G-bits(603444) 德邦证券·2024-08-19 10:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company reported a 24H1 revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [3][4] - The decline in performance is primarily due to a decrease in revenue from the company's main games, with total revenue from three key games in 24H1 amounting to 2.12 billion yuan, including a significant drop of 54.81% for "Yinian Xiaoyao (Mainland Version)" [3][4] - The company has a rich pipeline of new games and is successfully expanding into overseas markets, with overseas revenue increasing by 113.8% to 255 million yuan in 24H1 [3][4] Summary by Sections Market Performance - The company's stock price has shown a relative performance improvement compared to the market, with a 22.94% relative increase over the past month [2] Financial Performance - The company achieved a quarterly revenue of 1.03 billion yuan in 24Q2, representing a quarter-on-quarter increase of 11.34%, and a net profit of 264 million yuan, up 4.38% quarter-on-quarter [3][4] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, resulting in a dividend yield of 2.37% based on the closing price on August 16 [4] Earnings Forecast - The company is expected to see revenue growth in the coming years, with projected revenues of 3.93 billion yuan, 4.54 billion yuan, and 4.84 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -6.2%, 15.6%, and 6% [4][5] - The forecasted net profit for the same period is 1.02 billion yuan, 1.25 billion yuan, and 1.36 billion yuan, with corresponding year-on-year growth rates of 9.0%, 21.6%, and 9.3% [4][5]