PWRD(002624) 东吴证券·2025-01-20 06:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a transformation period, leading to profit pressure, and attention should be paid to the performance elasticity of new games [1] - The company is expected to achieve revenue of 55-56 billion yuan in 2024, a year-on-year decline of 28%-29%, with a net loss attributable to the parent company of 11-13 billion yuan [1] - The gaming business is facing profit pressure due to project shutdowns and personnel adjustments, with an expected net loss of 6.5-7.5 billion yuan in 2024 [1] - The launch of "Zhuxian World" is anticipated to mark the beginning of a new game cycle, with expectations for profit recovery in 2025 [1] - The film and television business is expected to continue a strategy of quality over quantity, with projected net losses of 3-4 billion yuan in 2024 [1] Financial Forecasts - Total revenue (in million yuan) is projected to decline from 7,791 in 2023 to 5,542 in 2024, before recovering to 6,979 in 2025 and 9,100 in 2026 [1][10] - Net profit attributable to the parent company is expected to drop from 491.48 million yuan in 2023 to a loss of 1,194.64 million yuan in 2024, before returning to profit in 2025 and 2026 [1][10] - The earnings per share (EPS) is forecasted to be -0.62 yuan in 2024, 0.36 yuan in 2025, and 0.67 yuan in 2026 [1][10] Market Data - The closing price of the company's stock is 9.70 yuan, with a market capitalization of approximately 18.82 billion yuan [6] - The price-to-earnings (P/E) ratio is projected to be - for 2024, 27 for 2025, and 14.49 for 2026 [1][10]