G-bits(603444) 太平洋证券·2025-04-24 13:11Investment Rating - The report maintains an "Accumulate" rating for the company [1][9][14] Core Views - The company experienced a revenue decline of 11.69% year-on-year in 2024, with total revenue of 3.696 billion yuan. However, Q1 2025 showed a revenue increase of 22.47% year-on-year, reaching 1.136 billion yuan [4][5] - The company is expected to benefit from new game launches, with two new games planned for release in 2025, which are anticipated to contribute positively to revenue [6][9] - The company has a strong commitment to returning cash to shareholders, with a proposed cash dividend of 35 yuan per 10 shares for 2024, totaling approximately 251 million yuan, representing a cash dividend payout ratio of 75.94% [7][9] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3.696 billion yuan, a decrease of 11.69% year-on-year, and a net profit of 945 million yuan, down 16.02% year-on-year. In Q1 2025, revenue was 1.136 billion yuan, up 22.47% year-on-year, with a net profit of 283 million yuan, an increase of 11.82% year-on-year [4][5][11] Game Development and Launches - The company has two new games in development, scheduled for release in 2025, which are expected to enhance revenue. Additionally, the overseas version of the game "Wanjian Changsheng" is set to launch in various regions, including Hong Kong, Macau, and Europe [6][9] Shareholder Returns - The company plans to distribute a total cash dividend of 718 million yuan for 2024, which includes previous dividends, representing 81.46% of the annual net profit. The board has also proposed a cash dividend plan for the first half and third quarter of 2025 [7][9] Revenue and Profit Forecast - The company forecasts revenues of 4.322 billion yuan, 4.631 billion yuan, and 4.855 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 16.95%, 7.16%, and 4.84%. Net profits are expected to be 1.046 billion yuan, 1.219 billion yuan, and 1.336 billion yuan for the same years, with growth rates of 10.68%, 16.58%, and 9.60% [9][11]