The company announced in the evening of October 15 that Gao Yan, the company’s director and deputy general manager, reduced the company’s shares by about 19500 shares from July 16, 2020 to July 16, 2020, and the price of reduction was 611.86 yuan / share to 634.06 yuan / share, and the reduced shares accounted for 0.03% of the total shares of the company. The time of this reduction plan is over half. < p > < p > on September 26 this year, Li Dian and Lu Lu, the researchers of Guoyuan securities, once published the Research Report “the tracking report of gibbet (603444): looking at the category expansion and commercialization improvement of gibbet from the perspective of new travel”. Since this year, especially in the second half of this year, the number of new trips and commercialization ability of the company have increased significantly, and celadon game, a high-quality R & D firm, has launched the strongest snail, 9 In June, the company released the newly placed mobile game “immortal journey” and roguelike + ARPG mobile game “blade of the devil’s abyss”, both of which achieved outstanding performance and continued improvement in commercialization ability. < p > < p > < p > < p > < p > < p > “ask for a hand tour” has been operating steadily, and the National Day welfare clothing activities have been started. It is expected that the flow of water will further rise during the festival. Its thunder game platform will continue to expand the excellent mobile game products and category matrix, and the commercialization ability of the new tour continues to improve, which is expected to further optimize the company’s revenue structure. It is estimated that from 2020 to 2022, the net profit attributable to the parent company will be 11.01/13.06/1.464 billion yuan, corresponding to eps15.32/18.17/20.37 yuan, pe41x / 34x / 31x, maintaining the “buy” rating. On August 19, 2020, Hao Yanhui, Mao Yuncong, sun Xiaowen and Chen Xingguang, researchers of Haitong Securities Co., Ltd., also published the Research Report “gibbet (603444): maintaining high growth of income and cash flow, paying attention to the online progress of new tours”. In the first half of the year, the company realized revenue of 1.4 billion (+ 32%), net profit of 550 million yuan (+ 18%) and net operating cash flow of 798 million yuan (+ 37%). Overall, the revenue and cash flow performance is good, and the profit growth rate is lower than the income growth rate, which is mainly affected by three aspects: 1) the celadon digital new game “the strongest snail” was launched on June 23. At the end of the month, the company recognized the corresponding investment loss according to the equity method due to the large investment in marketing promotion of the new online products; 2) the company started the game sharing expenditure of external developers in this period 3) the performance bonus of foreign investment business in the current period is accrued according to the investment target, and the management expenses are increased. We believe that “the strongest snail” is still at the forefront of the IOS best-selling list after it was launched in China for several months. It has shown a long life cycle attribute. We expect that the investment income of the company will be greatly increased in the second half of the year. In addition, the strongest snail (Hong Kong, Macao and Taiwan version) is issued by the company’s agent, and it will also be listed in the local IOS after its launch on July 22 We expect that “the strongest snail (Hong Kong, Macao and Taiwan)” is expected to boost the growth of the company’s running water and net profit in the second half of the year. ” “The company’s high-quality financial level and large proportion of dividends give the company a very strong margin of safety, and the R & D driven by content and word-of-mouth is worth giving valuation premium to game companies,” the research paper said. We forecast that the EPS of the company in 2020-2022 will be 17.44 yuan, 23.32 yuan and 28.19 yuan respectively. Referring to companies in the same industry, we give the company 33-37 times dynamic PE in 2020, corresponding to the reasonable value range of 575.52-645.28 yuan / share, which is better than the market rating. ” In addition, Kong Rong, a researcher at Everbright Securities Co., Ltd., released “gibbet (603444): the strongest snail” on August 23 this year, and many new products will soon be launched. The gross profit rate and net profit rate of the company are 89.4% and 51.3%, respectively. The company’s performance has achieved steady growth year-on-year, mainly due to the brilliant performance of “ask for a hand tour”, driving the overall revenue and net profit growth. < / P > < p > in his opinion, the company mainly focuses on the research and development and operation of high-quality games, while the flow of old games is still growing steadily. In the year of its launch, the IOS bestseller remained at about 30, demonstrating its steady and vigorous vitality. “Ask mobile game” 20h1 was recommended by app store today, ranking 23 on the app store’s best seller list on average, reaching No. 6 on the list, with a stable overall ranking. “The strongest snail” integrates placement, cultivation and other playing methods. Before the launch, the total number of subscribers on the whole platform exceeded 3 million. On June 23, the online day occupied the top of the app store game free list, and the average ranking of the first month in the app store game free list, game bestseller list and general list bestseller list was 10th, 6th and 9th respectively. < p > < p > Kong Rong also said that gibbet is a game company that focuses on products, drives growth through research and development, and has outstanding strength. In fy18, fy19 and 1h20, the total R & D expenses reached 820 million yuan; excellent new product reserves were abundant: Moore Manor, Yinian Xiaoyao, and the blade of the demon yuan have differentiation and innovation, and can be expected to grow in the future. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.