Ge Long Hui A P P·2025-11-13 07:04Core Insights - Perfect World reported Q3 2025 revenue of 1.73 billion yuan, representing a year-over-year increase of 31%, primarily driven by the growth contribution from the online game "Zhu Xian World" [1] - The gross margin for Q3 was 64.8%, an increase of 13.1 percentage points year-over-year, mainly due to improved margins in the film and television sector [1] - The net profit attributable to shareholders for Q3 was 160 million yuan, a significant recovery from a loss of 210 million yuan in the same period last year, largely due to the increased contribution from online games [1] Financial Projections - The company anticipates that the upcoming game "Yihuan" will launch in the first half of 2026, contributing to revenue growth [1] - The recent broadcasting policy changes are expected to drive a recovery in the long-form drama market, with new projects likely taking 1-2 quarters to reflect in financial results [1] - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are 780 million yuan, 1.571 billion yuan, and 1.607 billion yuan, respectively, adjusted from previous estimates based on game progress and assumptions regarding revenue, gross margin, and expense rates [1] Valuation and Rating - The company maintains a target price of 16.20 yuan based on a 20x PE ratio for comparable companies in 2026, sustaining an "Overweight" rating [1]