G-bits(SH:603444) Shenwan Hongyuan Securities·2025-04-01 13:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [9]. Core Insights - The company reported a total revenue of 3.7 billion in 2024, a year-on-year decrease of 12%, with a net profit of 945 million, down 16% year-on-year. However, Q4 showed signs of recovery with a revenue of 880 million, flat year-on-year, and a net profit of 290 million, up 8% year-on-year, driven by reduced expenses and improved foreign exchange gains [1][9]. - The company is expected to see a revenue rebound in 2025, supported by new product launches, including "Wanjian Changsheng," which is anticipated to generate over 100 million in its first month [9]. - The dividend payout has returned to a high level, with a total of 720 million distributed in 2024, resulting in a dividend yield of 4.4% [9]. Financial Summary - The total revenue is projected to increase from 3.7 billion in 2024 to 4.25 billion in 2025, reflecting a growth rate of 15% [3][10]. - The net profit is expected to rise from 945 million in 2024 to 1.008 billion in 2025, with a growth rate of 6.7% [3][10]. - The earnings per share (EPS) is forecasted to be 13.99 in 2025, up from 13.15 in 2024 [3][10]. - The gross margin is expected to remain stable, increasing slightly from 87.9% in 2024 to 88.9% in 2025 [3][10]. - The return on equity (ROE) is projected to be 19.4% in 2025, maintaining a strong performance [3][10].