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吉比特:老游衰减致利润环比下降,关注后续新品及长线分红

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][3] Core Views - The company is experiencing a decline in profits due to the diminishing revenue from core games and an increase in R&D expenses. The report emphasizes the need to monitor the performance of upcoming new products and the company's long-term dividend strategy [1][2][3] Financial Summary - Revenue Forecast (in million yuan): - 2022A: 5,167.62 - 2023A: 4,184.85 - 2024E: 3,676.11 - 2025E: 4,101.75 - 2026E: 4,409.35 [1][3] - Net Profit Forecast (in million yuan): - 2022A: 1,460.87 - 2023A: 1,125.12 - 2024E: 893.30 - 2025E: 1,037.40 - 2026E: 1,126.61 [1][3] - Earnings Per Share (EPS): - 2022A: 20.28 - 2023A: 15.62 - 2024E: 12.40 - 2025E: 14.40 - 2026E: 15.64 [1][3] - Price-to-Earnings Ratio (P/E): - 2022A: 10.37 - 2023A: 13.46 - 2024E: 16.96 - 2025E: 14.60 - 2026E: 13.45 [1][3] - Price-to-Book Ratio (P/B): - 2022A: 3.81 - 2023A: 3.39 - 2024E: 3.19 - 2025E: 2.99 - 2026E: 2.80 [1][3] Investment Highlights - The company is focusing on enhancing shareholder returns and increasing long-term investment value. It has announced a cash dividend distribution plan for the third quarter of 2024, proposing a total cash dividend of 1.44 billion yuan, which accounts for 20% of the corresponding net profit attributable to shareholders [1][3]