证券研究报告 | 季报点评 2024年04月28日 完美世界（002624.SZ） 新游海外上线表现亮眼，接入英伟达技术平台 业绩概览：公司发布 2024 年一季报，2024Q1 公司实现营业收入 13.29 亿元，同比下滑 买入（维持） 30.19%；实现归母净利润-2976.40 万元，同比下滑 112.33%；实现扣非归母净利润-1.58 亿元，同比下滑177.51%。其中，游戏业务收入12.85亿元，同比下滑23.80%，游戏业务 股票信息 归母净利润-1.15亿元，扣非归母净利润-9892.79万元。游戏业务业绩同比下滑，主要由于 行业 游戏 部分游戏生命周期导致充值自然下滑，及人员优化费用影响所致；影视业务收入3471.96万 元，同比下滑82.19%，主要由于2024Q1公司播出并确认收入的影视作品较少所致，影视 前次评级 买入 业务归母净利润1.17亿元，扣非归母净利润-1727.62万元，非经常性损益主要为美国环球 4月26日收盘价(元) 10.14 影业片单资产处置相关收益。 总市值(百万元) 19,671.28 《女神异闻录：夜幕魅影》4月上线，二次元游戏赛道再迎突破。公司自研产品《女神 ...

业绩简评  2024年 4月 26日，公司发布24 年一季报，Q1 收入 13.3 亿 元，同比-30.2%，归母净利-0.3 亿元，同比-112.3%，扣非归母- 1.6 亿元，同比-177.5%。 经营分析  收入：游戏、影视业务均短期承压。1）游戏：Q1 收入 12.8 亿元，同比-23.8%，环比-4.9%，同比降幅较大主要系老产品进 入成熟期，充值因为生命周期自然下滑，且短期缺乏新品贡献增 量。2）影视：Q1 收入 0.3 亿元，同比-82.2%，环比-85.2%，主 要系Q1 播出并确认收入的影视作品较少。  盈利：人才优化短期造成拖累，环球影业片单处置带来大额 非经。1）公司 Q1 归母净利率-2.2%，同比-14.9pct，扣非净利 率-11.9，同比-22.7pct，其中毛利率 66.9%，同比+1.8pct，预 计主要系收入结构变化所致。净利率水平同比大幅下滑，主要系 游戏、影视业务短期均承压，但公司拥抱市场变化，聚焦长期， 推进降本增效，加大对重点项目的资源投入，并持续优化人才梯 人民币(元) 成交金额(百万元) 队，对当期业绩产生阶段性影响，管理费率同比+9.7pct，销 25. ...

[Table_Header] 公司点评●游戏Ⅱ 2024年 04 月26 日 [Table_Title] [Table_StockCode] 完美世界(002624) 短期业绩承压，新游上线表现亮眼 [Table_InvestRank] 推荐 (维持) --公司 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公a司ry]发 布 2024年度一季报：2024年一季度公司实现营业收入 13.29亿 [岳Ta铮b le_Authors] ：010-8092-7630 元，同比下降 30.19%；归属于上市公司股东的净利润为亏损 2976万元，同比 ：yuezheng_yj@chinastock.com.cn 由盈转亏；扣非归母净利润为亏损 1.58亿元，同比由盈转亏。 分析师登记编码：S0130522030006 ⚫ 产品周期影响，业绩短期承压：公司 1Q24 游戏业务营业收入 12.85 亿元， 研究助理 祁天睿 同比下降 23.80%，主要系 2023年以来，受研发周期影响，公司推出新游数量 ：010-8092-7603 有限，叠加已上线游戏流水的自然衰减所致；影视业务营业收入 ...

完美世界股份有限公司 2024 年第一季度报告 □是 否 证券代码：002624 证券简称：完美世界 公告编号：2024-028 完美世界股份有限公司 2024 年第一季度报告 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.第一季度报告是否经审计 □是 否 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 本报告期比上年同期 | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------|---------------------------| | | 本报告期 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨完美世界（ ） 002624.SZ [产Ta品b周le_期T逐itle步] 开启，关注新游上线表现 报告要点 [完Ta美bl世e_界Su披m露ma2r0y2]3年报，公司2023年实现营收77.91亿元（同比+1.57%），实现归母净利润 4.91亿（同比-64.31%）；实现扣非净利润2.10亿（同比-69.56%）。其中23Q4公司实现营收 15.95亿元（同比-18.57%），归母净亏损1.23亿，扣非净亏损2.47亿。业绩基本位于预告区 间中值。公司拟每10股派现4.6元。2024年进入重点新游上线周期，关注新游上线带来的业 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company achieved a revenue of 7.791 billion yuan in 2023, a year-on-year increase of 1.57%, but the net profit attributable to shareholders decreased by 69.56% to 491 million yuan [3][5]. - The gaming business experienced a decline in performance, with revenue dropping by 7.91% to 6.669 billion yuan, while the film and television business saw significant improvement, with revenue increasing by 222.46% to 1.033 billion yuan [3][5]. - The company has a rich reserve of new games, with several titles entering the testing phase, which is expected to contribute positively to future revenue [3][6]. Financial Performance - In 2023, the company reported a net profit of 491 million yuan, down 64.3% from the previous year, with an EPS of 0.25 yuan [5][10]. - The projected revenues for 2024, 2025, and 2026 are 9.354 billion yuan, 10.604 billion yuan, and 12.042 billion yuan, respectively, indicating a growth rate of 20.1% and 13.4% in the following years [5][10]. - The gross margin for 2023 was 59.7%, with expectations to improve to 61.6% in 2024 [5][10]. Game and Film Business Analysis - The gaming segment's revenue is expected to recover with the launch of new titles such as "Persona: Nightfall" and "The Legend of the Immortal" [3][6]. - The film and television production segment is projected to stabilize around 931 million yuan in revenue for 2024, maintaining its contribution to overall performance [7][10]. Valuation Metrics - The company is assigned a dynamic PE of 23-25 times for 2024, corresponding to a reasonable value range of 12.42 to 13.50 yuan per share [4][10]. - The projected PS for 2024 is 2.5-3 times, with a corresponding reasonable value range of 12.05 to 14.46 yuan [4][10].

传媒 | 证券研究报告 — 调整盈利预测 2024 年 4 月 19 日 002624.SZ 买入 原评级：买入 市场价格:人民币 9.86 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (53%) (38%) (24%) (10%) 4% 19% Apr-23May-23Jun-23Jul-23Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 完美世界 深圳成指 绝对 (16.4) (13.1) (8.2) (51.1) 相对深圳成指 (13.8) (8.4) (10.0) (28.7) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,939.97 | | 流通股 ( 百万 ) | | 1,827.36 | | 总市值 ( 人民币 百万 ) | | 19,128.09 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 631.63 | | 主要股东 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.791 billion yuan in 2023, a year-on-year increase of 1.57%, but the net profit attributable to shareholders decreased by 64.31% to 491 million yuan [2][3] - The company plans to distribute a cash dividend of 4.6 yuan per 10 shares, totaling 870 million yuan, resulting in a dividend yield of 4.6% based on the closing price on April 15 [6][10] - The company is expected to enter a new product cycle in 2024, with several new products set to launch, which may support revenue growth [9][10] Summary by Sections Financial Performance - In 2023, the company's revenue was 7.791 billion yuan, with game business revenue at 6.669 billion yuan, down 7.91% year-on-year due to the decline in older games and fewer new releases [3] - The film and television business revenue increased significantly by 222.46% to 1.034 billion yuan, mainly from TV series contributions [3] - The gross profit for 2023 was 4.651 billion yuan, with a gross margin of 59.7%, down 8.7 percentage points year-on-year [3] - The net profit attributable to shareholders was 491 million yuan, with a non-recurring net profit of 210 million yuan, both showing significant declines year-on-year [3][4] Product Development and Future Outlook - The company has launched several new products in 2024, including "One Punch Man: World" and "Persona: Nightshade," which have shown strong initial performance [7][8] - Other upcoming products include "The Legend of the Immortal 2" and various new games in testing phases, indicating a robust pipeline for future releases [8][9] - The company is integrating AI technologies into its product development, collaborating with major tech firms like Microsoft and NVIDIA [9] Earnings Forecast - The company is projected to achieve net profits of 1.045 billion yuan, 1.119 billion yuan, and 1.457 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.54, 0.58, and 0.75 yuan [10][11] - The expected revenue growth rates for the next few years are 9% for 2024, 7% for 2025, and 9% for 2026 [11][12]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance met expectations, with new game launches expected to drive future performance improvements [1] - Revenue in 2023 was RMB 7.791 billion, up 1.57% YoY, while net profit attributable to shareholders was RMB 491 million, down 64.31% YoY [2] - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is committed to a high-quality content strategy, emphasizing "quality over quantity" [9] - The company is exploring cutting-edge technology applications to enhance product upgrades [9] Financial Performance - 2023 revenue: RMB 7.791 billion (+1.57% YoY) [2] - 2023 net profit attributable to shareholders: RMB 491 million (-64.31% YoY) [2] - Q4 2023 revenue: RMB 1.595 billion (+18.57% YoY), net profit attributable to shareholders: -RMB 123 million (-90.27% YoY) [2] - Game business revenue in 2023: RMB 6.669 billion (-7.91% YoY) [3] - Film and TV business revenue in 2023: RMB 1.034 billion (+222.46% YoY) [3] Game Business - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is developing multiple new games, including "Zhu Xian 2," "Shen Mo Da Lu," and "Perfect New World" [4] - Existing games such as "Zhu Xian," "Perfect World International Edition," and "CS: Global Offensive" continue to contribute stable revenue [9] - The company is actively testing new games like "Persona: Phantom of the Night" and "One Punch Man: World" [9] Film and TV Business - The company produced several high-quality TV dramas in 2023, including "The Starry Love" and "The Ingenious One" [9] - The company has a strong pipeline of upcoming TV dramas, such as "Xu Ni Sui Yue Jing Hao" and "Zhi Ci Jiang Hu Meng" [9] - The company has entered the short drama market, with several productions ranking high on platforms like Douyin and Youku [9] Technology and Innovation - The company is exploring AI, VR, AR, and MR technologies to enhance game development and production pipelines [9] - The company has developed AI tools for game development, including Dialogue+ and AI-generated scenarios [9] - In February 2024, the company's self-developed game business vertical large model completed filing, enhancing intelligent dialogue services in games [9] - In March 2024, the company's game "Zhu Xian World" integrated NVIDIA's Audio2Face technology [9] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1.007 billion in 2024, up 104.9% YoY [9] - Revenue is projected to grow to RMB 9.355 billion in 2024, up 20.1% YoY [10] - The company's valuation is expected to be 19x, 16x, and 14x for 2024, 2025, and 2026, respectively [9] Stock Performance - The stock price has underperformed the CSI 300 index over the past year, with a decline of 53% compared to the index's 44% decline [7] - The latest closing price is RMB 9.86, with a 12-month price range of RMB 9.00-22.91 [6]

[Table_Title] 证券研究报告 完美世界（002624）：新产品周期崭新开 公司研究 启，困境反转未来可期 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年04月18日 完美世界（002624） [T事ab件le：_S公um司ma发ry布] 2023 年年度报告。2023 年营收 77.91 亿元，同比增长 投资评级 买入 1.57%，归母净利润4.91亿元，同比下降64.31%，扣非净利润2.1亿元， 同比下降69.56%。 上次评级 买入 点评： [T冯ab翠le婷_A u传th媒or互] 联网及海外 游戏产品周期导致23年游戏业务短期承压，24年有望实现困境反转。其 首席分析师 中，游戏业务营收66.69亿元，同比下降7.91%，归母净利润4.9亿元， 执业编号：S1500522010001 同比下降69.21%，主要由于公司推出新游戏较少，老游戏长线经营但受生 联系电话：17317141123 命周期影响流水回落，相应业绩贡献同比下降。未来，公司前期布局的多 邮 箱：fengcuiting@cindasc.com 款在研游戏产品将陆续进入上线周 ...