吉比特：大额分红，问道端游表现出色

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [5]. Core Views - The company reported a total revenue of 1.96 billion yuan for the first half of 2024, a year-on-year decline of 16.5%. The net profit attributable to the parent company was 518 million yuan, down 23.39% year-on-year [1][2]. - The company plans to distribute a cash dividend and buyback amounting to 368 million yuan, which represents 71% of the net profit for the first half of 2024 [1]. - The performance of the core game "Wandao" showed significant improvement, with revenue of 656 million yuan in the first half of 2024, up 16.31% year-on-year [1][2]. - New games launched in the first half of 2024 contributed to revenue growth, although they have not yet achieved profitability [1][2]. Summary by Sections Financial Performance - Revenue (in million yuan): 2023A: 4,185; 2024E: 3,890; 2025E: 4,499; 2026E: 4,859, with growth rates of -19%, -7%, 16%, and 8% respectively [1]. - Net Profit (in million yuan): 2023A: 1,125; 2024E: 951; 2025E: 1,119; 2026E: 1,284, with growth rates of -23%, -15%, 18%, and 15% respectively [1]. - Earnings per Share (in yuan): 2023A: 15.62; 2024E: 13.21; 2025E: 15.53; 2026E: 17.83 [1]. Cost Structure - Management expenses for the first half of 2024 were 180 million yuan, down 7.7% year-on-year, with a management expense ratio of 9.2% [2]. - R&D expenses were 391 million yuan, up 5.8% year-on-year, with a R&D expense ratio of 20% [2]. - Sales expenses were 540 million yuan, down 16.5% year-on-year, maintaining a sales expense ratio of 27.4% [2]. Future Projections - Revenue projections for 2024-2026 are adjusted to 3.89 billion yuan (originally 4.028 billion yuan), 4.499 billion yuan (originally 4.921 billion yuan), and 4.859 billion yuan (originally 5.413 billion yuan) respectively, with expected growth rates of -7%, 16%, and 8% [2]. - Net profit projections for the same period are adjusted to 951 million yuan (originally 1.076 billion yuan), 1.119 billion yuan (originally 1.233 billion yuan), and 1.284 billion yuan (originally 1.462 billion yuan) respectively, with expected growth rates of -15%, 18%, and 15% [2].