有三点原因：首先，从历史行情来看，游戏板块在几次科技主题行情中始终是 核心受益主线之一，如 2023 年的云游戏、元宇宙概念及 AIGC 行情。当时龙 头股如巨人网络估值最高冲到 30 倍才停。目前处于大牛市周期中，相较于 完美世界 20251212 摘要 游戏板块在科技主题行情中受益显著，历史龙头股估值曾达 30 倍。当 前大牛市周期下，资金环境和产业周期支撑力更强，板块估值回调后， 配置窗口期显现。 游戏板块估值从 25 倍回调至 19-20 倍区间，提供了难得的入场机会， 潜在涨幅空间达 50%，收益弹性具备吸引力。行业景气度持续上行， 2025 年预计触底回升，2026 年将迎来产品大年。 完美世界被推荐为 12 月金股，因其估值不高且短期有催化剂，中长期 业绩改善潜力大。公司前三季度营收 54.17 亿元，同比增长 33%；归 母净利润 6.66 亿元，同比扭亏为盈。 完美世界游戏业务前三季度营收 40.44 亿元，同比增长 15.6%，毛利 率提升至 69.29%。《诛仙世界》端游、《诛仙二》及《女神异闻录》 海外上线将带来收入增量，电竞业务流水持续增长，影视业务扭亏为盈。 完美世界 2024 年 ...

Summary of Perfect World Conference Call Company Overview - Perfect World is one of the first domestic PC game manufacturers in China, with a strong technical foundation and rich gaming operation experience, particularly in product quality and long lifecycle operations, laying a solid foundation for future development [2][4] Key Points Industry and Company Performance - The company's performance exhibits significant product cyclicality, with major new game launches leading to substantial performance boosts, while older products may experience a decline, resulting in flat performance [2][4] - Anticipated new game "Yi Huan" is expected to significantly enhance company performance upon its launch at the end of the year, with early signs of performance improvement already visible [2][3][5] Upcoming Products - The highly anticipated open-world RPG "Yi Huan" combines elements of anime and cyberpunk, showing promising test results with strong core metrics, expected to contribute significantly to performance post-launch [2][6][7] - Other notable products include "Persona," "Night Shadow," and "P5X," which have performed well in overseas markets, with "P5X" ranking high on Japan's iPhone sales charts [2][9] Historical Context and Future Outlook - Perfect World has a rich history and strong R&D capabilities, having been a key player in the rise of online gaming in China since the early 2000s [4] - The company is expected to enter a phase of sustained performance growth starting in 2025, particularly with the launch of "Yi Huan," which is projected to accelerate profit growth [3][11] Business Adjustments - Recent years have seen performance impacted by business adjustments and impairment provisions, particularly in the overseas console team and film business, which have now stabilized [10][12] - The film business has shifted towards a quality-over-quantity strategy, focusing on high-quality platform-customized dramas, which has helped stabilize operations and support the core gaming business [12] Investment Recommendations - Investors are advised to consider early positioning in Perfect World due to its low current valuation and the potential growth opportunities arising from the launch of "Yi Huan," which could lead to dual-driven performance and valuation growth [3][13]