.9 | -19.0 | 6.2 | 8.5 | 11.0 | | 归母净利润（百万元） | 1,461 | 1,125 | 1,077 | 1,203 | 1,421 | | 增长率 yoy （ % ） | -0.5 | -23.0 | -4.3 | 11.7 | 18.1 | | EPS 最新摊薄（元 / 股） | 20.28 | 15.62 | 14.95 | 16.70 | 19.72 | | 净资产收益率（ % ） | 41.6 | 27.8 | 21.3 ...

传媒 | 证券研究报告 — 调整盈利预测 2024 年 4 月 24 日 买入 原评级：买入 市场价格:人民币 173.12 板块评级:强于大市 股价表现 | --- | --- | --- | |-----------------------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 72.04 | | 流通股 ( 百万 ) | | 72.04 | | 总市值 ( 人民币 百万 ) | | 12,471.76 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 374.58 | | 主要股东 | | | | 卢竑岩 | | 29.72 | | 资料来源：公司公告， Wind | ，中银证券 | | | 以 2024 年 4 月 23 日收市价为标准 | | | 吉比特 支撑评级的要点 603444.SH (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (28.3) (20.5) (15.5) (67.6) (68%) (54%) (40%) (25%) (11%) 4% Apr-23 ...

[Table_ReportType] 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------|----------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------------|----------------------------| | | [Table_Header] 公司点评●游戏 | | | 2024 | 年 ...

证券研究报告·公司点评报告·游戏Ⅱ 2024 年一季报点评：业绩符合预期，静待新 游周期开启 2024 年 04 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5,168 | 4,185 | 4,198 | 4,558 | 4,847 | | 同比（ % ） | 11.88 | (19.02) | 0.31 | 8.59 | 6.33 | | 归母净利润（百万元） | 1,461 | 1,125 | 1,068 | 1,145 | 1,233 | | 同比（ % ） | (0.52) | (22.98) | (5.04) | 7.17 | 7.71 | | EPS- 最新摊薄（元 / 股） | 20.28 | 15.62 | 14.83 | 15.89 | 1 ...

Financial Performance - The net profit attributable to shareholders for Q1 2024 was ¥253,363,007.32, representing a decrease of 17.35% year-on-year [23]. - The company's operating income for Q1 2024 was ¥927,265,003.93, down 18.97% compared to the same period last year [23]. - The adjusted net profit attributable to shareholders decreased by 33.54% year-on-year, reflecting the exclusion of foreign exchange fluctuations and investment business impacts [31]. - The net profit attributable to shareholders in Q1 2024 was ¥253,363,007.32, down from ¥265,809,989.20 in Q4 2023 [52]. - The company's operating profit for Q1 2024 was CNY 350,099,319.91, compared to CNY 457,269,364.84 in Q1 2023, indicating a decline of approximately 23.4% [73]. - Total revenue from sales and services received in Q1 2024 was CNY 982,001,615.01, down from CNY 1,173,421,177.05 in Q1 2023, a decrease of about 16.3% [75]. - Operating profit for Q1 2024 was $125.97 million, a decrease of 48.7% compared to $245.85 million in Q1 2023 [112]. - Total profit for Q1 2024 was $125.84 million, down 48.7% from $245.68 million in Q1 2023 [112]. - Net profit for Q1 2024 was $117.53 million, a decline of 50.0% compared to $234.98 million in Q1 2023 [112]. - Comprehensive income for Q1 2024 totaled $117.53 million, a decrease of 50.0% from $234.98 million in Q1 2023 [112]. Assets and Liabilities - As of March 31, 2024, the total assets of the company reached ¥7,008,738,260.96, an increase of 5.60% compared to the end of 2023 [8]. - The total equity attributable to shareholders increased to ¥4,706,365,226.48, a rise of 5.43% compared to the end of 2023 [8]. - The total liabilities increased to CNY 1,472,962,732.57 as of March 31, 2024, compared to CNY 1,389,162,790.66 as of December 31, 2023, reflecting a growth of approximately 6% [68]. - The company's total current liabilities decreased to CNY 145,010,228.96 as of March 31, 2024, from CNY 160,613,605.92 at the end of 2023, a reduction of about 9.7% [103]. - The company's total equity increased to CNY 3,161,693,873.02 as of March 31, 2024, compared to CNY 3,058,413,227.25 at the end of 2023, reflecting a growth of about 3.4% [105]. Cash Flow - The net cash flow from operating activities decreased by ¥15,015,700 (6.11%) year-on-year, with cash inflows down by ¥209 million (16.98%) and cash outflows down by ¥194 million (19.69%) [13]. - The net cash flow from operating activities in Q1 2024 was ¥230,570,533.67, a decrease from ¥360,941,898.80 in Q4 2023, primarily due to year-end bonuses paid [52][54]. - The net cash flow from financing activities decreased by 67.83% year-on-year, totaling approximately -¥17.83 million, due to share buybacks [39]. - Cash and cash equivalents as of March 31, 2024, were ¥2,332,338,242.26, down from ¥2,397,018,382.09 at the end of 2023 [65]. - Cash inflow from investment activities in Q1 2024 was ¥1,254,215,656.10, compared to ¥861,835,021.78 in Q1 2023, representing a significant increase [98]. - Net cash flow from investment activities was -¥287,984,114.19 in Q1 2024, an improvement from -¥320,808,524.32 in Q1 2023 [98]. Revenue and Expenses - The company's first quarter revenue from the "Wandao" online game increased compared to the previous quarter [33]. - Several new products launched in the first quarter, including "Immortal Family" and "Monster Never Cry (European and American version)," contributing to incremental revenue [33]. - The company launched new games in Q1 2024, including "Immortal Family" and "Monster Never Cry (European and American version)," contributing to deferred revenue recognition [15]. - The company's financial expenses decreased by 520.45% year-on-year, attributed to gains from exchange rate fluctuations [56]. - Total operating costs for Q1 2024 were ¥648,112,427.82, down 15.34% from ¥765,468,516.49 in Q1 2023 [93]. - R&D expenses increased to ¥185,749,976.17 in Q1 2024, up 6.93% from ¥174,402,217.35 in Q1 2023 [93]. - The company reported a decrease in sales expenses to ¥293,654,313.14 in Q1 2024, down from ¥354,391,066.60 in Q1 2023, indicating a reduction of 17.09% [93]. Market and Growth Strategy - The company plans to continue expanding its market presence and developing new products to drive future growth [35]. - The company is focusing on expanding its market presence and enhancing product offerings through new game releases and promotional events [52]. - The overseas game business generated total revenue of ¥139 million in Q1 2024, a significant increase of 146.68% year-on-year [25]. Employee and Compensation - The average monthly employee count increased to approximately 1,472, up about 180 employees (13.93%) year-on-year, with a notable increase in R&D personnel [26]. - The company reported a decrease in the average employee compensation due to reduced performance-based bonuses, despite an overall increase in related expenses [28].

股东大会自由讨论环节发言纪要 厦门吉比特网络技术股份有限公司 2023 年年度股东大会自由讨论环节发言纪要 时间：2024 年 4 月 18 日 地点：深圳市南山区龙珠四路 2 号方大城 T2 栋公司会议室 参会人员：董事长兼总经理卢竑岩，副董事长陈拓琳，董事翟健，董事兼副总 经理高岩，独立董事鲍卉芳、梁燕华、吴益兵；监事会主席陈艺伟，职工代表 监事吴培治，监事黄淑玲；副总经理兼财务总监林佳金，副总经理兼董事会秘 书梁丽莉；北京市海问（深圳）律师事务所律师；股东及股东代表 纪要： 1. 关于放置品类的游戏，想了解下关于竞争的问题，例如公司产品《一念逍遥》 2021 年的时候表现得非常好，2022 年也非常稳，2023 年开始下滑，原因我觉 得是不是有受到小游戏的影响，因为小游戏在放置这个方向上有更多的竞争对 手？此外，虽然公司的《勇者与装备》也马上转向小游戏，但后面的储备产品 好像也没有再提小游戏了，请问公司在小游戏的放置品类这个方向上还有没有 布局？ 卢竑岩：首先我认为《一念逍遥》2023 年业绩下滑和来自于小游戏的竞争 是有关系的，而且关系应该不小，但这个是比较主观的判断，因为放置类游戏 本身比较轻松，小 ...

呼唤更多力变、精变、准变！ 作者：乔治 编辑：吴晗 风品：可乐 来源：铑财——铑财研究院 高分红、高成长，吉比特向有“游戏茅”美称。 然而最新亮相的2023年报，却向各方透出几分寒意：2023年营收41.85亿元，同比下降19.02%，归母净利11.25亿元，同比下降22.98%，录得上市以来首次营 利双降，经营净现金流也下降32.35%至11.86亿元。 要知道，2017年上市以来，企业营利一直双位数增速，何以神勇不再？ 4月10日，国信证券发布研报，维持吉比特买入评级。同时，海通证券、中金公司等最新研报也给予“增持”、“买入”等评级，对公司游戏自研力及新游表现 看好。 可截止4月18日，吉比特收盘价仅172.70元，较开年的245元累跌约三成，较2023年4月的580元高点累跌超7成。热捧与冷意交织，“游戏茅”价值底色几何？ 市场在踌躇什么？何消业绩股价双压呢？ 01 净利率五年连降 探索精细化新路 LAOCAI 还是基本面说话。 财报显示，吉特比有三大业务，一是授权运营：公司作为游戏研发商，将产品授权给第三方代理发行，收入仅确认研发商分成部分；二是自主运营：将自研 或代理产品，通过旗下雷霆游戏发行，确认 ...