证 券 研 究 报 告 完美世界（002624）2024 年报及 2025 年一季报点评 推荐（维持） Q4 符合，Q1 超预期，触底改善趋势明显， 关注《异环》后续测试表现 公司研究 事项： ❖ 公司发布 24Q4、25Q1 财报：Q4 符合预期，Q1 超预期。4Q24 公司实现收入 15.0 亿元，YOY-6%，QOQ+14%；实现归母净利润-9.0 亿元、扣非归母净利润 -8.64 亿元，业绩落在前期预告区间内。1Q25 公司实现收入 20.2 亿元， YOY+52%，QOQ+35%；实现归母净利润 3.0 亿元，实现扣非归母净利润 1.6 亿元，YOY/QOQ 均扭亏为盈，业绩超预期。 评论： 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：廖志国 邮箱：liaozhiguo@hcyjs.com 执业编号：S0360523060003 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | - ...

1 4、看到女神异闻录的周年庆，感觉挺惊艳的，最近版本更新也挺好 的，想问下后续规划是怎么样的呢？ 您好，《女神异闻录：夜幕魅影》公测至今，项目组在研发层面聚焦 精品内容更新，运营层面深入了解玩家需求，深耕游戏生态建设，不断提 高游戏品质。目前，公司正在积极推进该游戏在日本、欧美等海外其他区 域的发行计划，国内版本的后续更新计划也在稳步推进中。感谢您的关注。 证券代码： 002624 证券简称：完美世界 完美世界股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 □ | 媒体采访 √ 业绩说明会 | | 类别 □ | 路演活动 新闻发布会 □ | | □ | 现场参观 □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 通过全景网参与公司 2024 年度业绩网上说明会的投资者 | | 人员姓名 | 上市公司出席人员：公司董事长池宇峰先生、公司独立董事王豆豆女士、 | | | 公司副总裁兼董事会秘书马骏女士及公司副总裁兼财务总监王祥玉先生 | | 时间 | 2025 年 5 月 8 日（周四）下午 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant revenue decline in 2024, with total revenue of 5.57 billion yuan, down 28.5% year-on-year, and a net loss of 1.29 billion yuan [1] - In Q1 2025, the company showed strong recovery with a revenue of 2.02 billion yuan, up 52.22% year-on-year, and a net profit of 302 million yuan, up 1115.29% year-on-year [1] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares for 2024 [1] Financial Performance Summary - The gaming business generated revenue of 5.18 billion yuan in 2024, a decrease of 22.32% year-on-year, with a net loss of 725 million yuan [2] - The company is focusing on optimizing its project portfolio, with several new games receiving positive market feedback, including "Persona: Nightshade" and "Zhu Xian World" [2][3] - The company is actively pursuing global multi-platform releases for new projects, including "Zhu Xian 2" and "Yin" [3] - The film and television segment is adopting a "quality over quantity" strategy, successfully launching several short dramas [4] Profit Forecast - The company is expected to achieve net profits of 741 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 157.6%, 43.0%, and 14.4% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 32, 23, and 20 times respectively [4] Financial Metrics Overview - The company reported a revenue of 7.79 billion yuan in 2023, with a projected recovery to 7.8 billion yuan in 2025 [5] - The net profit for 2023 was 491 million yuan, with a forecasted return to profitability in 2025 [5] - The company's cash flow from operating activities is expected to improve significantly, reaching 1.34 billion yuan by 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant revenue decline in 2024, with total revenue of 5.57 billion yuan, down 28.5% year-on-year. However, Q1 2025 showed a strong recovery with revenue of 2.02 billion yuan, up 52.22% year-on-year [1][4] - The gaming business faced challenges in 2024, with a revenue of 5.18 billion yuan, down 22.32% year-on-year, and a net loss of 725 million yuan. Despite this, several new games received positive market feedback, including "Persona 5: Phantom of the Night" and "Zhu Xian World" [2][4] - The company is actively developing new projects, including "Zhu Xian 2" and an original open-world RPG titled "Yi," with plans for global multi-platform releases [3][4] Financial Overview - In 2024, the company reported a net profit attributable to shareholders of -1.29 billion yuan, with a projected recovery to 741 million yuan in 2025, representing a year-on-year growth of 157.6% [4][5] - The earnings per share (EPS) is expected to improve from -0.66 yuan in 2024 to 0.38 yuan in 2025 [5] - The company anticipates a gradual increase in net profit for 2025-2027, with projections of 741 million yuan, 1.06 billion yuan, and 1.21 billion yuan respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase in loss of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround in profitability driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

Investment Rating - The report maintains a "Buy" rating for the company [8][5] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5][9] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]