PWRD(002624) 海通证券·2024-04-23 01:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company achieved 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 69.56% to 491 million yuan [3][5]. - The gaming business experienced a decline in performance, with revenue dropping by 7.91% to 6.669 billion yuan, while the film and television business saw significant improvement, with revenue increasing by 222.46% to 1.033 billion yuan [3][5]. - The company has a rich reserve of new games, with several titles entering the testing phase, which is expected to contribute positively to future revenue [3][6]. Financial Performance - In 2023, the company reported a net profit of 491 million yuan, down 64.3% from the previous year, with an EPS of 0.25 yuan [5][10]. - The projected revenues for 2024, 2025, and 2026 are 9.354 billion yuan, 10.604 billion yuan, and 12.042 billion yuan, respectively, indicating a growth rate of 20.1% and 13.4% in the following years [5][10]. - The gross margin for 2023 was 59.7%, with expectations to improve to 61.6% in 2024 [5][10]. Game and Film Business Analysis - The gaming segment's revenue is expected to recover with the launch of new titles such as "Persona: Nightfall" and "The Legend of the Immortal" [3][6]. - The film and television production segment is projected to stabilize around 931 million yuan in revenue for 2024, maintaining its contribution to overall performance [7][10]. Valuation Metrics - The company is assigned a dynamic PE of 23-25 times for 2024, corresponding to a reasonable value range of 12.42 to 13.50 yuan per share [4][10]. - The projected PS for 2024 is 2.5-3 times, with a corresponding reasonable value range of 12.05 to 14.46 yuan [4][10].