G-bits(SH:603444) Orient Securities·2025-04-10 12:21Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 207.90 CNY [1] Core Views - The company is expected to see revenue growth driven by the launch of new games, including "Wanjian Changsheng" and "Zhangjian Chuanqi" [6][8] - The forecasted net profit for the years 2025, 2026, and 2027 is 1.069 billion CNY, 1.158 billion CNY, and 1.327 billion CNY respectively, reflecting a recovery in game revenue [6] - The company has a strong gross margin of 88% and a net margin of 25.2% projected for 2025 [6][8] Financial Summary - The company's revenue for 2023 was 4.185 billion CNY, with a year-on-year decline of 19% [7] - The expected revenue for 2025 is 4.236 billion CNY, representing a growth of 14.6% compared to 2024 [7] - The net profit attributable to the parent company for 2024 is projected to be 945 million CNY, with a year-on-year decrease of 16% [7] - The earnings per share (EPS) for 2025 is estimated at 14.85 CNY, with a projected increase to 18.42 CNY by 2027 [7][11] - The company maintains a healthy financial position with a projected debt-to-asset ratio of 19.5% for 2025 [11]