G-bits(603444) 华创证券·2025-04-26 14:15Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][9][19]. Core Insights - The company reported Q1 2025 earnings that exceeded expectations, with revenue of 1.14 billion yuan, a year-over-year increase of 22% and a quarter-over-quarter increase of 29%. The net profit attributable to shareholders was 280 million yuan, up 12% year-over-year but down 1.4% quarter-over-quarter [2][9]. - The report highlights the potential for valuation recovery, driven by the performance of new products and the stabilization of existing product revenues [2][9]. Financial Performance Summary - Revenue Forecasts: The company is projected to achieve total revenue of 4.26 billion yuan in 2025, with a year-over-year growth rate of 15.4%. This is expected to further increase to 4.54 billion yuan in 2026 and 4.79 billion yuan in 2027, with growth rates of 6.5% and 5.4% respectively [5][10]. - Net Profit Forecasts: The net profit attributable to shareholders is forecasted to be 1.07 billion yuan in 2025, reflecting a year-over-year growth of 12.9%. This is expected to rise to 1.15 billion yuan in 2026 and 1.20 billion yuan in 2027, with growth rates of 7.3% and 4.6% respectively [5][10]. - Earnings Per Share (EPS): The EPS is projected to be 14.81 yuan in 2025, increasing to 15.89 yuan in 2026 and 16.62 yuan in 2027 [5][10]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to be 15.3x in 2025, decreasing to 14.3x in 2026 and 13.7x in 2027. The price-to-book (P/B) ratio is projected to be 3.0x in 2025, 2.8x in 2026, and 2.6x in 2027 [5][10]. Product and Market Insights - The report notes that the core products are showing signs of stabilization, with the new product "Wen Jian Chang Sheng" contributing significantly to revenue. The product generated 360 million yuan in revenue during Q1 2025 [9][10]. - The company has two new products scheduled for release in 2025, which are expected to enhance revenue growth and provide upward momentum for the stock price [9][10].