完美世界：业绩承压，静待新品上线

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].