G-bits(603444) 开源证券·2025-04-24 06:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a 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%. The net profit attributable to shareholders was 283 million yuan, with a year-on-year increase of 11.82% but a slight quarter-on-quarter decrease of 1.43% [4][5] - The growth in revenue and net profit is primarily attributed to the newly launched self-developed game "Wen Jian Chang Sheng," which contributed 363 million yuan in revenue during Q1 2025. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.155 billion, 1.309 billion, and 1.433 billion yuan respectively [4][5][6] Financial Summary - The total market capitalization of the company is 15.668 billion yuan, with a current stock price of 217.49 yuan. The stock has seen a 52-week high of 268.62 yuan and a low of 153.23 yuan [1] - The company’s sales expenses increased by 22.6% year-on-year to 360 million yuan, aligning with revenue growth, while R&D expenses decreased by 2.8% to 181 million yuan, indicating organizational adjustments [5] - The company’s gross profit margin is projected to be around 87.5% for 2025, with a net profit margin of 27.2% [7][9] Game Performance and Future Outlook - The new game "Wen Jian Chang Sheng" launched in January 2025 has surpassed 2 million registered users and achieved an average ranking of 46 in the App Store game sales chart, peaking at 14 [6] - The company has additional self-developed games in the pipeline, including "Zhang Jian Chuan Shuo" and "Jiu Mu Zhi Ye," which are expected to drive future revenue growth [6][7]