G-bits(603444) 东吴证券·2025-04-24 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance exceeded expectations, driven by strong new game releases and stable existing game revenues [8] - The company achieved a total revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43% [8] - The new game "Wanjian Changsheng" launched on January 2, 2025, contributed significantly to revenue, generating 363 million yuan in Q1 2025 [8] - The company has a robust pipeline of upcoming games, including "Zhangjian Chuan Shuo" and "Jiumu Zhi Ye," which are expected to further enhance performance [8] - The earnings per share (EPS) estimates for 2025-2027 have been slightly adjusted upwards to 14.47, 15.26, and 16.82 yuan, respectively, reflecting the positive outlook [8] Financial Summary - Total revenue forecast for 2023A is 4,185 million yuan, with a projected decline of 19.02% year-on-year, followed by a recovery in 2024A with a forecast of 3,696 million yuan [1] - The net profit attributable to the parent company for 2023A is estimated at 1,125.12 million yuan, down 22.98% year-on-year, with a recovery expected in subsequent years [1] - The company maintains a strong balance sheet with a debt-to-asset ratio of 16.28% and a net asset value per share of 71.95 yuan [6]