PWRD(002624) 国海证券·2024-04-19 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.791 billion yuan in 2023, a year-on-year increase of 1.57%, but the net profit attributable to shareholders decreased by 64.31% to 491 million yuan [2][3] - The company plans to distribute a cash dividend of 4.6 yuan per 10 shares, totaling 870 million yuan, resulting in a dividend yield of 4.6% based on the closing price on April 15 [6][10] - The company is expected to enter a new product cycle in 2024, with several new products set to launch, which may support revenue growth [9][10] Summary by Sections Financial Performance - In 2023, the company's revenue was 7.791 billion yuan, with game business revenue at 6.669 billion yuan, down 7.91% year-on-year due to the decline in older games and fewer new releases [3] - The film and television business revenue increased significantly by 222.46% to 1.034 billion yuan, mainly from TV series contributions [3] - The gross profit for 2023 was 4.651 billion yuan, with a gross margin of 59.7%, down 8.7 percentage points year-on-year [3] - The net profit attributable to shareholders was 491 million yuan, with a non-recurring net profit of 210 million yuan, both showing significant declines year-on-year [3][4] Product Development and Future Outlook - The company has launched several new products in 2024, including "One Punch Man: World" and "Persona: Nightshade," which have shown strong initial performance [7][8] - Other upcoming products include "The Legend of the Immortal 2" and various new games in testing phases, indicating a robust pipeline for future releases [8][9] - The company is integrating AI technologies into its product development, collaborating with major tech firms like Microsoft and NVIDIA [9] Earnings Forecast - The company is projected to achieve net profits of 1.045 billion yuan, 1.119 billion yuan, and 1.457 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.54, 0.58, and 0.75 yuan [10][11] - The expected revenue growth rates for the next few years are 9% for 2024, 7% for 2025, and 9% for 2026 [11][12]