Investment Rating - The report maintains a "Buy" rating for the company [15][17]. Core Insights - The company reported a revenue of 4.185 billion yuan in 2023, a decrease of 19.02% year-on-year, and a net profit attributable to shareholders of 1.125 billion yuan, down 22.98% year-on-year. In Q4 2023, revenue was 878 million yuan, a decline of 34.35% year-on-year, with a net profit of 266 million yuan, down 40.82% year-on-year [36][37]. - The performance of core products is expected to stabilize in Q1 2024, with a focus on the subsequent revenue trends and the release schedule of new products in 2024. The company has several new games lined up for release, including "Outpost: Infinity Siege" and "Flying Dragon Knight" [37][38]. Summary by Sections Financial Performance - The company achieved a total revenue of 4.185 billion yuan in 2023, with a net profit of 1.125 billion yuan. The Q4 2023 revenue was 878 million yuan, and the net profit was 266 million yuan [36][37]. - The company’s revenue from overseas reached 272 million yuan in 2023, an increase of 5.03% compared to 2022 [4]. Product Development and Market Strategy - The company has controlled its marketing expenses, with a significant decrease in sales expenses by 20.6% year-on-year and 11.5% quarter-on-quarter in Q4 2023 [5]. - New product launches are limited, but ongoing development efforts are expected to yield new titles in 2024, including several games that have recently received approval for release [37][38]. Future Outlook - The company forecasts net profits of 1.07 billion yuan and 1.26 billion yuan for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 12.8 and 10.9 [15]. - The upcoming releases and the performance of existing products will be critical in determining the company's revenue trajectory in 2024 [37].

证券代码：603444 证券简称：吉比特 公告编号：2024-016 厦门吉比特网络技术股份有限公司 关于 2020 年股票期权激励计划 2024 年第一季度 自主行权结果暨股份变动的公告 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。 重要内容提示： 2022 年 10 月 26 日，经公司董事会、监事会分别审议通过，同意公司调整激 励计划股票期权数量，批准激励计划首次及预留授予期权第二个行权期符合行权 条件，同意符合条件的激励对象进行行权。详见公司于 2022 年 10 月 27 日、2022 年 11 月 12 日、2022 年 11 月 19 日披露在上海证券交易所网站（www.sse.com.cn） 及《中国证券报》《上海证券报》《证券时报》《证券日报》的相关公告。 2023 年 10 月 24 日，经公司董事会、监事会分别审议通过，同意公司注销离 职对象已获授但尚未行权的第三个行权期股票期权，批准激励计划首次及预留授 予期权第三个行权期符合行权条件，同意符合条件的激励对象进行行权。详见公 司于 2023 年 10 ...

证券代码：603444 证券简称：吉比特 公告编号：2024-017 厦门吉比特网络技术股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： 回购方案的实施情况：截至2024年3月31日，厦门吉比特网络技术股份有限公 司（以下简称"公司"）通过上海证券交易所系统以集中竞价交易方式已累计回购股 份74,200股，占公司总股本的比例为0.1030%。回购成交的最高价格为214.27元/股，最 低价格为167.01元/股，已支付的总金额为14,250,618.00元（不含交易费用）。 一、回购股份的基本情况 2023年12月27日，公司召开第五届董事会第十八次会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》。公司拟使用不低于人民币5,000.00万元 （含）且不超过人民币10,000.00万元（含）的自有资金以集中竞价方式回购公司股 份，回购价格为不超过人民币390元/股，回购的公司股份将用于员工持股计划及/或股 权激励，回购期限为自董事会审议通过本 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 | --- | --- | --- | --- | |------------------------------------|-----------------------------------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 年报点评 | | 增持 ( 维持 ) | | 市场数据 | (2024-03-28) | | 发布日期： 2024 年 03 月 29 日 | | 收盘价 ( 元 | ...

证券研究报告 | 公司动态点评 2024 年 03 月 29 日 吉比特（603444.SH） 2023 业绩点评:23 年业绩承压，关注 24 年新品表现 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 5,168 | 4,185 | 4,516 | 4,864 | 5,212 | 股票信息 | | | 增长率 yoy （ % ） | 11.9 | -19.0 | 7.9 | 7.7 | 7.2 | | | | 归母净利润（百万元） | 1,461 | 1,125 | 1,297 | 1,450 | 1,569 | 行业 | 传 ...

1、《吉比特（603444）：产品周期导致业绩短期承 压，关注新游利润释放》2023.10.25 2、《吉比特（603444）：Q2 利润同比增长，关注下 半年新品周期》2023.08.20 23 年业绩承压，关注 24-25 年新游落地 ➢ 新游储备丰富，关注《代号 M72》等自研产品落地 公 司 报 告│ 公 司 年 报 点 评 股价相对走势 -60% -27% 7% 40% 2023/3 2023/7 2023/11 2024/3 吉比特 沪深300 请务必阅读报告末页的重要声明 2 请务必阅读报告末页的重要声明 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|----------|----------|----------------------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | ...

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]