Giant Network(SZ:002558) Xin Lang Cai Jing·2025-10-30 12:37Core Insights - The company reported stable revenue and profit growth for the first three quarters of 2025, with a revenue of 3.368 billion yuan, up 51.84% year-on-year, and a net profit attributable to shareholders of 1.417 billion yuan, up 32.31% year-on-year [1] - The game "Supernatural Action Group" has shown strong performance in Q3 2025, with significant user growth and revenue increase driven by new content and collaborations [2] - The company maintains a robust product pipeline and has a positive earnings forecast for 2025-2027, with an expected EPS of 1.16, 1.84, and 2.11 yuan for the respective years [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.368 billion yuan, representing a year-on-year increase of 51.84% [1] - In Q3 2025, the company reported a revenue of 1.706 billion yuan, up 115.63% year-on-year, and a net profit of 640 million yuan, up 81.19% year-on-year [1] - The company's contract liabilities reached 1.333 billion yuan by the end of Q3 2025, an increase of 440 million yuan from Q2, primarily due to adjustments in the game revenue deferral period [1] Game Performance and Product Pipeline - "Supernatural Action Group" has rapidly gained popularity with over 1 million concurrent players in July 2025, supported by new maps and collaborations with popular IPs [2] - The company has successfully launched new products in the casual gaming sector, with "Original Journey" achieving over 20 million new users in the first half of the year [2] - The company has a strong product reserve, including the card strategy game "Famous Generals Kill," which has received a license, and the SLG product "Five Thousand Years," which is in the testing phase [2] Investment Outlook - The company is expected to maintain a strong performance in the "Journey" IP sector, with the "Supernatural Action Group" exceeding revenue expectations and a solid product pipeline [3] - The projected PE ratios for 2025-2027 are 31, 19, and 17 times, respectively, indicating a favorable investment outlook [3]