G-bits(603444) Guohai Securities·2024-10-27 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's Q3 2024 performance showed a revenue of 859 million yuan, a year-over-year decrease of 10.36%, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The company continues to reward shareholders with cash dividends, proposing a distribution of 20.00 yuan per 10 shares, totaling 144 million yuan, which represents 70.94% of the net profit attributable to shareholders for the first three quarters of 2024 [3][5] - The overseas revenue for the first nine months of 2024 reached 369 million yuan, reflecting a significant year-over-year increase of 99.57% [4][5] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 859 million yuan, a decrease of 10.36% year-over-year, and a net profit of 140 million yuan, down 23.82% year-over-year [2][3] - The total revenue for the first nine months of 2024 was 2.818 billion yuan, a decline of 14.77% year-over-year, with a net profit of 658 million yuan, down 23.48% year-over-year [3][4] Dividend Policy - The company announced a cash dividend of 20.00 yuan per 10 shares, amounting to 144 million yuan, with total cash dividends for the first three quarters of 2024 expected to be 466 million yuan, representing 70.94% of the net profit attributable to shareholders [3][5] Product Pipeline and Growth Potential - The company has a rich product pipeline with several games in the testing phase, including "Wanjian Changsheng" and "Zhangjian Chuanqi," which are expected to launch in 2025 [5] - The company forecasts revenues of 3.68 billion yuan, 4.10 billion yuan, and 4.53 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 873 million yuan, 1.092 billion yuan, and 1.240 billion yuan for the same years [5][6]