G-bits(603444) 国盛证券·2025-04-24 00:23Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 3.63 billion yuan in Q1 2025 [2] - The company has a robust pipeline of new games and a solid overseas business development strategy, with a rich reserve of products [3][4] Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1] - The net profit attributable to the parent company was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1] - The company expects revenues of 3.918 billion, 4.349 billion, and 4.660 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.002 billion, 1.168 billion, and 1.260 billion yuan [4][5] Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2] - Existing games have shown mixed performance, with "Wen Gui" PC game revenue at 321 million yuan in Q1 2025, down 16.26% year-over-year but up 34.87% quarter-over-quarter [2] Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3] - The company has a strong pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3]