G-bits(603444) 华金证券·2024-12-17 14:16Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company is launching new games, including "The Legend of the Otherworld: Slime Don't Cry" and "The Sword Legend," which are expected to enhance user experience in a competitive gaming market [1][2] - The company emphasizes a commitment to quality content and user engagement through innovative gameplay mechanics, such as the "Sword Technique System" in "The Legend of the Sword" and dynamic event mechanisms in "The Sword Legend" [2] - The company aims to adapt to market changes with a flexible development approach, focusing on creating high-quality games that resonate with user preferences [2] Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 4.03 billion, 4.51 billion, and 5.00 billion CNY respectively, with corresponding net profits of 1.08 billion, 1.22 billion, and 1.39 billion CNY [3] - The earnings per share (EPS) are projected to be 15.00, 16.90, and 19.29 CNY for the same period, with price-to-earnings (P/E) ratios of 14.4, 12.8, and 11.2 [3] - The company maintains a high gross margin, projected at 88.7% for 2024, increasing to 89.0% in 2025 and 2026 [3] Market Data - As of December 17, 2024, the company's stock price is 216.70 CNY, with a market capitalization of approximately 15.61 billion CNY [4] - The stock has a 12-month price range of 265.60 CNY to 157.94 CNY [4]