G-bits(SH:603444) Shenwan Hongyuan Securities·2025-11-04 10:16Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6]. Core Insights - The company reported a strong Q3 performance with total revenue of 1.97 billion yuan, a year-on-year increase of 129%, and a net profit attributable to shareholders of 570 million yuan, up 308% year-on-year, exceeding market expectations [6]. - The new game "杖剑" (Zhang Jian) has shown better-than-expected sustainability in both domestic and overseas markets, contributing significantly to revenue growth [6]. - The company has raised its earnings forecast based on the strong performance of new titles, projecting revenues of 6.27 billion yuan, 7.16 billion yuan, and 7.78 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Data and Profit Forecast - Total revenue (million yuan): - 2024: 3,696 - 2025E: 6,265 - 2026E: 7,156 - 2027E: 7,788 - Year-on-year growth rates (%): - 2025E: 69.5 - 2026E: 14.2 - 2027E: 8.8 - Net profit attributable to shareholders (million yuan): - 2025E: 1,779 - 2026E: 2,008 - 2027E: 2,310 - Gross margin (%): - 2025E: 93.4 - 2026E: 88.2 - 2027E: 89.9 - Return on equity (ROE %): - 2025E: 29.8 - 2026E: 30.2 - 2027E: 31.0 [2][6][8]. Market Data - Closing price (yuan): 452.01 - Market capitalization (million yuan): 32,563 - Dividend yield (%): 2.68 - Price-to-earnings ratio (PE): - 2026E: 16 - 2027E: 14 [3][6].