Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [22][29]. Core Insights - The company reported a revenue of 4.185 billion yuan in 2023, a year-on-year decrease of 19.02%, primarily due to the natural decline in revenue from key products such as "Wandao Mobile Game" and "Yinian Xiaoyao (Mainland Version)" [22][23]. - The net profit attributable to the parent company was 1.125 billion yuan, down 22.98% year-on-year, with adjusted net profit at 1.169 billion yuan, reflecting a 21.35% decline [22][23]. - The company is focusing on a "small steps, fast running" strategy, emphasizing stable long-term operations of core products and expanding its self-developed game portfolio [23][32]. Financial Performance - In 2023, the company’s sales, management, and R&D expense ratios were 26.94%, 7.53%, and 16.23%, respectively, with R&D expenses increasing by 3.22 percentage points year-on-year [22][23]. - The company had 855 R&D personnel by the end of 2023, accounting for 59.09% of its workforce [22][23]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.090 billion, 1.230 billion, and 1.316 billion yuan, respectively, with corresponding EPS of 15.13, 17.07, and 18.26 yuan [23][26]. Product Development and Market Strategy - The company’s core long-term products are performing steadily, with "Wandao" and "Yinian Xiaoyao" achieving significant rankings in the iOS game sales charts [32]. - The self-developed product matrix is expanding, with several new games set to launch in 2024, including "Zuiqiang Chengbao" and "Zhangjian Chuanqi" [32]. - The company is actively exploring overseas markets and has a rich pipeline of new games, including both self-developed and agency titles [32].

本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 分析师声明 公司快报/吉比特 深圳市 地 址： 深圳市福田区福田街道福华一路 119 号安信金融大厦 33 楼 邮 编： 518046 上海市 地 址： 上海市虹口区东大名路 638 号国投大厦 3 层 邮 编： 200080 北京市 地 址： 北京市西城区阜成门北大街 2 号楼国投金融大厦 15 层 邮 编： 100034 风险提示：新游上线不及预期，存量产品下滑超预期。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-----------------|-----------------|-----------------|---------------|-----------------|------------------------------------------------------------- ...

-10% 3% 17% 30% 44% 57% -60% -41% -22% -4% 15% 34% 2023-03 2023-07 2023-11 2024-03 股票绝对涨幅和相对涨幅 吉比特价格涨幅 吉比特相对指数涨幅 -19% -7% 6% 18% 30% 43% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 21% 25% 29% 32% 36% 40% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 本公司具有中国证监会核准的证券投资咨询业务资格 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|----------|---------------|------------------|-------|-------|---------------------------------------------|-------|-------|-------| | 表 1: \n代码 ...

Investment Rating - The report maintains a "Buy" rating for the company [18] Core Views - The company experienced a significant year-on-year decline in revenue and net profit for 2023, with total revenue of 4.185 billion and a net profit of 1.125 billion, representing declines of 19.02% and 22.98% respectively [11] - The fourth quarter of 2023 showed a notable improvement in performance compared to previous quarters, with a quarter-on-quarter increase in net profit of 44.98% [11] - The company is focusing on expanding its overseas business, which achieved revenue of 272 million, a year-on-year increase of 5.03% [13] - The company has a strong pipeline of new games set to launch in 2024, including "One Piece: Dream Pointer" and "Billion Light Years," which are expected to drive future revenue growth [14] Financial Overview - In 2023, the company reported total revenue of 4.185 billion, down from 5.168 billion in 2022, with a projected revenue of 4.444 billion for 2024 [16] - The net profit for 2023 was 1.125 billion, down from 1.461 billion in 2022, with an expected slight recovery to 1.077 billion in 2024 [16] - The company's earnings per share (EPS) decreased from 20.28 in 2022 to 15.62 in 2023, with a forecast of 14.95 for 2024 [16] Product Performance - The core product "Wandao Mobile" maintained stable revenue and profit, while new games launched in 2023 are still in the early stages of revenue generation [12][43] - The company has successfully launched several new games, including "Fly Dragon Knight" and "Super Evolution Story 2," which are expected to contribute to future revenue [12][43] - The company is enhancing its existing IPs and focusing on user engagement to improve the performance of its older games [31][38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 performance met expectations, with total revenue of 4.185 billion yuan, down 19.02% year-on-year, and net profit attributable to shareholders of 1.125 billion yuan, down 22.98% year-on-year. The fourth quarter of 2023 saw revenue of 878 million yuan, up 34.35% year-on-year but down 8.33% quarter-on-quarter, with net profit of 266 million yuan, down 40.82% year-on-year but up 44.98% quarter-on-quarter [2][3] - Revenue pressure is attributed to the natural decline in existing game revenue and the delay in new game launches. The core products, "Wandao Mobile Game" and "Yinian Xiaoyao (Mainland Version)," experienced a decline in revenue due to their lifecycle, while new self-developed and agency games did not contribute significantly to revenue [2][3] - The company is increasing its R&D investment, with the number of R&D personnel rising from 530 in 2021 to 855 in 2023. The company has several self-developed and agency products in the pipeline, and there is optimism about the performance of new game launches [4] Financial Summary - For 2023, the company reported total revenue of 4.185 billion yuan and a net profit of 1.125 billion yuan. The earnings per share (EPS) for 2023 was 15.62 yuan, with a price-to-earnings (P/E) ratio of 12.21 [1][4] - The company expects EPS for 2024, 2025, and 2026 to be 14.83 yuan, 15.89 yuan, and 17.12 yuan respectively, with corresponding P/E ratios of 13, 12, and 11 [4] - The company's total assets for 2023 were 6.637 billion yuan, with total liabilities of 1.389 billion yuan and total equity of 5.248 billion yuan [11]

全年业绩承压，关注 24 年新游表现 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 分析师 [Table_Authors] 岳铮 ：010-8092-7630 ：yuezheng_yj@chinastock.com.cn 分析师登记编码：S0130522030006 | --- | --- | |--------------------------------------|----------| | [Table_Market] 市场数据 2024-03-29 | | | 股票代码 | 603444 | | A 股收盘价(元) | 190.77 | | 上证指数 | 3,041.17 | | 总股本(万股) | 7,204 | | 实际流通 A 股(万股) | 7,204 | | 流通 A 股市值(亿元) | 137 | 资料来源：Wind，中国银河证券研究院 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------ ...

Financial Performance - The company's net profit attributable to shareholders decreased by 21.35% compared to the previous year, with adjusted net profit at 191.67 million yuan[23]. - The basic earnings per share for 2023 was 15.63 yuan, down 23.12% from 20.33 yuan in 2022[24]. - The company's total revenue for 2023 was approximately ¥4.18 billion, a decrease of 19.02% compared to ¥5.17 billion in 2022[138]. - Net profit attributable to shareholders for 2023 was approximately ¥1.13 billion, down 22.98% from ¥1.46 billion in the previous year[138]. - The net cash flow from operating activities decreased by 32.35% to approximately ¥1.19 billion, compared to ¥1.75 billion in 2022[138]. - The company reported a net profit margin of 12%, an increase from 10% in the previous quarter, showcasing improved operational efficiency[111]. - The weighted average return on equity for 2023 was 26.04%, a decrease of 6.45 percentage points from 32.49% in 2022[175]. Employee and R&D Investment - The total number of employees increased by 15.39% to 1,447, with a significant rise in R&D personnel by 163[20]. - The number of R&D personnel has increased from 530 at the end of 2021 to 855 at the end of 2023, indicating a continuous increase in R&D investment[92]. - Research and development expenses increased by 30% year-over-year, reflecting the company's commitment to innovation[111]. Product Development and Strategy - The company plans to continue iterating existing products and focus on MMORPG, idle games, and SLG genres for new product development[31]. - The company will adjust its product agency strategy based on market changes, focusing on reviving old IPs and competitive multiplayer games[31]. - The game "Abyss: Infinity Siege" is part of the company's product reserve, with uncertain launch dates and regions based on market information[39]. - The game "Wand and Sword Legend (Codename M88)" is set to launch its overseas version in the second half of 2024[42]. - The company is focusing on enhancing the "Wandao" IP and brand value to extend the product lifecycle of "Wandao Mobile" game[35]. - The company has multiple self-developed products in overseas markets undergoing testing, including "Wand and Sword Legend (Codename M88)" and "Billion Light Years" among others[76]. - The company plans to launch three new products in the next fiscal year, aiming to capture an additional 10% market share[111]. - The company plans to launch two self-developed games, "Outpost: Infinity Siege" and "Monster Never Cry," in March 2024[185]. - The game "超进化物语 2" is set to be released in December 2023, and it is a licensed strategy card game[185]. - The game "航海王：梦想指针" is scheduled for release on April 1, 2024, and is based on the licensed One Piece IP[195]. - The company is also planning to launch another game in the second half of 2024, which has already obtained its license[196]. Marketing and User Engagement - The company is exploring innovative marketing methods and user engagement activities, including live streaming and community interactions, to boost user participation[79]. - The company will continue to strengthen brand exposure while adjusting and controlling advertising expenditures to improve marketing efficiency[79]. - The cumulative registered user count for "A Thought on the Journey" has exceeded 25 million, with a focus on optimizing existing user engagement and reducing inefficient spending in future operational strategies[79]. - User retention rates improved to 85%, up from 80% in the previous quarter, indicating stronger customer loyalty[111]. - The company is focusing on enhancing its digital marketing strategies, which are expected to drive a 15% increase in user acquisition[111]. Revenue and Market Expansion - The company reported overseas revenue of ¥272 million, an increase of 5.03% year-on-year, primarily from the release of "Yinian Xiaoyao (European and American version)"[120]. - The company has successfully entered two new international markets, contributing to a 5% increase in overall revenue[111]. - The company is actively investing in quality developers and publishers in the gaming industry to enhance its market position and expand its business[86]. - Future guidance indicates expected revenue growth of 20% for the upcoming quarter, driven by new product launches and market expansion[111]. Cash Dividends and Financial Assets - The total cash dividend for 2024 is proposed to not exceed 100% of the net profit attributable to shareholders for the current period[4]. - The company completed a cash dividend of ¥504 million on September 27, 2023, representing 44.82% of the net profit attributable to shareholders for the year[126]. - The total amount of trading financial assets increased by 496.02 million RMB during the reporting period, impacting profits positively by 25.28 million RMB[60]. Government Support and Other Income - The company received government subsidies amounting to 28.07 million yuan, compared to 24.22 million yuan in 2022[27]. - The investment income from equity method investments was 9.21 million yuan, a significant drop from 74.29 million yuan in 2022[21]. - The company reported a foreign exchange gain of 31.51 million RMB due to fluctuations in the exchange rate, with 1 USD equaling 7.0827 RMB at the end of the reporting period[51].

| 报告说明 | 01 | | --- | --- | | 报告范围 | 01 | | 发布周期 | 01 | | 数据说明 | 02 | | 编制原则与依据 | 02 | | 公司简介 | 05 | | --- | --- | | 党企融合 | 08 | | 荣誉奖项 | 09 | | 社会责任与ESG管理 | | | --- | --- | | ESG管理 | 13 | | 责任沟通 | 15 | | 公司治理 | 18 | | 商业道德 | 19 | | Career Career Comment of Children Comments of 内容生态治理 | 37 | | --- | --- | | 数据安全管理 | 40 | | 未成年人保护 | 47 | | 践行玩家为本 | 25 | | --- | --- | | 弘扬中华文化 | 27 | | 保护知识产权 | 31 | | 探索科技前沿 | 34 | | 人才发展计划 | 51 | | --- | --- | | 员工权益保障 | 51 | | 畅通沟通渠道 | 54 | | 关注员工福利 | 55 | | 创新人才培养 | 62 | | ...

自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 厦门吉比特网络技术股份有限公司 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax kpmg.com/cn Internet 近外精则表会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 厦门吉比特网络技术股份有限公司全体股东： 一、审计意见 我们审计了后附的厦门吉比特网络技术股份有限公司 (以下简称 "吉比特公司") 财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为， ...

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