PWRD(SZ:002624) KAIYUAN SECURITIES·2026-02-08 05:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to significantly improve its performance in 2025, with a projected net profit of 7.2 to 7.6 billion yuan, marking a turnaround from losses in previous years. This improvement is attributed to new game launches and overseas expansion [4] - The game "异环" (Yihuan), developed using Unreal Engine 5, has received positive feedback during its closed beta testing, with over 20 million official pre-registrations and a high rating of 8.9 on TapTap. The game is expected to drive substantial revenue growth upon its release [3][4] - The company has adjusted its net profit forecasts for 2025 downwards to 7.30 billion yuan, while increasing projections for 2026 and 2027 to 28.18 billion yuan and 39.93 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 52.0 for 2025, 13.5 for 2026, and 9.5 for 2027 [3][4] Financial Summary - The company anticipates a revenue of 6.836 billion yuan in 2025, representing a year-over-year increase of 22.7%. The gross margin is expected to be 59.1%, with a net margin of 10.7% [5][8] - The projected net profit for 2026 is 2.818 billion yuan, with a significant increase in profitability expected in subsequent years, reaching 3.993 billion yuan by 2027 [5][8] - The company's total market capitalization is approximately 379.65 billion yuan, with a circulating market capitalization of 357.69 billion yuan [1]