G-bits(SH:603444) KAIYUAN SECURITIES·2025-10-29 05:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with Q1-3 2025 revenue reaching 4.486 billion yuan, a year-on-year increase of 59.17%. The net profit attributable to shareholders was 1.214 billion yuan, up 84.66% year-on-year, indicating strong performance driven by new game releases [4][5] - The company plans to distribute a dividend of 60 yuan per 10 shares (including tax), maintaining a high payout ratio of approximately 75% for the first three quarters [4] - The report highlights the potential for continued high growth driven by new game launches and overseas market expansion, with revised profit forecasts for 2025-2027 [4][5] Financial Summary - For 2025, the company is expected to achieve a revenue of 5.855 billion yuan, a year-on-year increase of 58.4%. The net profit attributable to shareholders is projected to be 1.632 billion yuan, up 72.7% year-on-year [7] - The gross margin for 2025 is estimated at 93.6%, with a net margin of 27.9% [11] - The earnings per share (EPS) for 2025 is forecasted to be 22.65 yuan, with a price-to-earnings (P/E) ratio of 20.2 times [7][11]