Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's core games are performing steadily, with a focus on product release schedules. The short-term performance is slightly under pressure, but cash dividends and share buybacks are boosting investor confidence [1]. - In H1 2024, the company achieved operating 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. The R&D expense ratio increased significantly, reflecting a commitment to enhancing product development [1]. - The company has a robust pipeline of self-developed and agency games, with several titles expected to launch in the near future, which could positively impact future revenues [2]. Financial Performance - The company reported a significant increase in overseas game revenue, reaching 255 million yuan, a year-on-year growth of 113.77%. This indicates strong international market performance [1]. - The financial forecast for 2024-2026 estimates net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.38 billion yuan respectively, with corresponding EPS of 14.9, 17.4, and 19.2 yuan, and PE ratios of 13x, 11x, and 10x [3][5]. - The company plans to continue its "small steps, fast running" strategy, focusing on stable long-term operations of core products and expanding its game portfolio [3]. Product Pipeline - The company has a rich reserve of games, including self-developed titles like "Wanjian Changsheng" and "Zhangjian Chuanqi," which have received approval and are set for release in the upcoming quarters [2]. - Agency games such as "Fengshen Fantasy World" are scheduled to launch in October 2024, with additional titles expected in the second half of 2024 [2].

| --- | --- | |-------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 1.96 billion yuan for the first half of 2024, a decrease of 16.57% year-on-year, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [1]. - The core gaming products experienced a revenue decline, with three main games generating 2.123 billion yuan, a decrease of 18.56% year-on-year, contributing to 68% of total revenue [1]. - The overseas gaming revenue showed significant growth, reaching 255 million yuan, an increase of 113.77% year-on-year, indicating strong performance in international markets [1]. - The company has a rich pipeline of new games that have received approval and are in various stages of development, expected to launch in the second half of 2024 [1]. - The company plans to distribute a dividend of 4.5 yuan per share, which accounts for 62% of the net profit attributable to shareholders for the period [1]. Financial Summary - For 2024-2026, the projected net profits attributable to shareholders are 1.038 billion yuan, 1.167 billion yuan, and 1.349 billion yuan, respectively, with corresponding P/E ratios of 14x, 12x, and 11x [3]. - The revenue for 2024 is expected to be 3.839 billion yuan, reflecting a decline of 8.27% compared to 2023 [3]. - The gross margin is projected to remain stable, with estimates of 88.92% in 2024 and gradually increasing to 89.55% by 2026 [3].

F原证券 传媒/游戏Ⅱ 公 司 研 究 吉比特（603444.SH） 2024 年 08 月 16 日 海外收入增长亮眼，新产品周期或驱动后续成长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 198.99 | | 一年最高最低 ( 元 ) | 436.00/153.23 | | 总市值 ( 亿元 ) | 143.35 | | 流通市值 ( 亿元 ) | 143.35 | | 总股本 ( 亿股 ) | 0.72 | | 流通股本 ( 亿股 ) | 0.72 | | 近 3 个月换手率 (%) | 103.24 | Q2 业绩下滑，拟实施中期分红，关注新产品周期，维持"买入"评级 公司 2024H1 实现营业收入 19.60 亿元（同比- ...

来源：公司年报、国金证券研究所 吉比特 (603444.SH) 买入(维持评级) 业绩企稳,中期分红回馈投资者,关注 业绩简评 8 月 15 日，24 年中报发布，H1 营收 19.6 亿元/同比-16.6%，归母 净利 5.2 亿/同比-23.4%；Q2 营收 10.3 亿/同比-14.3%，归母净利 2.6亿/同降28.4%。中期现金分红4.5元/股，现金分红比例62.4%。 经营分析 收入：Q2 环比增长，《问道》IP 稳中有升，新游贡献增量。1）Q2 收入同比-14.3%，主要系《一念逍遥》流水大幅下滑，及《摩尔 庄园》合作到期致本年度未再确收，《问道端游》的增长、新游《飞 吧龙骑士》《超进化物语 2》等的增量及境外业务增长（同比+113.8% 至 2.55 亿元）未能弥补前述下降的缺口。2）Q2 收入环比+11.3%， 连续 2 个季度环比增长，主要系主力《问道手游》Q2 开启 8 周年 庆，流水环比增长；此外，H1《问道》端游流水同比+16.3%，持 续运营 18 年仍能实现流水正增长，体现了问道 IP 较强的生命力。 盈利：Q2 扣非净利率环比提升，新游后续有望盈利。1）Q2 归母 净利同、环比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 1.96 billion yuan in H1 2024, 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. The performance met expectations [2] - The company announced a cash dividend distribution plan for H1 2024, proposing a cash dividend of 45 yuan (including tax) for every 10 shares, totaling 323 million yuan, which accounts for 62.36% of the net profit attributable to shareholders for H1 2024 [2] - The company is expected to enter a new stable phase with existing games while awaiting the launch of new products [3] - The forecast for EPS has been adjusted downwards for 2024-2026 to 13.13, 15.31, and 16.93 yuan, respectively, corresponding to current P/E ratios of 15, 13, and 12 times [3] Summary by Sections Financial Performance - In H1 2024, the company reported total operating revenue of 1.96 billion yuan, a decrease of 16.57% year-on-year, and a net profit of 518 million yuan, down 23.39% year-on-year. The net profit for Q2 2024 was 264 million yuan, a year-on-year decline of 28.14% [2] - The company’s revenue from its key products in H1 2024 included 656 million yuan from "Wandao PC Game" (up 16.31% year-on-year) and 1.155 billion yuan from "Wandao Mobile Game" (down 14.66% year-on-year) [3] Future Outlook - The company is set to launch new games, with "Zhang Jian Chuan Shuo" (code M88) entering paid testing on August 13, 2024, and expected to launch in H1 2025 [3] - The company is actively monitoring the performance of new games and expects to see improvements in revenue from existing titles as they stabilize [3] Valuation Metrics - The current market price is 198.99 yuan, with a P/E ratio of 12.74 for 2023 and projected P/E ratios of 15.16 for 2024 and 13.00 for 2025 [4][8] - The company’s total market capitalization is approximately 14.34 billion yuan [4]

F原证券 传媒/游戏Ⅱ 公 司 研 究 吉比特（603444.SH） 2024 年 08 月 16 日 海外收入增长亮眼，新产品周期或驱动后续成长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 198.99 | | 一年最高最低 ( 元 ) | 436.00/153.23 | | 总市值 ( 亿元 ) | 143.35 | | 流通市值 ( 亿元 ) | 143.35 | | 总股本 ( 亿股 ) | 0.72 | | 流通股本 ( 亿股 ) | 0.72 | | 近 3 个月换手率 (%) | 103.24 | Q2 业绩下滑，拟实施中期分红，关注新产品周期，维持"买入"评级 公司 2024H1 实现营业收入 19.60 亿元（同比- ...

证券代码：603444 证券简称：吉比特 公告编号：2024-034 厦门吉比特网络技术股份有限公司 关于控股子公司厦门雷霆网络科技股份有限公司 拟申请在全国中小企业股份转让系统终止挂牌的公告 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。 厦门吉比特网络技术股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日 召开的第五届董事会第二十二次会议审议通过了《关于控股子公司拟申请在全国 中小企业股份转让系统终止挂牌的议案》，公司控股子公司厦门雷霆网络科技股 份有限公司（以下简称"雷霆股份"）拟申请其股票在全国中小企业股份转让系 统（以下简称"全国股转系统"）终止挂牌。 上述事项尚需提交公司 2024 年第一次临时股东会会议审议。 一、雷霆股份的基本情况 公司名称：厦门雷霆网络科技股份有限公司 法定代表人：翟健 注册资本：3,000 万人民币 成立日期：2014 年 12 月 10 日 统一社会信用代码：9135020630312174X1 企业类型：股份有限公司 注册地址：厦门市湖里区槟城道 293 号 701 室 ...

证券代码：603444 证券简称：吉比特 公告编号：2024-033 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。 一、董事会会议召开情况 厦门吉比特网络技术股份有限公司（以下简称"公司"）于 2024 年 8 月 2 日 以电子邮件方式发出召开第五届董事会第二十二次会议的通知，并于 2024 年 8 月 14 日以现场与通讯相结合方式在公司会议室召开会议。本次会议应出席董事 共 7 名，实际出席会议董事 7 名。公司全体监事及高级管理人员列席了本次会 议。本次会议的通知、召集及召开符合《中华人民共和国公司法》（以下简称"《公 司法》"）、《公司章程》的有关规定。本次会议由公司董事长卢竑岩先生主持。与 会董事经过认真审议并以记名投票的方式进行表决。 二、董事会会议审议情况 厦门吉比特网络技术股份有限公司 （一）董事会以 7 票同意、0 票反对、0 票弃权审议通过了《关于审议<公司 2024 年半年度报告>及其摘要的议案》。 第五届董事会第二十二次会议决议公告更新版 根据《中华人民共和国证券法》《公开发行证券的公司信息披露内容 ...

厦门吉比特网络技术股份有限公司 监事会议事规则 （2024 年 8 月修订） 第一章 总则 第一条 为进一步规范厦门吉比特网络技术股份有限公司（以下简称公司） 监事会的运作，确保监事会履行全体股东赋予的职责，完善公司法人治理结构， 根据《中华人民共和国公司法》（以下简称《公司法》）和《厦门吉比特网络技术 股份有限公司章程》（以下简称《公司章程》）等有关规定，结合公司实际，制订 本规则。 第二条 监事会对股东会负责。监事会对公司财务以及公司董事、高级管理 人员履行职责的合法性进行监督，维护公司及股东的合法权益。 第三条 公司应采取措施保障监事的知情权，及时向监事提供必要的信息和 资料，以便监事会对公司财务状况和经营管理情况进行有效的监督、检查和评价。 第二章 监事会的组成和办事机构 第四条 监事会由 3 名监事组成，包括 2 名股东代表监事和 1 名职工代表监 事。 第五条 监事会设主席 1 名，由监事担任，由全体监事过半数选举产生。 第六条 监事每届任期 3 年。股东代表担任的监事由股东会选举和罢免；职 工代表担任的监事由公司职工民主选举和罢免。监事连选可以连任。 第七条 监事会设监事会办公室，处理监事会日常 ...