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吉比特(603444):Q2业绩高增,高分红延续,新游及出海驱动成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in H1 2025, with revenue of 2.518 billion yuan, up 28.49% year-on-year, and a net profit of 645 million yuan, up 24.50% year-on-year. The growth was primarily driven by the strong performance of new games such as "Wanjian Changsheng" and "Zhangjian Chuanqi" [3][4] - The company plans to continue its high dividend policy, proposing a cash dividend of 66 yuan per 10 shares, resulting in a payout ratio of 73% [3] - The forecast for net profit for 2025-2027 has been raised, with expected figures of 1.499 billion, 1.928 billion, and 2.312 billion yuan respectively, corresponding to EPS of 20.81, 26.77, and 32.10 yuan [3][4] Financial Summary - In H1 2025, the gross margin was 92.3%, an increase of 4.1 percentage points year-on-year, attributed to a higher proportion of self-developed games [4] - The company’s operating expenses for H1 2025 were 33.2% for sales, 8.2% for management, and 14.2% for R&D, with sales expenses increasing due to marketing investments in new games [4] - The company’s new games have shown strong performance in both domestic and overseas markets, with "Zhangjian Chuanqi" ranking high on various charts and "Wanjian Changsheng" achieving over one million registered users in its first week [5] Financial Projections - Revenue projections for 2025-2027 are 5.193 billion, 6.241 billion, and 6.780 billion yuan, with year-on-year growth rates of 40.5%, 20.2%, and 8.6% respectively [6][8] - The projected net profit for 2025-2027 is 1.499 billion, 1.928 billion, and 2.312 billion yuan, with corresponding year-on-year growth rates of 58.7%, 28.6%, and 19.9% [6][8] - The company’s gross margin is expected to remain strong at around 92% for the next few years, indicating robust profitability [6][8]