G-bits(SH:603444) Xin Lang Cai Jing·2025-10-15 10:27Core Viewpoint - The company expects significant profit growth in 2025, driven by new game launches and strong performance in both domestic and international markets [1][2][3]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 1.032 to 1.223 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 57% to 86% [1]. - For Q3 2025, the expected net profit is between 387 to 578 million yuan, with a year-on-year growth rate ranging from 177% to 286% [1]. - The company plans to distribute a cash dividend of 6.6 yuan per share, totaling approximately 470 million yuan [1]. Group 2: Game Performance - The game "Zhang Jian Chuan Shuo" has performed exceptionally well, generating over 424 million yuan in revenue within the first month of its launch [2]. - The game has shown resilience in revenue decline, outperforming typical trends for similar genres, and has achieved significant success in overseas markets, particularly in Hong Kong, Macau, and Japan [2]. - "Dao You Lai Wa Bao," launched in May, has maintained a top position in the mini-game sales rankings, indicating a strong user engagement and high profit margins due to low marketing costs [3]. Group 3: Product Pipeline and Future Growth - The company has a robust pipeline of games, including the SLG mobile game "Jiu Mu Zhi Ye," which is currently in testing and expected to contribute to long-term growth [4]. - The ongoing updates and events for "Wen Jian Chang Sheng" are anticipated to enhance user retention and revenue generation [4]. Group 4: Profit Forecast and Valuation - The company maintains profit forecasts of 1.63 billion yuan, 1.82 billion yuan, and 1.93 billion yuan for 2025 to 2027 [5]. - A target price of 565.66 yuan is set, based on a 25X PE ratio for 2025, reflecting the strong performance of new products and mini-games [5].