G-bits(603444) 国元证券·2025-04-24 08:32Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded expectations, driven by new game contributions and a significant increase in revenue from item consumption [2][3] - The new game "Wanjian Changsheng" has shown outstanding performance, with over 2 million registered users and a peak ranking of 14th on the App Store game sales chart [3] - The company is set to launch two new products in 2025, which are expected to contribute to revenue growth [3] Financial Performance - In Q1 2025, the company achieved revenue of 1.136 billion yuan, a year-on-year increase of 22.47%, and a net profit attributable to shareholders of 283 million yuan, up 11.82% year-on-year [2] - The company's non-GAAP net profit was 275 million yuan, reflecting a year-on-year growth of 38.71% [2] - The expense ratios for sales, management, and R&D in Q1 2025 were 31.70%, 9.74%, and 15.89%, respectively, showing slight changes compared to the previous year [2] Product Development - The company continues to implement a long-term operational strategy for its games, with classic products maintaining stable operations [3] - The overseas gaming business generated revenue of 117 million yuan in Q1, a decrease of 15.95% year-on-year, primarily due to reduced income from previously launched games [3] - Upcoming titles include "Zhangjian Chuan Shuo" (code M88) and "Jiumu Zhi Ye," with planned launches in 2025 [3] Profit Forecast - The company is expected to achieve net profits of 1.1 billion, 1.255 billion, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan [4] - The projected P/E ratios for 2025, 2026, and 2027 are 14x, 12x, and 11x, respectively [4]