G-bits(603444) 国盛证券·2025-04-24 02:16Investment 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 363 million yuan in Q1 2025 [2]. - The company has a robust pipeline of new games and a solid overseas business development strategy, although overseas revenue saw a decline in Q1 2025 [3]. - Financial forecasts indicate steady revenue and profit growth from 2025 to 2027, with expected revenues of 39.18 billion yuan, 43.49 billion yuan, and 46.60 billion yuan respectively [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 shareholders 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 to achieve net profits of 1.002 billion yuan, 1.168 billion yuan, and 1.260 billion yuan from 2025 to 2027, with respective year-over-year growth rates of 6.0%, 16.6%, and 7.9% [4]. 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 like "Wen Gui" and "Yi Xiao Yao" have shown mixed performance, with revenue declines year-over-year but some recovery 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 rich pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3].