G-bits(SH:603444) GOLDEN SUN SECURITIES·2025-03-29 13:37Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a significant improvement in Q4 performance, with overseas business growing rapidly despite a year-over-year decline in overall revenue and net profit for 2024 [1][3]. - The launch of new games, particularly the successful "州千食舫," is expected to contribute positively to future profits, while the overseas business is projected to continue its high growth trajectory [2][4]. Financial Overview - In 2024, the company achieved revenue of 3.696 billion, a year-over-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1]. - Q4 2024 saw a revenue of 877 million, with a year-over-year decrease of 0.08% but a quarter-over-quarter increase of 2.19% [1]. - The overseas business generated revenue of 500 million in 2024, marking an impressive year-over-year growth of 83.92% [3]. Game Performance - The mobile game "问道手游" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC game "问道" experienced a slight revenue increase of 3.93% to 1.119 billion [2]. - The new game "州千食舫" has achieved slight profitability, while other titles like "不朽家族" and "封州幻想世界" are currently operating at a loss [2][3]. Future Projections - Revenue forecasts for 2025-2027 are 3.918 billion, 4.349 billion, and 4.660 billion respectively, with expected growth rates of 6.0%, 11.0%, and 7.2% [4][5]. - Net profit projections for the same period are 1.002 billion, 1.168 billion, and 1.260 billion, with growth rates of 6.0%, 16.6%, and 7.9% [4][5].