PWRD(SZ:002624) GUOTAI HAITONG SECURITIES·2026-03-05 08:27Investment Rating - The investment rating for the company is "Accumulate" with a target price of 27.00 CNY [5][11]. Core Insights - The company's key product, "Yihuan," is scheduled for release on April 23, 2026, and has already garnered a total of 25 million player reservations as of March 2, indicating high market interest. The launch is expected to drive significant revenue and profit growth for the company in 2026 [2][11]. - The company is projected to return to profitability in 2025, with multiple products expected to perform well. The estimated net profit for 2025 is between 720 million to 760 million CNY, with the gaming segment contributing significantly [11]. Financial Summary - Total revenue is forecasted to be 7,791 million CNY in 2023, decreasing to 5,570 million CNY in 2024, before rebounding to 7,323 million CNY in 2025, and reaching 11,008 million CNY in 2026 [4][12]. - The net profit attributable to the parent company is expected to be 491 million CNY in 2023, with a significant loss of 1,288 million CNY in 2024, followed by a recovery to 715 million CNY in 2025 and 1,751 million CNY in 2026 [4][12]. - Earnings per share (EPS) are projected to be 0.25 CNY in 2023, -0.66 CNY in 2024, 0.37 CNY in 2025, 0.90 CNY in 2026, and 0.99 CNY in 2027 [4][12]. - The return on equity (ROE) is expected to be 5.5% in 2023, -19.1% in 2024, 10.1% in 2025, 21.0% in 2026, and 19.8% in 2027 [4][12].