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吉比特:存量产品仍存压,期待25年新品周期

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 2.82 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 658 million yuan, down 23.48% year-on-year, with a net profit margin of 23.3% [1]. - The third quarter alone saw a revenue of 859 million yuan, a quarter-on-quarter decline of 16.83% and a year-on-year decline of 10.36%, with a net profit of 140 million yuan, down 47.19% quarter-on-quarter and 23.82% year-on-year [1]. - The company continues to provide high cash dividends to investors, with a dividend payout ratio of 70.94% for the first three quarters [1]. - The performance of some core products has been affected by seasonal factors, with the game "Wandering Dao" generating 881 million yuan in revenue from January to September 2024, a year-on-year increase of 7.71% [1]. - The company has a rich pipeline of upcoming products, with expectations for new game launches to improve revenue performance in the fourth quarter [1]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 3.75 billion yuan, 4.31 billion yuan, and 4.70 billion yuan, respectively, reflecting year-on-year changes of -10.3%, +14.8%, and +9.1% [2]. - The net profit attributable to shareholders is expected to be 878 million yuan in 2024, 1.09 billion yuan in 2025, and 1.27 billion yuan in 2026, with year-on-year changes of -22.0%, +24.1%, and +16.4% [2]. - The gross profit margin is projected to be 87.7% in 2024, 88.3% in 2025, and 88.8% in 2026 [2]. - The return on equity (ROE) is expected to decline to 18.8% in 2024, then stabilize at 20.0% for 2025 and 2026 [2]. Product Pipeline and Future Outlook - The company plans to launch a new version of "Wandering Dao Mobile" in November, which is expected to enhance revenue performance in Q4 [1]. - Two new products, "Wand Sword Eternal" and "Staff Sword Legend," have undergone initial paid testing and are set for further testing and potential launch in the first half of 2025 [1].