Giant Network(SZ:002558) Guohai Securities·2025-09-07 08:34Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to benefit from the long-term operation of the game "Supernatural" and subsequent profit releases, with strong performance anticipated in the second half of 2025 [7][11]. - The company announced a cash dividend of 1.50 yuan per 10 shares, totaling 284 million yuan, which accounts for 36.49% of the net profit attributable to shareholders for the first half of 2025 [6]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% year-on-year [8]. - In the second quarter of 2025, the company reported revenue of 938 million yuan, a year-on-year increase of 28.42% and a quarter-on-quarter increase of 29.64%, with a net profit of 429 million yuan, reflecting a year-on-year increase of 17.49% and a quarter-on-quarter increase of 23.37% [8]. Game Performance - The game "Supernatural" has exceeded expectations, with over one million concurrent users in July and reaching the fourth position in the iOS game sales rankings in August [7][8]. - The "Original Journey" mini-game has maintained a stable monthly revenue of 100 million yuan, contributing to the company's revenue growth [7]. Future Projections - The company is projected to achieve revenues of 4.943 billion yuan, 6.709 billion yuan, and 7.792 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 2.346 billion yuan, 3.780 billion yuan, and 4.239 billion yuan [11][12]. - The report anticipates significant profit releases in the third and fourth quarters of 2025, driven by the performance of new game releases [11].