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].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨完美世界（002624.SZ） [Table_Title] 游戏业务经营业绩环比转正，重点新游增量可期 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 完美世界披露 2024 年三季报，公司 24Q3 实现营收 13.13 亿元（同比 -24.36% ，环比 -8.25% ）， | | | 归母净亏损 2.12 亿，扣非净亏损 2.13 亿，同比转亏且环比亏损幅度有所扩大， ...

证券研究报告·公司点评报告·游戏Ⅱ 完美世界（002624） 2024 年三季报点评：游戏经营性业绩改善， 静待新产品周期兑现 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|----------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7670 | 7791 | 5259 | 7379 | 8182 | | 同比（ % ） | (9.95) | 1.57 | (32.49) | 40.30 | 10.89 | | 归母净利润（百万元） | 1,377.19 | 491.48 | (596.11) | 959.33 | 1,158.15 | | 同比（ % ） | 273.07 | (64.31) | (221.29) | - | 20.72 | | EPS- 最新摊薄（元 ...

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].

完美世界（002624.SZ） 游戏业务经营业绩环比改善，影视业务产品售价低于预期 业绩概览：公司发布 2024 年三季报。2024Q1-Q3，公司实现营业收入 40.73 亿元，同比下滑 34.26%；实现归母净利润-3.89 亿元；实现扣非归母净利 润-4.48 亿元。2024Q3，公司实现营业收入 13.13 亿元，YoY-24.36%， QoQ-8.25%；实现归母净利润-2.12 亿元；实现扣非归母净利润-2.13 亿 元。 游戏业务经营业绩环比改善，待上线新游稳步推进。2024Q3，公司游戏业 务实现扣非归母净利润-9466.64 万元，其中因被投资企业亏损确认投资 损失 1.16 亿元，剔除投资损失影响后，公司游戏业务的经营业绩环比改 善。在研产品方面，公司聚焦"MMO+"与"卡牌+"的双线业务结构升 级。目前，公司推进以《诛仙世界》为代表的经典品类和以《异环》为代 表的潮流新品的研发及上线工作。新国风仙侠 MMO 端游《《诛仙世界》于 2024 年 7 月 31 日发布阶段汇报视频，向玩家展示了 NPC、战斗、经济等 多维度的调优成果，该游戏于 2024 年 10 月 18 日开启"践行测试" ...

完美世界股份有限公司 2024 年第三季度报告 证券代码：002624 证券简称：完美世界 公告编号：2024-048 完美世界股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 完美世界股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------|----------- ...

证券代码：002624 证券简称：完美世界 公告编号：2024-047 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 ...

[Table_Title]业绩短期承压，关注新品表现 ——完美世界（002624）2024 年中报点评 [Table_Invest]增持|下调 [Table_Summary] 事件： 公司发布 2024 年半年报。 点评： 短期业绩承压，人员优化导致管理及研发费用增加 2024H1，公司实现营业收入 27.60 亿元，同比下滑 38.12%，实现归母净 亏损 1.77 亿元，同比下滑 146.55%，扣非归母净亏损 2.35 亿元，同比下 滑 182.40%。收入下滑主要由于上半年游戏业务新游上线较少，部分新品 表现不及预期，老游戏流水下滑所致，同时，上半年公司实行办公场所集约 化整合，产生一次性退租损失，影响当期业绩。费用率角度，上半年销售/ 管 理 / 研 发 费 用 率 分 别 为 18.35%/16.84%/34.47% ， 同 比 变 动 +1.24/+8.65/+10.67pct，公司调整产品布局，聚焦优势项目，并据此进行的 人员优化产生的费用导致管理和研发费用率提升较多。分季度看，24Q2 实 现营业收入 14.31 亿元，同比下滑 44.02%，环比增长 7.66%；实现单季度 归母净亏损 1 ...