G-bits(SH:603444) KAIYUAN SECURITIES·2026-01-30 07:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to see significant growth in 2025, with a forecasted net profit attributable to shareholders of 1.69-1.86 billion yuan, representing a year-on-year increase of 79-97%. The non-recurring net profit is projected to be 1.65-1.80 billion yuan, reflecting an 88-105% increase [3][4] - The anticipated growth is primarily driven by the new game launches in 2025, including "杖剑传说," "问剑长生," and "道友来挖宝," which are expected to contribute incremental profits [3][4] - The company has a strong long-term operational capability, as evidenced by the performance of existing games and the potential of new releases to enhance revenue [4][5] Financial Summary - The company's revenue is projected to increase from 4.185 billion yuan in 2023 to 6.102 billion yuan in 2025, with a year-on-year growth rate of 65.1% [6][8] - The net profit attributable to shareholders is expected to rise from 1.125 billion yuan in 2023 to 1.746 billion yuan in 2025, marking an 84.8% increase [6][8] - The gross margin is forecasted to improve from 88.5% in 2023 to 93.7% in 2025, indicating strong profitability [6][9] - The price-to-earnings (P/E) ratio is projected to decrease from 30.4 in 2023 to 19.6 in 2025, suggesting a more attractive valuation over time [6][8] Game Development and Market Position - The company is focusing on high-frequency content updates and building a trading ecosystem to create enduring games, with "问道手游" showing resilience in revenue generation [4][5] - Upcoming titles like "九牧之野" and "道友来挖宝" are expected to perform well based on initial rankings and user engagement metrics [4][5] - The company has several projects in development, including unique game mechanics that are expected to contribute to future revenue growth [5]