老游戏趋于平稳，期待《异环》上线驱动 高增 ——完美世界（002624.SZ）25 年中报点评 核心观点 盈利预测与投资建议 ⚫ 公司核心游戏《异环》预期 26 年上线贡献增量，我们预测公司 25~27 年归母净利润 为 8.27/15.64/18.06 亿（25~26 原值为 9.35/9.61 亿，我们根据游戏的进度以及人员 变动，调整收入、毛利率、费率假设，从而调整盈利预测）。因公司重回盈利，而 重点项目《异环》预期主要贡献 26 年收入，且广电政策变化也会对 26 年产生较大影 响，我们切换为可比公司 26 年估值，给予 26 年 20 倍 PE，给予目标价 16.20 元， 维持"增持"评级。 风险提示 流水不达预期，政策变化，买量成本提升，版号无法获得，费用超预期，公允价值变动 收益和投资收益波动超预期等风险 公司主要财务信息 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 完美世界 002624.SZ 公司研究 | 中报点评 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Core Viewpoint - The 2025 ChinaJoy will be held from August 1 to August 4 in Shanghai, showcasing a significant number of exhibitors and events focused on digital interactive entertainment and gaming industry advancements [1][10]. Exhibition Aspects: Major Works and Technological Innovations - The theme for this year's ChinaJoy is "Gathering What You Love," with 743 companies registered to participate, including 237 foreign enterprises from 37 countries, representing 31.8% of total exhibitors [10][11]. - The BTOC Interactive Entertainment Hall will feature over 283 companies, while the BTOB Business Negotiation Hall will host more than 460 companies, with foreign enterprises making up 45.2% of the latter [11]. - Notable exhibitors include Tencent, NetEase, and Perfect World, showcasing popular games and new releases, with many offering on-site play experiences [13][15][16]. Conference Aspects: Industry Leaders and Global Collaboration - The event will host several key conferences, including the China International Digital Entertainment Industry Conference (CDEC) and the China Game Developers Conference (CGDC), featuring hundreds of industry leaders and experts [19][20]. - CDEC will focus on new directions for industry development, with over 100 industry leaders expected to participate [19]. Event Activities: Engaging Competitions and Performances - The Cosplay Super League will cover 12 regions with nearly 30,000 participants, while the National Dance Group Ceremony will feature over 300 competitors [21]. Highlights of the Exhibition - The event will emphasize AI technology innovation and new consumer experiences, including a "Creator Zone" aimed at engaging younger audiences [22][23]. - The international presence is expected to increase, with foreign exhibitors making up 46.5% of the BTOB Business Negotiation Hall, marking a historical high [25]. Safety Measures: Ensuring a Secure Environment - A comprehensive safety management system will be implemented, including content review processes and on-site management protocols to ensure a safe and orderly event [31][33]. Ticketing Information: Early Bird Pricing - Early bird tickets for ChinaJoy will be available through various platforms starting July 2, with different phases for ticket sales [35].