证券代码：002624 证券简称：完美世界 公告编号：2024-029 完美世界股份有限公司 关于回购股份进展的公告 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时段符合《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关法 律法规的要求和公司本次实施回购股份的既定方案，具体如下： 1、公司未在下列期间回购股份： （1）自可能对公司股票交易价格产生重大影响的重大事项发生之日或者在 决策过程中，至依法披露之日内； （2）中国证监会及深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份时，符合下列要求： （1）委托价格不得为公司股票当日交易涨幅限制的价格； 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 ...

证券研究报告 | 公司动态点评 2024 年 04月 29日 完美世界（002624.SZ） 24Q1 业绩点评：一季度利润低于预期，静待业绩回暖 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 7,670 7,791 8,991 10,228 11,398 股票信息 增长率yoy（%） -10.0 1.6 15.4 13.8 11.4 归母净利润（百万元） 1,377 491 1,065 1,192 1,403 行业 传媒 增长率yoy（%） 273.1 -64.3 116.7 11.9 17.7 2024年4月26日收盘价（元） 10.14 ROE（%） 14.8 6.2 11.7 12.8 14.8 总市值（百万元） 19,671.28 EPS最新摊薄（元） 0.71 0.25 0.55 0.61 0.72 流通市值（百万元） 18,529.38 P/E（倍） 14.1 39.4 18.2 16.2 13.8 总股本（百万股） 1,939.97 P/B（倍） 2.1 2.2 2.1 2.1 2.1 流通股本（百万股） 1,827.36 资料来源 ...

[Table_Page] 季报点评|游戏Ⅱ 证券研究报告 [完Table_美Title] 世界（002624.SZ） [公Tab司le_I评nves级t] 买入 当前价格 10.14元 老游戏流水承压，期待新品上线 合理价值 11.13元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-29 ⚫ 24Q1业绩概况：根据公司一季报，2024Q1实现营收13.29亿元（YOY [相Tab对le_P市icQ场uote表] 现 -30.2%，QOQ-16.7%），毛利润8.90亿元（YOY-28.3%，QOQ-5.1%）， 毛利率66.94%，产生销售费用2.3亿元（YOY-4.7%，QOQ+8.7%）， 10% 销售费用率为 17.32%，产生研发费用 4.98 亿元（YOY-10%，QOQ -4% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -18% -17.7%），研发费用率为37.48%，Q1归母净利润为-0.3亿元，归母净 -32% 利率为-2.24%，扣非后归母净利润为-1.58亿元（YOY-177.7%，QOQ -46 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a significant decline in Q1 2024 revenue, with total revenue of 1.329 billion yuan, down 30.19% year-on-year, and a net profit attributable to shareholders of -29.76 million yuan, down 112.33% year-on-year [1]. - The gaming business revenue was 1.285 billion yuan, a decrease of 23.80% year-on-year, primarily due to the natural decline in recharge from some games and personnel optimization costs [1]. - The company launched the self-developed game "Persona 5: Phantom Night" in April 2024, which performed well in the market, indicating a breakthrough in the two-dimensional game sector [1]. - The company is making progress in global game distribution, with several self-developed games receiving import licenses and performing well in various international markets [1][2]. Financial Overview - The company expects to achieve revenues of 9.193 billion yuan, 10.296 billion yuan, and 11.429 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 18.0%, 12.0%, and 11.0% [2][3]. - The net profit attributable to shareholders is projected to be 1.297 billion yuan, 1.472 billion yuan, and 1.634 billion yuan for the same years, with growth rates of 163.8%, 13.5%, and 11.0% respectively [2][3]. - The report highlights the application of AI technology in the company's development pipeline, enhancing various aspects of game production [2]. Market Position - The company is positioned in the gaming industry, with a focus on both domestic and international markets [4]. - The total market capitalization is approximately 19.67 billion yuan, with a closing price of 10.14 yuan as of April 26, 2024 [4].

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 ...

Financial Performance - The company's revenue for Q1 2024 was ¥1,329,062,879.22, a decrease of 30.19% compared to ¥1,903,728,618.64 in the same period last year[3] - The net profit attributable to shareholders was -¥29,764,070.63, representing a decline of 112.33% from ¥241,302,884.95 year-on-year[3] - The net cash flow from operating activities was -¥354,612,700.79, a decrease of 129.50% compared to -¥154,513,914.86 in the previous year[3] - Game business revenue was ¥128,496.92 million, down 23.80% year-on-year, while film business revenue was ¥34.72 million, down 82.19% year-on-year[6] - The company reported a net profit margin decline due to increased operating costs and reduced revenue, impacting overall profitability[18] - Net profit for Q1 2024 was ¥38.22 million, a significant decrease compared to ¥233.09 million in Q1 2023, reflecting a decline of approximately 83%[19] - The total profit for Q1 2024 was ¥247.11 million, slightly down from ¥248.40 million in Q1 2023, indicating a decrease of about 0.5%[19] - The company reported a basic and diluted earnings per share of -¥0.02 for Q1 2024, compared to ¥0.13 in Q1 2023[20] Cash Flow and Liquidity - The net cash outflow from operating activities increased by 129.50% compared to the previous period, mainly due to a decline in recharge revenue from game products and a decrease in government subsidies received[8] - The net cash inflow from investing activities increased by 243.93% compared to the previous period, primarily due to proceeds from the disposal of assets related to Universal Pictures[8] - The net cash inflow from financing activities was ¥73,292,065.31, compared to a net outflow of ¥27,916,643.87 in the previous period, mainly due to reduced cash payments for lease liabilities[8] - The net increase in cash and cash equivalents was ¥1,237,364,113.59, reflecting the net impact of cash inflows and outflows from operating, investing, and financing activities[8] - Cash flow from operating activities for Q1 2024 was -¥354.61 million, worsening from -¥154.51 million in Q1 2023[21] - Cash flow from investing activities generated a net inflow of approximately ¥1.52 billion in Q1 2024, compared to ¥443.18 million in Q1 2023, showing a significant increase[22] - Cash and cash equivalents at the end of Q1 2024 totaled approximately ¥4.25 billion, up from ¥3.22 billion at the end of Q1 2023, representing an increase of about 32%[22] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥14,701,883,384.87, an increase of 1.47% from the previous year[3] - Total assets amounted to CNY 14,701,883,384.87, compared to CNY 14,488,533,708.41 at the beginning of the period, showing a growth of 1.5%[17] - Total liabilities increased to CNY 5,295,594,463.46 from CNY 5,063,762,756.18, marking a rise of 4.6%[17] - The company's non-current assets decreased to CNY 6,661,243,438.74 from CNY 7,679,573,831.03, a decline of 13.2%[16] - Short-term borrowings increased to CNY 540,564,375.00 from CNY 420,573,611.12, reflecting a rise of 28.5%[16] Expenses and Investments - The company reported a 38.48% increase in management expenses due to ongoing optimization of talent teams according to strategic planning[6] - R&D expenses for Q1 2024 were approximately ¥498.16 million, a decrease from ¥553.39 million in Q1 2023, representing a decline of about 10%[19] - The company recorded a decrease in financial expenses, with interest expenses at ¥25.84 million in Q1 2024, down from ¥34.60 million in Q1 2023, a reduction of approximately 25%[19] - The company's investment income for Q1 2024 was ¥343.52 million, a recovery from a loss of ¥30.74 million in Q1 2023[19] - Investment income increased by 1,217.35% primarily due to gains from the disposal of assets related to Universal Pictures[6] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 179,516, with the largest shareholder holding 22.32% of the shares[9] - The largest shareholder, Perfect World Holdings Group Co., Ltd., held 432,907,448 shares, representing 22.32% of the total shares[9] - The company plans to repurchase shares using its own funds, with a total repurchase amount not exceeding ¥200 million and a price not exceeding ¥19 per share[12] - As of the report date, the company had repurchased a total of 3,528,900 shares, accounting for 0.1819% of the total share capital, with a total transaction amount of ¥37,939,638[12] Future Outlook - The company plans to focus on long-term development and resource allocation for key projects while optimizing personnel structure[7] - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[18] - The company completed the sale of assets related to Universal Pictures during the reporting period[14] - The transaction for the sale of assets was executed with ACA World, LLC, a subsidiary funded by Domain Capital Group, LLC[14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. 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 was 491 million yuan, a decrease of 64.31% year-on-year [5][6]. - The company is entering a key new game launch cycle in 2024, which is expected to bring performance growth [5][8]. - The company plans to distribute a cash dividend of 0.46 yuan per share, totaling approximately 873 million yuan [7]. Summary by Sections Financial Performance - In 2023, the company's gaming business generated revenue of 6.669 billion yuan, a year-on-year decrease of 7.91%. Mobile games accounted for 4.086 billion yuan (down 19.25%), while PC games generated 2.212 billion yuan (up 16.24%) [6]. - The company reported a net profit of 490 million yuan from its gaming business, down 69.21% year-on-year, with a non-recurring net profit of 456 million yuan, down 57.74% [6]. - In Q4 2023, the company achieved revenue of 1.595 billion yuan, a year-on-year decrease of 18.57%, with a net loss attributable to shareholders of 123 million yuan [5][6]. Business Segments - The film and television business saw revenue of 1.034 billion yuan in 2023, a significant increase of 222% year-on-year, although it still reported a net loss due to credit impairment losses [7]. - The company is focusing on the launch of several new self-developed games starting in Q2 2024, which are expected to enhance revenue [8]. Future Outlook - The company anticipates a gradual increase in revenue due to the upcoming launches of new games, with projected net profits of 950 million yuan and 1.19 billion yuan for 2024 and 2025, respectively [8].

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 | ...