G-bits(603444) 太平洋·2024-10-29 02:17Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][8]. Core Views - The company experienced a revenue decline of 14.77% year-on-year in the first three quarters of 2024, totaling 2.818 billion yuan, with a net profit decrease of 23.48% to 658 million yuan [1]. - The third quarter of 2024 saw a revenue of 859 million yuan, down 10.36% year-on-year, and a net profit of 140 million yuan, down 23.82% year-on-year [1]. - The decline in performance is attributed to several factors, including the underperformance of existing games, decreased sales efficiency, and increased financial costs due to reduced interest income and exchange rate fluctuations [1]. - The company plans to launch five new games, which are expected to revitalize its product cycle [1]. - The company has a strong commitment to returning value to shareholders, with a proposed cash dividend of 20 yuan per 10 shares, totaling 144 million yuan, and an expected cash dividend payout ratio of 70.94% for the first three quarters of 2024 [1]. Financial Summary - The projected revenues for 2024-2026 are 3.689 billion yuan, 4.536 billion yuan, and 5.008 billion yuan, respectively, with growth rates of -11.84%, 22.96%, and 10.39% [4]. - The net profit forecasts for the same period are 861 million yuan, 1.153 billion yuan, and 1.278 billion yuan, with corresponding growth rates of -23.48%, 33.99%, and 10.82% [4]. - The diluted earnings per share are expected to be 11.95 yuan in 2024, 16.01 yuan in 2025, and 17.74 yuan in 2026 [4].