G-bits(SH:603444) GOLDEN SUN SECURITIES·2024-08-18 01:07Investment Rating - The report maintains a "Buy" rating for the company [4][2] Core Views - The company reported a decline in revenue and net profit for H1 2024, with total revenue of 1.96 billion yuan, down 16.57% year-on-year, and a net profit of 518 million yuan, down 23.39% year-on-year [1] - Despite the overall decline, the company experienced a significant increase in overseas revenue, which grew by 113.77% year-on-year, contributing to 13.01% of total revenue [1] - The company has a robust pipeline of new games, with several self-developed and agency products expected to launch within the year, which is anticipated to drive future revenue growth [2] Financial Overview - For H1 2024, the company achieved a revenue of 1.96 billion yuan, with a net profit of 518 million yuan, and a non-GAAP net profit of 463 million yuan [1] - The company plans to distribute a cash dividend of 4.5 yuan per share, totaling 323 million yuan [1] - Revenue projections for 2024-2026 are estimated at 4.44 billion yuan, 4.82 billion yuan, and 5.35 billion yuan, respectively, with year-on-year growth rates of 6.2%, 8.5%, and 11.0% [2] Game Performance - The company launched three new games, contributing to revenue growth in Q2 2024, with the game "Wandao" showing a 16.31% increase in total revenue to 656 million yuan [1] - The overseas business is expanding rapidly, with multiple self-developed products undergoing testing in international markets [1] - The company has a strong lineup of upcoming games, including "Wanjian Changsheng" and "Zhangjian Chuanqi," which have recently obtained approval for release [2]