G-bits(SH:603444) GF SECURITIES·2026-01-29 03:49Investment Rating - The report maintains a "Buy" rating for the company, with a target price of approximately 541.76 RMB per share based on a 20x P/E valuation for 2026 [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.689 billion to 1.86 billion RMB in 2025, representing a year-on-year growth of 79% to 97% [6]. - New product launches, including "杖剑传说" and "问剑长生," are driving significant revenue growth, particularly in the idle game category, where the company holds a leading position [6]. - The company is actively pursuing global distribution for its self-developed products, which is anticipated to enhance its revenue stability and growth [6]. - The company is expanding its product categories and channels, with new releases in the SLG sector and successful performance in mini-program games, indicating potential for new growth trajectories [6]. Financial Summary - Revenue projections for the company are as follows: - 2023: 4,185 million RMB - 2024: 3,696 million RMB - 2025: 6,589 million RMB (growth of 78.3%) - 2026: 8,269 million RMB (growth of 25.5%) - 2027: 9,481 million RMB (growth of 14.6%) [2] - Net profit attributable to shareholders is projected as: - 2023: 1,125 million RMB - 2024: 945 million RMB - 2025: 1,776 million RMB (growth of 88.0%) - 2026: 1,951 million RMB (growth of 9.9%) - 2027: 2,159 million RMB (growth of 10.7%) [2] - The company's EBITDA is expected to grow significantly, reaching 2,694 million RMB in 2025, with a corresponding increase in profitability metrics [2]. Market Performance - The company's stock has shown a relative performance trend against the CSI 300 index, indicating a strong upward trajectory in the market [4].