G-bits(603444) 国元证券·2025-04-24 10:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue reaching 1.136 billion yuan, a year-on-year increase of 22.47%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items grew by 38.71% to 275 million yuan [2][4]. - The new game "Wanjian Changsheng" has performed exceptionally well, contributing significantly to revenue. It was launched in January 2025 and has surpassed 2 million registered users, achieving a quarterly revenue of 363 million yuan [3][4]. - The company is set to launch two new games in 2025, with a clear schedule for new releases, which is expected to drive further revenue growth [4]. Financial Performance Summary - For Q1 2025, the company's revenue was 1.136 billion yuan, with a year-on-year growth of 22.47%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% increase year-on-year. The net profit excluding non-recurring items was 275 million yuan, marking a 38.71% increase [2]. - The company's expense ratios for Q1 2025 were as follows: sales expense ratio at 31.70%, management expense ratio at 9.74%, and R&D expense ratio at 15.89%, with changes of +0.03%, -0.34%, and -4.14 percentage points year-on-year, respectively [2]. - The company forecasts net profits for 2025-2027 to be 1.1 billion, 1.255 billion, and 1.425 billion yuan, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan, and PE ratios of 14x, 12x, and 11x [4][6].