吉比特（603444）：年报符合预期，维持大比例分红，关注海外发行

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The annual report meets expectations with a significant dividend payout and a focus on overseas releases. The company achieved a total revenue of 6.2 billion yuan in 2025, representing a year-over-year increase of 68%, and a net profit attributable to shareholders of 1.79 billion yuan, up 90% year-over-year [1][3] - The company has strong performance from existing products and a robust new product cycle. Notable contributions include "Wandao Mobile Game" with 1.94 billion yuan in revenue, "Zhangjian Legend" with 1.7 billion yuan from the domestic market and 790 million yuan from overseas, and "Wanjian Changsheng" contributing 820 million yuan [2] Financial Performance - The company is expected to maintain a high dividend payout ratio of 78% in 2025, with a cash dividend of 1.4 billion yuan, resulting in a dividend yield of 5.4% based on a market capitalization of 26.1 billion yuan [3] - Revenue projections for 2026-2028 are set at 6.5 billion, 7.2 billion, and 7.9 billion yuan respectively, with year-over-year growth rates of 5%, 11%, and 9%. Net profit forecasts for the same period are 1.85 billion, 2.09 billion, and 2.33 billion yuan, with growth rates of 3%, 13%, and 11% [3][5]