PWRD(SZ:002624) Great Wall Securities·2025-07-15 11:11Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][16]. Core Views - The company's gaming business is expected to achieve a net profit attributable to shareholders of 4.8 to 5.2 billion yuan in the first half of 2025, marking a turnaround from a loss of 1.77 billion yuan in the same period last year [2][3]. - The performance of "Zhu Xian World" is stable and is a significant contributor to the company's revenue growth, alongside the esports business which continues to show a positive trend [2][3]. - The company is focusing on a "quality over quantity" strategy in its film and television business, with several high-quality productions scheduled for release in 2025 [3]. Financial Summary - Revenue projections for 2025-2027 are 6.815 billion yuan, 8.705 billion yuan, and 9.750 billion yuan respectively, with corresponding net profits of 789 million yuan, 1.327 billion yuan, and 1.584 billion yuan [3][4]. - The report indicates a significant recovery in net profit for 2025, with a year-on-year growth rate of 161.3% expected [3]. - The company's P/E ratio is projected to decrease from 30.2 in 2025 to 15.0 by 2027, indicating improving valuation metrics [3][4].