Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported better-than-expected performance in Q4 2024, achieving revenue of 880 million yuan, flat year-over-year (YOY), and a quarter-over-quarter (QOQ) increase of 2%. The net profit attributable to shareholders was 290 million yuan, up 8% YOY and up 106% QOQ [1]. - For the full year 2024, the company generated total revenue of 3.7 billion yuan, a decrease of 12% YOY, and a net profit of 940 million yuan, down 16% YOY. The adjusted net profit was 880 million yuan, down 22% YOY [1]. - The company is expected to benefit from new product launches in 2025, with three new games anticipated to contribute to revenue growth [7]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 880 million yuan, with a net profit of 290 million yuan, and an adjusted net profit of 260 million yuan [1]. - The financial forecast for 2025 estimates total revenue of 4.1 billion yuan, representing an 11.6% increase YOY, and a net profit of 1.0 billion yuan, reflecting a 7.3% increase YOY [3]. - The company plans to distribute a cash dividend of 720 million yuan for the year, corresponding to a dividend payout ratio of 76% [7]. Product and Market Insights - The company's core products are showing signs of stabilization, with the "Wandao" PC game generating 1.12 billion yuan in revenue for 2024, a 4% increase YOY. The mobile version generated 2.07 billion yuan, down 11% YOY, but the decline is narrowing [7]. - The newly launched game "Wanjian Changsheng" is currently fluctuating around the 60th position in sales rankings, and is expected to provide a smoother revenue curve compared to previous titles [7]. - The company has a low valuation level with a current market capitalization of 15.9 billion yuan, corresponding to a price-to-earnings (P/E) ratio of 15.6 for 2025 [3][7].

Summary of G-bits Conference Call Company Overview - **Company**: G-bits - **Industry**: Gaming Financial Performance - In 2024, G-bits achieved revenue of 3.696 billion yuan, a year-on-year decrease of 11.6% [3] - Net profit attributable to shareholders was 945 million yuan, down 16.02% year-on-year [3] - Operating cash flow was 1.249 billion yuan, an increase of 5.33% year-on-year [3] - Q4 2024 revenue was 877 million yuan, essentially flat year-on-year, with net profit of 287 million yuan, up 8.13% [4][5] - Q4 operating cash flow was 422 million yuan, a 16.81% increase year-on-year [5] Product Performance - Revenue and profit from PC games remained stable year-on-year [4] - Mobile game "Wandao" saw a decrease in revenue, investment, and profit [3] - "Yinian Xiaoyao" experienced significant declines in domestic revenue, investment, and profit [3] - International business revenue reached 500 million yuan, a year-on-year increase of 83.92% [3] New Product Launches - "Wandao Changsheng," launched on January 2, 2025, has an average ranking of around 40 in sales charts, peaking at 14 [4][6] - Plans to release self-developed game "Zhanjian Chuanqi" in H1 2025 and agency game "Jiumu Zhi Ye" in H2 2025 [6][8] Sales and Marketing Strategy - Sales expenses will be adjusted based on product performance; initial investments will be higher for new products [4][7] - The company is cautious about the ROI of "Wandao Changsheng" to avoid profit issues from concentrated spending [4][7] Industry Trends and Challenges - The rise of live PK formats is impacting the gaming industry, leading to increased competition [4][15] - G-bits is focusing on product quality and user experience amidst these challenges [4][15] AI Technology Application - AI is currently used for productivity enhancements but not yet applied in game development [4][14] - The company is observing AI's potential impact on game quality and content creation [4][19][20] Future Outlook - G-bits is cautious about the HLB category due to differentiation challenges [4][10] - The company aims to balance short-term performance with long-term values, focusing on sustainable growth [4][33] - Future financial goals include providing better returns for long-term investors [4][34] Overseas Market Performance - Significant growth in overseas revenue, but profitability has not yet been achieved [4][24] - The company needs to develop more potential products to establish a foothold in international markets [4][24] IP Development - G-bits is focused on creating sustainable IP from the design phase [4][27] - The company is selective about IP licensing, preferring permanent agreements [4][27] Conclusion - G-bits is navigating a challenging gaming landscape with a focus on product quality, user experience, and strategic financial management while exploring new technologies and market opportunities [4][33][34]

公司宣布 24 年度利润分配方案，向全体股东每 10 股派发现金红利 35.00 元（含 税），公司 24 全年现金分红金额（包含已实施的 24 年中期分红以及本次公布 但尚未实施的年度分红）预计为 7.18 亿元（含税），占 24 年归母净利润的 75.94%，按 3 月 27 日收盘价计算股息率约 4.68%，本次利润分配不进行资本 公积转增股本，不进行其他形式利润分配。 单季度来看，24Q4 实现营业收入 8.77 亿元，同比下滑 0.08%, 环比增长 2.19%； 实现归母净利润 2.87 亿元，同比增长 8.13%, 环比增长 105.78%；实现扣非归 母净利润 2.64 亿元，同比下滑 10.63%, 环比增长 74.90%；实现经营性现金流 净额 4.22 亿元，同比增长 16.81%, 环比增长 81.16%。 点评： 强烈推荐（维持） 目标估值：NA 当前股价：220.21 元 证券研究报告 | 公司点评报告 2025 年 03 月 31 日 吉比特（603444.SH） Q4 利润环比大增，坚持分红回馈投资者 TMT 及中小盘/传媒 事件： 公司发布 2024 年报，2024 年实现营 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company reported a slight decline in overall performance for 2024, with total revenue of 3.6968 billion yuan, down 11.69% year-on-year, and a net profit attributable to shareholders of 944.92 million yuan, down 16.02% year-on-year. However, the company has implemented dividend and share buyback strategies to boost investor confidence [2][3]. - The company is focusing on long-term operations of core products, with a slight increase in revenue from its flagship game "Ask the Way" and a significant decline in revenue from "A Thought of Immortality." New game launches are expected to contribute positively to revenue in the coming year [2][3]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 877 million yuan, a slight decrease of 0.08% year-on-year, and a net profit of 287 million yuan, an increase of 8.13% year-on-year. The company maintained a high R&D investment rate of 20.50% [2][5]. - The company has a clear product launch schedule for 2025, with expected new releases that could drive revenue growth. The overseas gaming business has shown strong growth, with annual overseas revenue reaching 500 million yuan, up 83.92% year-on-year [2][3]. Earnings Forecast - The company is projected to achieve net profits of 1.1 billion yuan, 1.255 billion yuan, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan. The PE ratios are expected to be 14x, 13x, and 11x for the same years [3][5].

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 29 年 月 日 业绩概览：公司发布 2024 年年报，2024 年公司实现营业收入 36.96 亿， 同比下滑 11.69%；实现归母净利润 9.45 亿，同比下滑 16.02%；实现扣 非归母净利润 8.77 亿，同比下滑 21.61%；剔除汇率和投资业务影响后， 经调整归母净利润 9.09 亿元，同比下滑 22.21%。2024 年四季度公司业 绩环比改善显著，2024Q4 公司实现营业收入 8.77 亿元，YoY-0.08%， QoQ+2.19%；实现归母净利润 2.87 亿元，YoY+8.13%，QoQ+105.78%， 实现扣非后归母净利润 2.64 亿元，YoY-10.63%，QoQ+74.90%。 《问道》端游收入同比增长，新游《《州千食舫》》贡献利润增量。2024 年， 《问道手游》总流水同比下滑 11.39%至 20.73 亿元，收入及利润同比下 滑。2024 年，《《问道》端游总流水同比增长 3.93%至 11.19 亿元，收入及 利润同比基本持平。2024 年，《一念逍遥（大陆版）》总流水同比下滑 42.49%至 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a significant improvement in Q4 performance, with overseas business growing rapidly despite a year-over-year decline in overall revenue and net profit for 2024 [1][3]. - The launch of new games, particularly the successful "州千食舫," is expected to contribute positively to future profits, while the overseas business is projected to continue its high growth trajectory [2][4]. Financial Overview - In 2024, the company achieved revenue of 3.696 billion, a year-over-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1]. - Q4 2024 saw a revenue of 877 million, with a year-over-year decrease of 0.08% but a quarter-over-quarter increase of 2.19% [1]. - The overseas business generated revenue of 500 million in 2024, marking an impressive year-over-year growth of 83.92% [3]. Game Performance - The mobile game "问道手游" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC game "问道" experienced a slight revenue increase of 3.93% to 1.119 billion [2]. - The new game "州千食舫" has achieved slight profitability, while other titles like "不朽家族" and "封州幻想世界" are currently operating at a loss [2][3]. Future Projections - Revenue forecasts for 2025-2027 are 3.918 billion, 4.349 billion, and 4.660 billion respectively, with expected growth rates of 6.0%, 11.0%, and 7.2% [4][5]. - Net profit projections for the same period are 1.002 billion, 1.168 billion, and 1.260 billion, with growth rates of 6.0%, 16.6%, and 7.9% [4][5].

研发策略优化，资源向精品集中公司2024全年研发投入占比达19.96%，研发人员增至 920 人，同时优 化部分低效项目以提升资源集中度。通过"小步快跑"策略强化核心玩法验证，同时推进 AI 技术在策 划、测试环节的应用，降低试错成本。公司研发中台建设成效初显，技术中心、美术中心等支持部门的 专业化能力逐步转化为产品迭代效率。 投资建议：我们认为，在核心产品老化、行业竞争加剧背景下，公司短期业绩承压。但通过收缩代理业 务、聚焦自研精品、加速海外布局等举措，有望重构公司市场竞争力。我们预计公司 2025-2027 年归母 净利润分别为10.03/10.81/11.61亿元，对应PE为16x/15x/14x，维持"推荐"评级。 风险提示：市场竞争加剧的风险、行业政策趋严的风险、新品上线不及预期的风险、买量成本上升的风 险等。 事件 公司发布 2024 年度报告：2024 年全年公司实现营业收入 36.96 亿元，同比下降 11.69%；归母净 利润 9.45 亿元，同比下降 16.02%；扣非归母净利润 8.77 亿元，同比下降 21.61%。 核心产品流水下滑，年度业绩承压公司核心产品进入成熟期：尽管《问道》端 ...

Q4 利润超预期，费用管控成效显著。公司2024 年度收入为36.96 亿元，同比下滑11.7%；归母净利润 9.45 亿元，同比下滑16.0%；扣非归母净利润8.77 亿元，同比下滑21.6%；对应24Q4 单季度，公司营收 8.77 亿元，同比下滑0.1%；归母净利2.87 亿元，同比增长8.1%；扣非归母净利2.64亿元，同比下滑 10.6%，剔除汇兑和投资等经调整后归母净利2.89 亿元，同比下滑20.3%，环比增长86.7%。Q4 尚未摊 销的充值及道具余额为4.78亿元，环比增加400 万元。 我们认为公司Q4 利润超预期主要得益于费用管控和非经常性收益的贡献。具体来看：1）费用端显著优 化，销售/管理/研发费用合计环比减少1.1 亿元；2）汇兑收益增厚利润，归母口径汇兑损益环比增加 4301 万元；3）税项冲销带来额外贡献，所得税费用环比减少4950 万元。 核心产品Q4 相对企稳。2024 年全年《问道》端游收入11.19 亿元，同比增长3.93%；《问道》手游营收 20.73 亿元，同比下滑11.39%；《一念逍遥（大陆版）》营收5.96 亿元，同比下滑42.49%。24Q4《问 道》端游月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has implemented a high dividend payout to shareholders, with a proposed cash dividend of 35 RMB per 10 shares, totaling 718 million RMB, which represents 75.94% of the net profit attributable to shareholders, resulting in a dividend yield of 4.56% [8] - The revenue decline in 2024 is primarily due to the decrease in revenue from existing games, with "Wandao Mobile" and "Yinian Xiaoyao" experiencing year-on-year declines of 11.39% and 42.49% respectively, although this was partially offset by a 3.93% increase in revenue from "Wandao" PC game and an 83.92% increase in overseas revenue [8] - The company is expected to benefit from the launch of new games, including "Wanjian Changsheng," which has already been released and achieved a peak ranking of 14 in the iOS game sales chart, along with other upcoming titles planned for 2025 [8] Financial Summary - Total revenue for 2023 is projected at 4,185 million RMB, with a year-on-year decline of 19.02%, while the net profit attributable to shareholders is expected to be 1,125.12 million RMB, down 22.98% year-on-year [1] - For 2024, total revenue is forecasted to be 3,696 million RMB, a decrease of 11.69%, with net profit expected to be 944.92 million RMB, down 16.02% [1] - Earnings per share (EPS) for 2024 is projected at 13.12 RMB, with a price-to-earnings (P/E) ratio of 16.79 based on the current share price [1] - The company anticipates EPS of 13.62 RMB for 2025, 15.05 RMB for 2026, and 16.82 RMB for 2027, with corresponding P/E ratios of 16, 15, and 13 respectively [8]

证券研究报告 吉比特 (603444 CH) Q4 发行费用改善，期待新品验证 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 28 日│中国内地 | 文化娱乐 | 吉比特发布年报，2024 年实现营收 36.96 亿元（yoy-11.69%），归母净利 9.45 亿元（yoy-16.02%），扣非净利 8.77 亿元（yoy-21.61%）。其中 Q4 实现营收 8.77 亿元（yoy-0.08%，qoq+2.19%），归母净利 2.87 亿元 （yoy+8.13%，qoq+105.78%）。公司Q4归母净利润略高于我们此前预期(此 前预期 24 全年归母净利润 9.1 亿元，Q4 为 2.5 亿元)，主因：1）发行费用 降低；2）归母口径汇兑收益环比增加 4301 万元；3）公司前三季度预提奖 金较为充足，年终根据经营表现冲减部分奖金。同时，公司公告每 10 股派 发现金红利 35 元（含税），公司 2024 年全年现金分红金额预计 7.18 亿元， 占 24 年净利润的比例 76%，股息率为 4.7%。维持"买入"评级。 Q4《问道》流水环比微增 ...