PWRD(SZ:002624) Changjiang Securities·2024-11-04 07:22Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company reported a revenue of 1.313 billion yuan in Q3 2024, which represents a year-on-year decline of 24.36% and a quarter-on-quarter decline of 8.25%. The net loss attributable to the parent company was 212 million yuan, with a non-recurring net loss of 213 million yuan, indicating a shift to loss compared to the previous year and an increase in loss compared to the previous quarter [3][4]. - The gaming business showed signs of improvement in Q3, with a non-recurring net loss of approximately 95 million yuan, despite being under pressure from product cycles. The performance of the gaming business improved quarter-on-quarter [4][6]. - The film and television business faced losses due to a limited number of broadcasts and lower-than-expected sales prices, resulting in a non-recurring net loss of 87 million yuan in Q3 [5][6]. - The company has a rich pipeline of key products, with new games such as "Zhu Xian World" and "Yihuan" expected to contribute positively in the near future [6]. Financial Summary - The company forecasts net profits attributable to the parent company of -450 million yuan, 514 million yuan, and 868 million yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios for 2025 and 2026 are projected to be 37.8 times and 22.4 times [6][11].