Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant improvement in Q4 performance, with a quarter-on-quarter revenue increase of 2.19% and a net profit increase of 105.78% [1] - The overseas business is experiencing rapid growth, with a revenue increase of 83.92% year-on-year [3] - The company has a rich pipeline of self-developed and third-party products, which is expected to drive future growth [4] Financial Overview - In 2024, the company achieved a total revenue of 3.696 billion, a year-on-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1] - The company forecasts revenues of 3.918 billion, 4.349 billion, and 4.660 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.0%, 11.0%, and 7.2% [4] - The projected net profit for 2025 is 1.002 billion, reflecting a year-on-year growth of 6.0% [4] Product Performance - The mobile game "Wandao" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC version experienced a slight revenue increase of 3.93% to 1.119 billion [2] - The overseas game "Wandao (US version)" has shown a year-on-year increase in both revenue and profit [3] - New games launched in 2024 include "Immortal Family" and "Zhou Qian Shi Fang," with the latter achieving slight profitability by the end of the year [2][3] Future Outlook - The company is expected to continue its overseas expansion with a strong product pipeline, including titles like "Zhang Jian Chuan Shuo" and "Jiu Mu Zhi Ye," which have already obtained licenses for release in 2025 [3][4] - The earnings per share (EPS) is projected to be 13.91, 16.22, and 17.49 for 2025, 2026, and 2027 respectively [5]

Core Insights - Jibite (603444.SH) reported a revenue of 3.696 billion yuan and a net profit of 945 million yuan for the fiscal year 2024, with basic earnings per share at 13.15 yuan [1] - The fourth quarter showed strong performance with a revenue of 877 million yuan, maintaining year-on-year stability and a quarter-on-quarter increase of 2.19%, while net profit reached 287 million yuan, up 8.13% year-on-year and 105.78% quarter-on-quarter [1] Revenue and Profit Performance - The company achieved a total operating revenue of 3.696 billion yuan and a net profit attributable to shareholders of 945 million yuan for the year [1] - In Q4, operating revenue was 877 million yuan, showing a year-on-year stability and a quarter-on-quarter growth of 2.19% [1] - The net profit for Q4 was 287 million yuan, reflecting an 8.13% increase year-on-year and a significant 105.78% increase quarter-on-quarter [1] Game Development and Market Strategy - Jibite's performance is driven by both established and new games, with long-term operations of titles like "Wandao" and "Yinian Xiaoyao" contributing stable revenue [3] - The company launched a new game "Wanjian Changsheng" in January 2025, which quickly gained over one million registered users within a week [3] - The overseas business segment saw a revenue increase of 83.92%, reaching 500 million yuan, due to successful international releases [4] R&D and Operational Focus - The company invested 758 million yuan in R&D, a year-on-year increase of 11.52%, accounting for 20.50% of total revenue [5] - Jibite adopted a "small steps, quick runs" development model to ensure products meet market demands and is exploring AI technology to enhance R&D efficiency [5] - The operational strategy has shifted to focus on core product operations and user services, leading to a 13.02% reduction in sales expenses in 2024 [7] Shareholder Returns - Jibite plans to distribute a cash dividend of 35.00 yuan per 10 shares, totaling 251 million yuan, and has implemented share buybacks, with total cash dividends and buybacks amounting to 770 million yuan, representing 81.46% of net profit [8][9]