2025 年 04 月 01 日 公司研究●证券研究报告 吉比特（603444.SH） 公司快报 新游戏及海外业务助力公司发展 投资要点 风险提示：政策不确定性、用户偏好不确定性、新游流水不及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 4,127 | 4,504 | 4,711 | | YoY(%) | -19.0 | -11.7 | 11.7 | 9.1 | 4.6 | | 归母净利润(百万元) | 1,125 | 945 | 1,125 | 1,297 | 1,401 | | YoY(%) | -23.0 | -16.0 | 19.0 | 15.3 | 8.0 | | 毛利率(%) | 88.5 | 87.9 | 87.5 | 87.5 | 87.5 | | EPS(摊薄/元) | 15.62 | 13.12 | 15.61 | 18.00 | 19.44 | | ROE(%) | 27.8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's growth is supported by new games and overseas business expansion [1] - The company has shown a steady performance in its core products, with new releases and a strong pipeline for future games [6] - The financial forecast indicates a recovery in net profit and earnings per share (EPS) over the next few years [6] Financial Data and Valuation - Revenue (in million) for 2023A is 4,185, with a YoY decrease of 19.0%. The forecast for 2025E is 4,127, showing an 11.7% increase [3] - Net profit (in million) for 2023A is 1,125, with a YoY decrease of 23.0%. The forecast for 2025E is 1,125, indicating a 19.0% increase [3] - Gross margin is projected to remain stable around 87.5% from 2025E to 2027E [3] - The company’s EPS is expected to rise from 15.61 in 2025E to 19.44 in 2027E [3] - The Price-to-Earnings (P/E) ratio is forecasted to decrease from 14.3 in 2025E to 11.5 in 2027E, indicating potential undervaluation [3] Business Performance - The company’s revenue primarily comes from self-developed products, with significant contributions from titles like "Wandao" and "Yinian Xiaoyao" [6] - Overseas revenue reached 500 million, marking an 83.92% increase, driven by new international game launches [6] - R&D expenses accounted for 20.50% of revenue, reflecting the company's commitment to innovation [6] - New game releases have shown promising user engagement, with over one million registrations for "Wanjian Changsheng" within a week of launch [6]

Investment Rating - The report suggests a cautious approach towards the new stock sector, indicating a potential shift into a consolidation phase, emphasizing the importance of performance and cost-effectiveness [1][12]. Core Viewpoints - The new stock sector has shown signs of volatility and is likely entering a consolidation phase, particularly as the earnings release period approaches, which may increase market disturbances [1][12]. - The average decline for newly listed stocks since 2024 is approximately 3.5%, with only about 23.8% of stocks showing positive returns, indicating a decrease in investor confidence [1][30]. - The report highlights the need to focus on stocks with better performance metrics and cost-effectiveness, especially those that have shown stable growth expectations [2][12]. Summary by Sections New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 17.6X and a subscription success rate of 0.0241% [4][23]. - The average first-day gain for newly listed stocks was about 207%, showing a slight decrease from previous weeks, while the average secondary market return was -9.3%, indicating ongoing consolidation pressure [4][28]. - Since the beginning of 2024, the average return for newly listed stocks in the Shanghai and Shenzhen markets has been -3.5%, with only 23.8% showing gains [5][30]. Upcoming New Stocks - This week, three new stocks are set to be listed, including China Ruilin and Taihong Wanli, with a focus on their performance metrics and market positioning [3][35]. - The report suggests monitoring stocks that have shown stable earnings growth and are positioned in emerging industries, such as robotics and AI [2][12]. Recommendations - The report recommends a cautious investment strategy, focusing on stocks with strong performance metrics and reasonable valuations, particularly in the context of the upcoming earnings release period [1][12]. - Specific stocks to watch include Suzhou Tianmai, Top Yunong, and Laplace, which are considered to have potential in the current market environment [8][43].

Group 1 - The new stock sector is likely entering a consolidation phase, emphasizing performance and cost-effectiveness [1][12] - The average decline of new stocks listed since 2024 is approximately 3.5%, with about 23.8% of new stocks showing positive returns [1][30] - The semiconductor equipment sector experienced significant events, but external catalysts are losing effectiveness, indicating a potential shift in the active cycle of new stocks [1][12] Group 2 - Short-term focus should be on cost-effectiveness, particularly for new stocks that have undergone sufficient consolidation and show stable growth expectations [2][12] - Long-term investments should consider sectors like robotics, AI, and self-controllable technologies, which are expected to remain active [2][12] - Upcoming new stocks include China Ruilin and Taihong Wanli, which are set to be listed soon [3][35] Group 3 - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 17.6X and a subscription success rate of 0.0241% [4][23] - The average first-day gain for new stocks was approximately 207%, indicating a slight decrease compared to previous weeks, while the average secondary market return was -9.3% [4][28] - The average P/E ratio for new stocks listed in March was 21.1X for the ChiNext board, 42.6X for the Sci-Tech Innovation board, and 17.2X for the main board [13][23] Group 4 - The report suggests a cautious approach as the new stock sector may face increased volatility due to upcoming earnings releases [1][12] - Specific stocks to watch include Suzhou Tianmai, Top Yunong, and Laplace, which are considered to have strong performance potential [43] - For mid-term investments, stocks like Nairui Radar and Jun Dingda are recommended for potential opportunities [43]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated handling lines and equipment for bulk materials, including powder, granules, liquids, and slurries. It has established itself as a core supplier in the lithium battery industry, with over 70% of its revenue coming from this sector [20][21]. - The company has shown significant revenue growth in previous years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [4][8]. - The company has a strong market presence, with a market share of approximately 24.67% in lithium battery slurry, 17.99% in cathode materials, and 10.34% in anode materials as of 2022 [20]. Financial Performance - The company achieved a net profit of 297.5 million yuan in 2022, 315 million yuan in 2023, and a projected 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and a decline of 30.08% respectively [4][8]. - For the first quarter of 2025, the company anticipates a revenue change of -8.94% to 11.30% year-on-year, with net profit expected to decline by 36.35% to -22.21% [8][25]. Industry Overview - The automated handling equipment industry is becoming increasingly important in industrial automation and smart manufacturing, with applications expanding across various sectors, including lithium batteries, fine chemicals, rubber and plastics, and food and pharmaceuticals [15][19]. - The global market for automated handling equipment was valued at approximately $33.65 billion in 2018 and is projected to grow to $56.51 billion by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company has established strong relationships with leading clients in the lithium battery sector, including CATL, BYD, and others, which enhances its competitive edge [20]. - The company is diversifying its client base across multiple industries, including fine chemicals, rubber and plastics, and food, which lays a solid foundation for future business development [21]. Investment Projects - The company plans to invest in two projects through its IPO, including an intelligent material conveying and mixing automation system project with a total investment of 240 million yuan and a research and development center construction project with an investment of 92 million yuan [24][28].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated processing lines and equipment for bulk materials, including powders, granules, liquids, and slurries, and has established itself as a core supplier in the lithium battery industry [7][20]. - The company has achieved significant revenue growth in recent years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a forecast of 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [8][4]. - The company has a strong market presence, with over 70% of its revenue coming from the lithium battery sector, and has established partnerships with leading companies in the industry [20][21]. Summary by Sections Basic Financial Status - The company reported revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, with corresponding year-on-year growth rates of 276.06%, 46.83%, and -32.36% [8][4]. - The net profit attributable to the parent company was 297.5 million yuan in 2022, 315 million yuan in 2023, and is expected to be 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and -30.08% [8][4]. Industry Situation - The company operates in the automated processing equipment sector, which is becoming increasingly important in industrial automation and smart manufacturing, with significant growth expected in various applications including lithium batteries and fine chemicals [15][19]. - The global market for automated processing equipment is projected to grow from 33.65 billion USD in 2018 to 56.51 billion USD by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company is a leading supplier of automated processing lines and equipment for the lithium battery industry, with a market share of approximately 24.67% in slurry processing, 17.99% in positive electrode materials, and 10.34% in negative electrode materials [20]. - The company has diversified its client base across various sectors, including fine chemicals, rubber and plastics, and food and pharmaceuticals, establishing relationships with major industry players [21]. Fundraising Project Investment - The company plans to invest in two projects with a total fundraising amount of approximately 532.02 million yuan, including an intelligent material conveying and mixing automation system project and a research and development center construction project [24][28]. Comparison with Peers - Compared to similar companies in the industry, the average revenue for peer companies in 2023 was 8.131 billion yuan, with an average PE-TTM of 16.57X and an average gross profit margin of 28.68%, indicating that the company’s revenue scale and gross margin are below the industry average [25][26].

2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing stable and improving operations, with a focus on active dividend distribution [1] - The company has demonstrated a continuous improvement in financial data, with a significant increase in net profit year-on-year [5][9] - The company maintains a strong position in the market due to its integrated operations and resource advantages [9] Financial Performance - In 2024, the company achieved revenue of 61,537 million yuan, a year-on-year decrease of 10.89%, while net profit attributable to shareholders was 5,333 million yuan, an increase of 17.93% [5][8] - The gross profit margin improved to 17.5%, up by 2.32 percentage points year-on-year [5] - The company plans to produce and sell 4.92 million tons of phosphate fertilizer, 2.67 million tons of urea, and 1.64 million tons of compound fertilizer in 2025 [5] Operational Strategy - The company leverages its "mining integration" and full industry chain operational advantages, adhering to a strategy of "full load, fast turnover, low inventory, and risk prevention" [5] - The company has completed the buyback of an 18.6% minority stake in its subsidiary, making it a wholly-owned subsidiary, which has contributed to an increase in net profit [5] - The company is actively pursuing the development of its resources, including phosphate mining and coal resources, to strengthen its long-term industrial planning [6][9] Financial Management - The company has significantly improved its financial management, with a reduction in the asset-liability ratio from 89.13% in 2019 to 52.26% in 2024 [9] - The company has established a cash dividend plan for the next three years, aiming to distribute no less than 45% of the cumulative distributable profits [9] - The projected earnings per share (EPS) for 2025 is 3.06 yuan, with a price-to-earnings (P/E) ratio of 7.7x [8][9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The report highlights the ongoing deepening of national reading initiatives, which are expected to drive demand to new highs. The government is implementing strategies to promote reading, including the construction of public cultural facilities in residential areas [5] - The overall retail market for books in 2024 is projected to have a scale of 112.9 billion, reflecting a year-on-year decline of 1.52%, returning to 88% of the 2019 level. Traditional sales channels are experiencing contraction, while content e-commerce is showing positive growth [5] - The market structure is shifting from channel-driven growth to a new phase of competition and value reconstruction, with significant differences in the mechanisms of active search and interest recommendation [5] - The mobile reading market in China reached a scale of 30.892 billion in 2023, with a year-on-year growth of 11.18% expected in Q1 2024 [5] Summary by Sections Industry Performance - The report provides a comparative performance analysis over different time frames, indicating relative and absolute returns [4] Market Dynamics - The report discusses the evolution of mobile reading, highlighting its growth from 2003 to the present, with a focus on the impact of technology and market competition [5] - The educational support category holds a significant market share of 25.33% in the book retail market, with an impressive year-on-year growth of 18.73% [5] Investment Recommendations - The report suggests monitoring companies such as Read客文化, 学大教育, 读者传媒, 掌阅科技, 中国出版, 出版传媒, 南方传媒, 中文在线, and 安徽新传媒 as potential investment opportunities [5]