G-bits(SH:603444) GOLDEN SUN SECURITIES·2026-03-22 10:24Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 560.54 CNY based on a target PE of 20x for 2026, corresponding to a market value of 40.4 billion CNY [3][6]. Core Views - The company is expected to see significant profit growth in 2025, with projected net profit ranging from 1.69 billion to 1.86 billion CNY, representing a year-over-year increase of 79% to 97% [1]. - The growth in 2025 is primarily driven by the launch of new products such as "Zhang Jian Chuan Shuo (Mainland Version)" and "Dao You Lai Wa Bao," which are anticipated to contribute incremental profits [2]. - The game "Jiu Mu Zhi Ye" has shown stable performance, and its long lifecycle is expected to provide ongoing revenue and profit contributions [2]. - The company has plans to expand the release of key products in the European and American markets in 2026, which is expected to further enhance revenue streams [2]. Financial Projections - Revenue is projected to reach 6.17 billion CNY in 2025, with a year-over-year growth of 67%, followed by 6.87 billion CNY in 2026 and 7.46 billion CNY in 2027 [3]. - The forecasted net profit for 2025 is 1.78 billion CNY, with an 88% year-over-year increase, and is expected to grow to 2.02 billion CNY in 2026 and 2.21 billion CNY in 2027 [3]. - The report indicates a steady increase in EPS, projected at 24.71 CNY for 2025, 28.03 CNY for 2026, and 30.72 CNY for 2027 [5].