Investment 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].

传媒 | 证券研究报告 — 调整盈利预测 2024 年 4 月 19 日 002624.SZ 买入 原评级：买入 市场价格:人民币 9.86 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (53%) (38%) (24%) (10%) 4% 19% Apr-23May-23Jun-23Jul-23Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 完美世界 深圳成指 绝对 (16.4) (13.1) (8.2) (51.1) 相对深圳成指 (13.8) (8.4) (10.0) (28.7) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,939.97 | | 流通股 ( 百万 ) | | 1,827.36 | | 总市值 ( 人民币 百万 ) | | 19,128.09 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 631.63 | | 主要股东 | ...

Investment 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]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance met expectations, with new game launches expected to drive future performance improvements [1] - Revenue in 2023 was RMB 7.791 billion, up 1.57% YoY, while net profit attributable to shareholders was RMB 491 million, down 64.31% YoY [2] - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is committed to a high-quality content strategy, emphasizing "quality over quantity" [9] - The company is exploring cutting-edge technology applications to enhance product upgrades [9] Financial Performance - 2023 revenue: RMB 7.791 billion (+1.57% YoY) [2] - 2023 net profit attributable to shareholders: RMB 491 million (-64.31% YoY) [2] - Q4 2023 revenue: RMB 1.595 billion (+18.57% YoY), net profit attributable to shareholders: -RMB 123 million (-90.27% YoY) [2] - Game business revenue in 2023: RMB 6.669 billion (-7.91% YoY) [3] - Film and TV business revenue in 2023: RMB 1.034 billion (+222.46% YoY) [3] Game Business - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is developing multiple new games, including "Zhu Xian 2," "Shen Mo Da Lu," and "Perfect New World" [4] - Existing games such as "Zhu Xian," "Perfect World International Edition," and "CS: Global Offensive" continue to contribute stable revenue [9] - The company is actively testing new games like "Persona: Phantom of the Night" and "One Punch Man: World" [9] Film and TV Business - The company produced several high-quality TV dramas in 2023, including "The Starry Love" and "The Ingenious One" [9] - The company has a strong pipeline of upcoming TV dramas, such as "Xu Ni Sui Yue Jing Hao" and "Zhi Ci Jiang Hu Meng" [9] - The company has entered the short drama market, with several productions ranking high on platforms like Douyin and Youku [9] Technology and Innovation - The company is exploring AI, VR, AR, and MR technologies to enhance game development and production pipelines [9] - The company has developed AI tools for game development, including Dialogue+ and AI-generated scenarios [9] - In February 2024, the company's self-developed game business vertical large model completed filing, enhancing intelligent dialogue services in games [9] - In March 2024, the company's game "Zhu Xian World" integrated NVIDIA's Audio2Face technology [9] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1.007 billion in 2024, up 104.9% YoY [9] - Revenue is projected to grow to RMB 9.355 billion in 2024, up 20.1% YoY [10] - The company's valuation is expected to be 19x, 16x, and 14x for 2024, 2025, and 2026, respectively [9] Stock Performance - The stock price has underperformed the CSI 300 index over the past year, with a decline of 53% compared to the index's 44% decline [7] - The latest closing price is RMB 9.86, with a 12-month price range of RMB 9.00-22.91 [6]

[Table_Title] 证券研究报告 完美世界（002624）：新产品周期崭新开 公司研究 启，困境反转未来可期 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年04月18日 完美世界（002624） [T事ab件le：_S公um司ma发ry布] 2023 年年度报告。2023 年营收 77.91 亿元，同比增长 投资评级 买入 1.57%，归母净利润4.91亿元，同比下降64.31%，扣非净利润2.1亿元， 同比下降69.56%。 上次评级 买入 点评： [T冯ab翠le婷_A u传th媒or互] 联网及海外 游戏产品周期导致23年游戏业务短期承压，24年有望实现困境反转。其 首席分析师 中，游戏业务营收66.69亿元，同比下降7.91%，归母净利润4.9亿元， 执业编号：S1500522010001 同比下降69.21%，主要由于公司推出新游戏较少，老游戏长线经营但受生 联系电话：17317141123 命周期影响流水回落，相应业绩贡献同比下降。未来，公司前期布局的多 邮 箱：fengcuiting@cindasc.com 款在研游戏产品将陆续进入上线周 ...

证券研究报告 | 公司动态点评 2024 年 04 月 16 日 完美世界（002624.SZ） 23 年年报点评：23 年分红超预期，24 年重磅产品周期将至 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|--------|--------|------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 7,670 | 7,791 | 8,991 | 10,228 | 11,398 | 股票信息 | | | 增长率 yoy （ % ） | -10.0 | 1.6 | 15.4 | 13.8 | 11.4 | | | | 归母净利润（百万元） | 1,377 | 491 | 1,065 | 1, ...

] y r t s u d n I _ e l b a T [ [ 完Ta 美bl 世e_ 界T （itl 0e 0] 2 624）2023年报点评 公 司 产品周期逐步开启，关注新游上线表现 研 挖掘价值 投资成长 究 [Table_Rank] / 买入 （维持） 互 联 2024 年 04 月 18 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报。2023年公司实现营收77.9亿元（yoy+1.6%）； 证券分析师：陈子怡 证书编号：S1160522070002 实现归母净利润 4.9 亿元（yoy-64.31%）；实现扣非归母净利润 2.1 证券分析师：潘琪 亿元（yoy-69.6%）。此外，公司发布 2023 年度利润分配预案，拟向 全体股东按10股派发现金股利4.6元，共计8.73亿元。 证书编号：S1160524040001 联系人：潘琪 电话：021-23586487  受产品周期影响，游戏业务短期承压。2023年公司游戏业务 ...

证券研究报告 公司点评 完美世界(002624.SZ) 传媒｜ 游戏Ⅱ 研发周期导致 23 年业绩承压，后 续新品上线有望推动业绩增长 2024年 04月 17日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 7,670.40 7,790.72 8,432.56 9,010.47 9,538.77 归母净利润(百万元) 1,377.19 491.48 847.86 972.80 1,038.97 评级变动 维持 每股收益（元） 0.71 0.25 0.44 0.50 0.54 交易数据 每股净资产（元） 4.72 4.62 4.08 3.46 2.81 当前价格（元） 9.86 P/E 13.89 38.92 22.56 19.66 18.41 52周价格区间（元） 9.00-22.91 P/B 2.09 2.14 2.42 2.85 3.51 总市值（百万） 19128.09 资料来源：iFinD，财信证券 流通市值（百万） 18017.73 总股本（万股） 193996.90 投资要点： 流通股（万股） 182735.60  事件：公司发布 202 ...

完美世界股份有限公司 审计报告及财务报表 二○二三年度 完美世界股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 三、 | 财务报表附注 | 1-104 | 审计报告 信会师报字[2024]第 ZB10102 号 完美世界股份有限公司全体股东： 一、 审计意见 我们审计了完美世界股份有限公司（以下简称完美世界）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...

完美世界股份有限公司 董事会关于 2023 年度证券投资情况的专项说明 | | | | | | | 本期 | 计入 权益 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 最初 | 会计 | 期初 | 公允 | 的累 | 本期 | 本期 | 报告 | | 期末 | 会计 | | | 证券 | 证券 | 证券 | | | | | | | | | 汇率 | | | 资金 | | 品种 | | | 投资 | 计量 | 账面 | 价值 | 计公 | 购买 | 出售 | 期损 | | 账面 | 核算 | 来源 | | | 代码 | 简称 | 成本 | 模式 | 价值 | 变动 | 允价 | 金额 | 金额 | 益 | 变动 | 价值 | 科目 | | | | | | | | | 损益 | 值变 | | | | | | | | | | | | | | | | 动 | | | | | | | | | 境 内 | | | 6,946, | 公 允 ...