G-bits(SH:603444) Guoyuan Securities·2025-08-21 12:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][9]. Core Insights - The company reported strong performance in H1 2025, with revenue reaching 2.518 billion yuan, a year-on-year increase of 28.49%, and a net profit attributable to shareholders of 645 million yuan, up 24.50% year-on-year [1][3]. - The successful launch of new games, particularly "杖剑传说" and "问剑长生," contributed significantly to revenue growth, with the latter achieving a total revenue of 566 million yuan in H1 2025 [2][3]. - The company has a solid product lineup, with classic titles maintaining stable operations, and plans for further game launches in H2 2025 [2]. Financial Performance Summary - In Q2 2025, the company achieved revenue of 1.382 billion yuan, a 33.89% increase year-on-year, and a net profit of 361 million yuan, up 36.64% year-on-year [1]. - The company’s expense ratios for sales, management, and R&D in H1 2025 were 33.22%, 8.19%, and 14.17%, respectively, reflecting a rise in sales expenses due to new game launches [1]. - The company announced a cash dividend of 66.00 yuan per 10 shares (including tax) to all shareholders, boosting investor confidence [1]. Earnings Forecast - The company is expected to achieve net profits of 1.458 billion yuan, 1.675 billion yuan, and 1.802 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 20.24 yuan, 23.26 yuan, and 25.02 yuan [3].