股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.18 ——2024 年中报业绩点评 存量手游产品继续承压，新品蓄势待发 吉比特(603444) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | [table_Authors] 陈筱 ( 分析师 ) | 杨昊 ( 分析师 ) | | | | | | | | 021-38675863 | 021-38032025 | | | | | | | | chenxia ...

证券研究报告 | 半年报点评 2024gszqdatemark 年 08 月 17 日 吉比特（603444.SH） 二季度业绩环比增长，境外业务持续高速扩张 业绩概览：公司发布 2024 年半年报。2024H1，公司实现营业收入 19.60 亿 元，同比下滑 16.57%；实现归母净利润 5.18 亿元，同比下滑 23.39%；实现 扣非归母净利润 4.63 亿元，同比下滑 28.36%。2024Q2，公司实现营业收入 10.32 亿元，YoY-14.29%，QoQ+11.34%；实现归母净利润 2.64 亿元，YoY28.41%，QoQ+4.38%；实现扣非归母净利润 2.65 亿元，YoY-27.52%， QoQ+33.67%。公司 2024 年半年度利润分配方案拟向全体股东每 10 股派 45.00 元（含税），合计拟派发现金红利 3.23 亿元（含税）。 三款新游上线，二季度收入及利润环比增长。2024H1，《问道》端游总流水同 比增长 16.31%至 6.56 亿元，收入及利润同比增长；《问道手游》总流水同比 下滑 14.66%至 11.55 亿元，收入及利润同比下滑；《一念逍遥（大陆版）》总 流 ...

证券研究报告 吉比特 (603444 CH) Q2 业绩环比改善，期待新品表现 买入 ): 222.79 华泰研究 中报点评 2024 年 8 月 16 日│中国内地 文化娱乐 业绩环比改善明显，中报拟派现金红利 3.23 亿元 公司 24H1 实现营收 19.6 亿元（yoy-16.57%），归母净利 5.18 亿元 （yoy-23.4%）；其中 Q2 实现营收 10.32 亿元（yoy-14.3%，qoq+11.3%）， 归母净利 2.64 亿元（yoy-28.4%，qoq+4.4%），Q2 同比下滑主因多款存量 产品流水同比衰减，但环比看收入及利润均有改善。公司拟每 10 股派发现 金红利 45 元，合计派发现金红利 3.23 亿元，占 24H1 归母净利润 62.36%。 我们维持盈利预测，预计公司 24-26 年实现归母净利 10.7/ 11.8/13.2 亿元。 24 年可比公司 Wind 一致预期平均 PE 12X，考虑后续产品储备丰富有望带 来边际变化，且分红比例较高，且给予 24 年 15X PE，目标价 222.79 元， 维持"买入"评级。 《问道手游》营收及利润环比回暖，新品有望释放业 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 中期高比例分红，关注新产品上线表现 ——吉比特(603444)中报点评 | --- | --- | --- | |----------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 增持 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 吉比特(603444)公司点评报告 2024 年 08 月 16 日 [Table_Title] 核心游戏表现稳健，关注重点产品排期 ——吉比特(603444) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年报。 点评： 短期业绩略承压，分红及回购提振投资者信心 2024H1，公司实现营业收入 19.60 亿元，同比下降 16.57%，实现归母净 利润 5.18 亿元，同比下降 23.39%，实现扣非归母净利润 4.63 亿元，同比 下降 28.36%。2024H1，销售/管理/研发费用率为 27.43%/9.19%/19.96%， 同比+0.04/+0.89/+4.22pct，研发投入力度加大。2024 年上半年现金分红及 回购金额合计预计为 3.68 亿元，占归母净利润的 71.0%，积极回馈投资者。 自研核心游戏长线运营，境外游戏业务高增长 公司核心长线产品稳健运营，《问道》端游上半年实现流水 6.56 亿，同比增 长 16.31%；《问道手游》实现流水 11.55 亿元，同比下滑 14. ...

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Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 1.96 billion yuan for the first half of 2024, a decrease of 16.57% year-on-year, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year [1]. - The core gaming products experienced a revenue decline, with three main games generating 2.123 billion yuan, a decrease of 18.56% year-on-year, contributing to 68% of total revenue [1]. - The overseas gaming revenue showed significant growth, reaching 255 million yuan, an increase of 113.77% year-on-year, indicating strong performance in international markets [1]. - The company has a rich pipeline of new games that have received approval and are in various stages of development, expected to launch in the second half of 2024 [1]. - The company plans to distribute a dividend of 4.5 yuan per share, which accounts for 62% of the net profit attributable to shareholders for the period [1]. Financial Summary - For 2024-2026, the projected net profits attributable to shareholders are 1.038 billion yuan, 1.167 billion yuan, and 1.349 billion yuan, respectively, with corresponding P/E ratios of 14x, 12x, and 11x [3]. - The revenue for 2024 is expected to be 3.839 billion yuan, reflecting a decline of 8.27% compared to 2023 [3]. - The gross margin is projected to remain stable, with estimates of 88.92% in 2024 and gradually increasing to 89.55% by 2026 [3].

F原证券 传媒/游戏Ⅱ 公 司 研 究 吉比特（603444.SH） 2024 年 08 月 16 日 海外收入增长亮眼，新产品周期或驱动后续成长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 198.99 | | 一年最高最低 ( 元 ) | 436.00/153.23 | | 总市值 ( 亿元 ) | 143.35 | | 流通市值 ( 亿元 ) | 143.35 | | 总股本 ( 亿股 ) | 0.72 | | 流通股本 ( 亿股 ) | 0.72 | | 近 3 个月换手率 (%) | 103.24 | Q2 业绩下滑，拟实施中期分红，关注新产品周期，维持"买入"评级 公司 2024H1 实现营业收入 19.60 亿元（同比- ...

来源：公司年报、国金证券研究所 吉比特 (603444.SH) 买入(维持评级) 业绩企稳,中期分红回馈投资者,关注 业绩简评 8 月 15 日，24 年中报发布，H1 营收 19.6 亿元/同比-16.6%，归母 净利 5.2 亿/同比-23.4%；Q2 营收 10.3 亿/同比-14.3%，归母净利 2.6亿/同降28.4%。中期现金分红4.5元/股，现金分红比例62.4%。 经营分析 收入：Q2 环比增长，《问道》IP 稳中有升，新游贡献增量。1）Q2 收入同比-14.3%，主要系《一念逍遥》流水大幅下滑，及《摩尔 庄园》合作到期致本年度未再确收，《问道端游》的增长、新游《飞 吧龙骑士》《超进化物语 2》等的增量及境外业务增长（同比+113.8% 至 2.55 亿元）未能弥补前述下降的缺口。2）Q2 收入环比+11.3%， 连续 2 个季度环比增长，主要系主力《问道手游》Q2 开启 8 周年 庆，流水环比增长；此外，H1《问道》端游流水同比+16.3%，持 续运营 18 年仍能实现流水正增长，体现了问道 IP 较强的生命力。 盈利：Q2 扣非净利率环比提升，新游后续有望盈利。1）Q2 归母 净利同、环比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 1.96 billion yuan in H1 2024, a year-on-year decrease of 16.57%, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year. The performance met expectations [2] - The company announced a cash dividend distribution plan for H1 2024, proposing a cash dividend of 45 yuan (including tax) for every 10 shares, totaling 323 million yuan, which accounts for 62.36% of the net profit attributable to shareholders for H1 2024 [2] - The company is expected to enter a new stable phase with existing games while awaiting the launch of new products [3] - The forecast for EPS has been adjusted downwards for 2024-2026 to 13.13, 15.31, and 16.93 yuan, respectively, corresponding to current P/E ratios of 15, 13, and 12 times [3] Summary by Sections Financial Performance - In H1 2024, the company reported total operating revenue of 1.96 billion yuan, a decrease of 16.57% year-on-year, and a net profit of 518 million yuan, down 23.39% year-on-year. The net profit for Q2 2024 was 264 million yuan, a year-on-year decline of 28.14% [2] - The company’s revenue from its key products in H1 2024 included 656 million yuan from "Wandao PC Game" (up 16.31% year-on-year) and 1.155 billion yuan from "Wandao Mobile Game" (down 14.66% year-on-year) [3] Future Outlook - The company is set to launch new games, with "Zhang Jian Chuan Shuo" (code M88) entering paid testing on August 13, 2024, and expected to launch in H1 2025 [3] - The company is actively monitoring the performance of new games and expects to see improvements in revenue from existing titles as they stabilize [3] Valuation Metrics - The current market price is 198.99 yuan, with a P/E ratio of 12.74 for 2023 and projected P/E ratios of 15.16 for 2024 and 13.00 for 2025 [4][8] - The company’s total market capitalization is approximately 14.34 billion yuan [4]