PWRD(002624) 申万宏源·2025-01-23 01:50Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to experience a fundamental turnaround driven by new products in 2025-2026 after a challenging transformation period in 2024 [5][8] - The company reported a significant decline in revenue and a net loss for 2024, with projected revenue of 55-56 billion yuan, down from 78 billion yuan in 2023, and a net loss of 11-13 billion yuan compared to a profit of 4.9 billion yuan in 2023 [5][8] Financial Data and Earnings Forecast - Total revenue for 2023 was 7,791 million yuan, with a projected decline to 5,503 million yuan in 2024, followed by a recovery to 6,702 million yuan in 2025 and 9,670 million yuan in 2026 [7][10] - The company anticipates a net profit of -1,220 million yuan in 2024, with a recovery to 742 million yuan in 2025 and 1,460 million yuan in 2026 [7][10] - The gross margin is expected to improve from 60.0% in 2024 to 63.7% in 2025, indicating a positive trend in profitability [7][10] Key Investment Highlights - The company is focusing on the release of "Zhu Xian World" and the testing progress of "Yihuan" in 2025, which are expected to drive profitability [8] - The company has undergone significant project and personnel optimization in 2024, which is expected to yield cost savings and efficiency improvements in 2025 [8] - The earnings forecast has been adjusted to reflect the company's project optimizations, with expected revenues of 55 billion yuan in 2024 and 67 billion yuan in 2025, down from previous estimates [8]