Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The key new game products "Zhu Xian World" and "Yihuan" are progressing steadily, with expectations for their performance upon launch [2] - The company is experiencing short-term pressure on earnings but is expected to benefit from the upcoming key product launches [2] - The company has adjusted its profit forecasts for 2024 and 2025 due to the underperformance of existing products and the uncertainty surrounding new game launches [2] Summary by Sections New Game Products - "Zhu Xian World," a new MMORPG, completed its testing on October 31 and is scheduled for public testing on December 19, targeting core MMO players with positive testing feedback [2] - "Yihuan," an open-world RPG mobile game, received high anticipation with over 930,000 and 1.51 million pre-registrations on Bilibili and TapTap respectively, and a high rating of 9.5 and 9.2 [2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.07 billion yuan, down 34.3% year-on-year, and a net loss attributable to shareholders of 390 million yuan, down 163.3% year-on-year [2] - The third quarter of 2024 saw revenue of 1.31 billion yuan, a decrease of 24.4% year-on-year, with a net loss of 210 million yuan, down 190.3% year-on-year [2] Profit Forecasts and Valuation - The company has revised its net profit forecasts for 2024 and 2025 to -560 million yuan and 860 million yuan respectively, with a new forecast for 2026 at 1.1 billion yuan [2] - The current price corresponds to a PE ratio of NA/26/21 times for the respective years [2]

Group 1: Game Development and Performance - The MMORPG "Zhu Xian World" has completed its testing phase and is set for official public release on December 19, 2024 [1] - The open-world RPG "Yihuan" gained significant attention, with over 2.8 million pre-registrations in its first week after global reveal on July 16, 2024 [2] - The third quarter of 2024 saw the gaming business report a net profit of -94.67 million CNY after excluding non-recurring losses, with an investment loss of 115.96 million CNY impacting overall performance [2] Group 2: Esports Initiatives - The 2024 Shanghai Major, scheduled from November 30 to December 15, 2024, is expected to enhance the company's esports business, leveraging its experience as the exclusive operator for "DOTA2" and "CS:GO" in mainland China [2] - Official partners for the event include NVIDIA, AMD, and AGON, indicating strong industry support for the tournament [2] Group 3: Film and Television Business - The film and television segment reported a net profit of -87.49 million CNY in Q3 2024, primarily due to lower-than-expected sales prices for certain productions [2] - The company plans to adopt a "quality over quantity" strategy to mitigate investment risks in future film projects [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has completed strategic adjustments that may drive efficient and healthy development, maintaining a "Buy" rating [1] - The launch of new games, including "Zhu Xian World" and "Yihuan," is expected to initiate a new product cycle, potentially reversing the company's performance [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of -589 million, 788 million, and 1.204 billion yuan respectively, with corresponding EPS of -0.30, 0.41, and 0.62 yuan [4] Financial Summary - Current stock price is 12.16 yuan, with a total market capitalization of 235.90 billion yuan [2] - The company’s revenue for 2024 is projected to be 5.293 billion yuan, a year-over-year decrease of 32.1%, followed by a recovery in 2025 and 2026 with revenues of 7.223 billion and 8.234 billion yuan respectively [6] - The company’s net profit for 2024 is expected to be -589 million yuan, with a significant recovery to 788 million yuan in 2025 and 1.204 billion yuan in 2026 [6] - The gross margin is projected to be 59.8% in 2024, improving to 61.5% in 2025 and 61.9% in 2026 [6] Product Insights - "Zhu Xian World," set to launch on December 19, is based on the Unreal Engine 5 and features rich gameplay, including PVP and PVE elements, which have received positive feedback from players [3] - The game adopts a seasonal payment model, focusing on long-term operation without selling value, which is expected to enhance user retention [3] - "Yihuan," another upcoming title, has generated significant interest with over 9 million views on its promotional content, indicating strong potential for future performance [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][10]. Core Views - The company's short-term performance remains under pressure, but there are signs of improvement in its gaming business. The third quarter of 2024 saw a revenue of 1.313 billion yuan, a year-on-year decline of 24.36%, but the gaming business's operational performance is showing signs of recovery [2]. - The company is focusing on the launch of new products, particularly the game "Zhu Xian World," which is set to officially launch on December 19, 2024. This new release is expected to boost the company's performance [2]. - The company is actively exploring the application of AI technology in game development and operations to enhance efficiency and player experience [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.073 billion yuan, a year-on-year decline of 34.26%, and a net loss attributable to shareholders of 389 million yuan, a year-on-year decline of 163.25% [2]. - The third quarter alone saw a revenue of 1.313 billion yuan, with a net profit attributable to shareholders of 212 million yuan, down 190.27% year-on-year [2]. - The company’s gaming business reported a net loss of approximately 94.67 million yuan in Q3, primarily due to losses from invested enterprises [2]. Product Development and Strategy - The company is advancing the development and testing of new games, including "Zhu Xian World" and "Yihuan," with positive feedback from players during testing phases [2]. - The company plans to continue its focus on quality over quantity in its film and television business, aiming for innovative integration in the "film+" sector [2]. Profit Forecast - The profit forecast for the company from 2024 to 2026 is as follows: net profit attributable to shareholders is projected to be -458 million yuan in 2024, 537 million yuan in 2025, and 713 million yuan in 2026. The corresponding EPS is expected to be -0.24 yuan, 0.28 yuan, and 0.37 yuan respectively [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Insights - The company's Q3 2024 financial results show a revenue of 1.3 billion yuan, a year-over-year decline of 24%, and a quarter-over-quarter decline of 8%. The gross profit was 680 million yuan, down 38% year-over-year and up 25% quarter-over-quarter. The net profit attributable to shareholders was -210 million yuan, marking a shift from profit to loss year-over-year and a 44% decline quarter-over-quarter [1]. - The company has undergone a restructuring of its existing business, which has led to some one-time expenses and underperformance in certain gaming and film products, resulting in pressured earnings [1]. - The gaming business has shown signs of recovery, with operational profitability turning positive after adjustments. The report anticipates that the gaming business will maintain its current positive trend [2]. - The company has a rich pipeline of key products expected to drive operational improvement in 2025, including flagship IP MMORPG "Zhu Xian World" and other significant titles [2]. - The film and television segment continues to focus on a "quality over quantity" strategy, aiming to control investment risks in response to market changes [2]. - The earnings forecast for 2024-2026 has been adjusted, with expected revenues of 5.5 billion, 8.1 billion, and 9.8 billion yuan respectively, reflecting a year-over-year change of -30%, +48%, and +21% [2][3]. Financial Summary - For 2024, the company is projected to have a total revenue of 5.451 billion yuan, a decrease of 30% year-over-year. The net profit attributable to shareholders is expected to be -553 million yuan, a decline of 212.5% [3]. - The earnings per share (EPS) is forecasted to be -0.29 yuan for 2024, with a projected PE ratio of -39 [3]. - The company’s total assets are estimated to be 12.645 billion yuan in 2024, with a debt-to-equity ratio of 35.08% [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company reported a revenue of 1.313 billion yuan in Q3 2024, which represents a year-on-year decline of 24.36% and a quarter-on-quarter decline of 8.25%. The net loss attributable to the parent company was 212 million yuan, with a non-recurring net loss of 213 million yuan, indicating a shift to loss compared to the previous year and an increase in loss compared to the previous quarter [3][4]. - The gaming business showed signs of improvement in Q3, with a non-recurring net loss of approximately 95 million yuan, despite being under pressure from product cycles. The performance of the gaming business improved quarter-on-quarter [4][6]. - The film and television business faced losses due to a limited number of broadcasts and lower-than-expected sales prices, resulting in a non-recurring net loss of 87 million yuan in Q3 [5][6]. - The company has a rich pipeline of key products, with new games such as "Zhu Xian World" and "Yihuan" expected to contribute positively in the near future [6]. Financial Summary - The company forecasts net profits attributable to the parent company of -450 million yuan, 514 million yuan, and 868 million yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios for 2025 and 2026 are projected to be 37.8 times and 22.4 times [6][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operational performance in the gaming sector has shown improvement, and there is anticipation for the new product cycle to materialize [1][5] - The company reported a total revenue of 4.073 billion yuan for the first three quarters of 2024, a year-on-year decrease of 34.26%, with a net profit attributable to shareholders of -389 million yuan, a year-on-year decline of 163.25% [2][3] - The gaming business generated revenue of 1.22 billion yuan in Q3 2024, reflecting a decline due to the natural decline of older games and the absence of new game launches [3] Financial Performance Summary - Total revenue for 2022 was 7.670 billion yuan, with a year-on-year decrease of 9.95%. For 2023, revenue was 7.791 billion yuan, a slight increase of 1.57%. The forecast for 2024 is 5.259 billion yuan, a significant decline of 32.49% [1][10] - The net profit attributable to shareholders for 2022 was 1,377.19 million yuan, with a year-on-year increase of 273.07%. In 2023, it dropped to 491.48 million yuan, a decrease of 64.31%. The forecast for 2024 is -596.11 million yuan, indicating a decline of 221.29% [1][10] - The latest diluted EPS for 2023 was 0.25 yuan, with a forecast of -0.31 yuan for 2024, followed by 0.49 yuan in 2025 and 0.60 yuan in 2026 [1][10] Game Development Pipeline - The flagship game "Zhu Xian World" is scheduled for public testing on December 19, 2024, with over 2 million pre-registrations [4] - The game "Yihuan," a multi-platform open-world game, has begun its first testing recruitment, with significant pre-registration numbers on platforms like Bilibili and TapTap [4] - The company is focusing on optimizing its resources and developing its competitive product categories, with a clear pipeline and ample reserves for future releases [4]

Core Insights - Perfect World reported Q3 2024 revenue of 1.313 billion yuan, with a non-GAAP net profit of -94.66 million yuan in its gaming segment, primarily due to losses from invested enterprises amounting to -115.95 million yuan [1] - The company’s core game, "Zhu Xian World," is set to launch on December 19, 2024, and is the first MMORPG developed using Unreal Engine 5, receiving positive feedback during its testing phase [1] - The esports segment is expected to gain momentum with the upcoming hosting of the 2024 Counter-Strike: Global Offensive Major in Shanghai, marking the first time this premier event is held in Asia [2] Financial Performance - In Q2 2024, the company implemented various cost-cutting measures, resulting in a 7.66% increase in revenue compared to the previous quarter, with a gradual reduction in losses [2] - The gaming business has shown signs of operational improvement, excluding the impact of investment losses [1] Product Development - The company is focusing on attracting both new and veteran MMO players with its commitment to creating a pure and authentic MMO experience for "Zhu Xian World" [1] - Another key product, the 2D open-world mobile game "Yihuan," has received positive reviews during its closed beta testing and is currently in the recruitment phase for further testing [1] Strategic Initiatives - Perfect World is restructuring its talent pool and optimizing personnel to enhance job matching and operational efficiency [2] - The company is actively expanding into the micro-short drama market, which is anticipated to become a new growth driver for its film and television business [2]

证券代码：002624 证券简称：完美世界 公告编号：2024-049 完美世界股份有限公司 关于回购股份进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 完美世界股份有限公司（以下简称"公司"）于 2023 年 12 月 28 日召开公司 第五届董事会第二十二次会议审议通过《关于回购公司股份方案的议案》。公司 决定使用自有资金以集中竞价交易的方式回购公司股份用于股权激励或员工持 股计划。本次回购的股份种类为公司发行的 A 股社会公众股，回购资金总额不 超过人民币 2 亿元（含）且不低于人民币 1 亿元（含）。本次回购股份的价格不 超过人民币 19 元/股。回购期限自董事会审议通过之日起 12 个月内，具体回购 股份的数量以回购期满时公司实际回购的股份数量为准。 具体详见刊登于巨潮资讯网 www.cninfo.com.cn 的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company reported a significant decline in revenue and net profit for Q3 2024, with revenue at 1.313 billion RMB, down 24.36% year-on-year, and a net loss of 212 million RMB, down 190.27% year-on-year [2][3]. - The gaming and film sectors are under pressure, with gaming revenue for the first three quarters at 3.87 billion RMB, down 27.2% year-on-year, and film revenue at 170 million RMB, down 78.4% year-on-year [3]. - The company is focusing on product launches and talent restructuring, with several new games and films in development [4]. Summary by Sections Performance Review - Q3 revenue was 1.313 billion RMB, a decrease of 24.36% year-on-year and 8.25% quarter-on-quarter [2]. - The net profit attributable to shareholders was a loss of 212 million RMB, a decline of 190.27% year-on-year [2]. - The gross profit margin decreased, primarily due to changes in revenue structure and increased costs from lower-margin products [3]. Business Analysis - Gaming revenue for Q3 was estimated at 1.22 billion RMB, down 10.6% quarter-on-quarter, attributed to fewer new game launches and declining revenue from older products [3]. - Film revenue for Q3 was estimated at 83 million RMB, up 50.7% quarter-on-quarter, influenced by the number and scale of released films [3]. - The company reported a Q3 net profit margin of -16.1%, reflecting a decline in profitability [3]. Future Outlook - The company is nearing the completion of a large-scale personnel restructuring and is awaiting the launch of new products [4]. - Upcoming game launches include "Zhu Xian World" and "Yihuan," which have received positive feedback from players [4]. - The company plans to focus on a "quality over quantity" strategy in its film projects to mitigate investment risks [4]. Profit Forecast and Valuation - The company is projected to have net profits of -530 million RMB in 2024, 720 million RMB in 2025, and 950 million RMB in 2026, with corresponding P/E ratios of N/A, 26.8, and 20.2 [4].