G-bits(SH:603444) Soochow Securities·2025-03-28 11:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has implemented a high dividend payout to shareholders, with a proposed cash dividend of 35 RMB per 10 shares, totaling 718 million RMB, which represents 75.94% of the net profit attributable to shareholders, resulting in a dividend yield of 4.56% [8] - The revenue decline in 2024 is primarily due to the decrease in revenue from existing games, with "Wandao Mobile" and "Yinian Xiaoyao" experiencing year-on-year declines of 11.39% and 42.49% respectively, although this was partially offset by a 3.93% increase in revenue from "Wandao" PC game and an 83.92% increase in overseas revenue [8] - The company is expected to benefit from the launch of new games, including "Wanjian Changsheng," which has already been released and achieved a peak ranking of 14 in the iOS game sales chart, along with other upcoming titles planned for 2025 [8] Financial Summary - Total revenue for 2023 is projected at 4,185 million RMB, with a year-on-year decline of 19.02%, while the net profit attributable to shareholders is expected to be 1,125.12 million RMB, down 22.98% year-on-year [1] - For 2024, total revenue is forecasted to be 3,696 million RMB, a decrease of 11.69%, with net profit expected to be 944.92 million RMB, down 16.02% [1] - Earnings per share (EPS) for 2024 is projected at 13.12 RMB, with a price-to-earnings (P/E) ratio of 16.79 based on the current share price [1] - The company anticipates EPS of 13.62 RMB for 2025, 15.05 RMB for 2026, and 16.82 RMB for 2027, with corresponding P/E ratios of 16, 15, and 13 respectively [8]