PWRD(SZ:002624) GOLDEN SUN SECURITIES·2024-11-01 01:47Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's gaming business performance has improved sequentially, while the film and television business has seen product prices below expectations [1] - The company is focusing on a dual-line business structure upgrade with "MMO+" and "Card+" genres, and is progressing with new game launches [1] - The global launch of the game "异环" has shown promising results, with over 2.8 million pre-registrations and a high rating of 9.2 on Taptap [1] - The film and television segment reported a net loss due to lower-than-expected sales prices, and the company is adopting a "quality over quantity" strategy [1] - The esports segment is set to host the 2024 Shanghai Major, marking a significant event in the esports calendar [1] Financial Overview - 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 profit attributable to shareholders of -389 million yuan [1] - The company expects revenues of 5.391 billion yuan in 2024, with a projected year-on-year decline of 30.8% [2] - The forecast for net profit attributable to shareholders is -497 million yuan in 2024, with a significant year-on-year decline of 201.0% [2] - The company anticipates a recovery in profitability with net profits of 1.30 billion yuan and 3.66 billion yuan in 2025 and 2026, respectively [2] Product Development and Strategy - The company is advancing the development of new games, including "诛仙世界" and "代号野蛮人," with positive player feedback from testing phases [1] - The strategy includes deepening global partnerships with major companies like NVIDIA and Sony for the game "异环," aiming for a multi-platform release [1] - The esports business is expected to leverage major events to enhance its core business development [1]