2024 年 11 月 15 日 公司研究 关注《诛仙世界》、《异环》开启新周期 ——完美世界（002624.SZ）动态更新点评 买入（维持） 重点游戏新品《诛仙世界》、《异环》正稳步推进，期待储备产品上线表现。 1）新国风仙侠 MMORPG 端游《诛仙世界》已于 10 月 31 日完成"践行 测试"，定档 12 月 19 号上线公测，瞄准 MMO 核心玩家，有效匹配需求， 测试口碑良好，有望贡献确定性流水增量。制作高规格，物理光栅化配合 光追渲染，玩家体验到的云水雾等自然效果更拟真；技能特效绚丽，加之 音响与震动反馈，使玩家视听双重体验得到满足。加入大世界探索玩法， PVP 系统则提供 3V3、5V5、20 人战场等核心 MMO 玩法，有望提升游戏 性；休闲玩法包含家园、宠物、探索等内容，和主玩法搭配增强玩家黏性。 2）开放世界 RPG 二次元手游《异环》于 9 月 22 日举办线下封闭试玩会， 深受玩家喜爱，其 B 站、TapTap 预约量分别为 93、151 万，评分高达 9.5 和 9.2 分（截止 2024/11/13），现已开启"奇点测试"招募。《异环》 24 年 7 月 16 日首曝 PV 与实 ...

Group 1: Game Development and Performance - The MMORPG "Zhu Xian World" has completed its testing phase and is set for official public release on December 19, 2024 [1] - The open-world RPG "Yihuan" gained significant attention, with over 2.8 million pre-registrations in its first week after global reveal on July 16, 2024 [2] - The third quarter of 2024 saw the gaming business report a net profit of -94.67 million CNY after excluding non-recurring losses, with an investment loss of 115.96 million CNY impacting overall performance [2] Group 2: Esports Initiatives - The 2024 Shanghai Major, scheduled from November 30 to December 15, 2024, is expected to enhance the company's esports business, leveraging its experience as the exclusive operator for "DOTA2" and "CS:GO" in mainland China [2] - Official partners for the event include NVIDIA, AMD, and AGON, indicating strong industry support for the tournament [2] Group 3: Film and Television Business - The film and television segment reported a net profit of -87.49 million CNY in Q3 2024, primarily due to lower-than-expected sales prices for certain productions [2] - The company plans to adopt a "quality over quantity" strategy to mitigate investment risks in future film projects [2]

ि点证券 传媒/游戏 || 司研究 完美世界 (002624.SZ) 2024 年 11 月 07 日 《诛仙世界》《异环》 开启新品周期，业绩或迎反转 公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号： S0790523090001 ● 公司完成战略调整,或推动高效健康发展,维持"买入"评级 | --- | --- | |-------------------|------------| | 日 期 | 2024/11/6 | | 当前股价(元) | 12.16 | | 一年最高最低(元) | 14.28/6.79 | | 总市值(亿元) | 235.90 | | 流通市值(亿元) | 222.21 | | 总股本(亿股) | 19.40 | | 流通股本(亿股) | 18.27 | | 近３个月换手率(%) | 161.81 | 股价走势图 完美世界 沪深300 40% 20% 0% -20% -40% -60% 2023-11 2024-03 20 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 完美世界(002624)公司点评报告 2024 年 11 月 06 日 [Table_Title] 游戏业务环比改善，关注新品上线表现 ——完美世界（002624）2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 短期业绩持续承压，游戏业务经营环比改善 2024 年前三季度，公司实现营业收入 40.73 亿元，同比下滑 34.26%，实 现归母净亏损 3.89 亿元，同比下滑 163.25%，扣非归母净亏损 4.48 亿元， 同比下滑 197.98%。单季度看，24Q3 公司实现营业收入 13.13 亿元，同比 下滑 24.36%，归母净利润为 2.12 亿元，同比下滑 190.27%，扣非后归母 净利润为 2.13 亿元，同比下滑 223.90%。24Q3，公司游戏业务实现扣非 后净亏损 9466.64 万元，其中因被投企业亏损确认损失 11595.92 万元，剔 除该影响后，游戏业务的经营业绩环比改善，影视业务实现扣非后净亏损 8748.77 万元，主要由于部分影视剧销售价格低于预 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Insights - The company's Q3 2024 financial results show a revenue of 1.3 billion yuan, a year-over-year decline of 24%, and a quarter-over-quarter decline of 8%. The gross profit was 680 million yuan, down 38% year-over-year and up 25% quarter-over-quarter. The net profit attributable to shareholders was -210 million yuan, marking a shift from profit to loss year-over-year and a 44% decline quarter-over-quarter [1]. - The company has undergone a restructuring of its existing business, which has led to some one-time expenses and underperformance in certain gaming and film products, resulting in pressured earnings [1]. - The gaming business has shown signs of recovery, with operational profitability turning positive after adjustments. The report anticipates that the gaming business will maintain its current positive trend [2]. - The company has a rich pipeline of key products expected to drive operational improvement in 2025, including flagship IP MMORPG "Zhu Xian World" and other significant titles [2]. - The film and television segment continues to focus on a "quality over quantity" strategy, aiming to control investment risks in response to market changes [2]. - The earnings forecast for 2024-2026 has been adjusted, with expected revenues of 5.5 billion, 8.1 billion, and 9.8 billion yuan respectively, reflecting a year-over-year change of -30%, +48%, and +21% [2][3]. Financial Summary - For 2024, the company is projected to have a total revenue of 5.451 billion yuan, a decrease of 30% year-over-year. The net profit attributable to shareholders is expected to be -553 million yuan, a decline of 212.5% [3]. - The earnings per share (EPS) is forecasted to be -0.29 yuan for 2024, with a projected PE ratio of -39 [3]. - The company’s total assets are estimated to be 12.645 billion yuan in 2024, with a debt-to-equity ratio of 35.08% [3][4].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨完美世界（002624.SZ） [Table_Title] 游戏业务经营业绩环比转正，重点新游增量可期 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 完美世界披露 2024 年三季报，公司 24Q3 实现营收 13.13 亿元（同比 -24.36% ，环比 -8.25% ）， | | | 归母净亏损 2.12 亿，扣非净亏损 2.13 亿，同比转亏且环比亏损幅度有所扩大， ...

证券研究报告·公司点评报告·游戏Ⅱ 完美世界（002624） 2024 年三季报点评：游戏经营性业绩改善， 静待新产品周期兑现 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|----------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7670 | 7791 | 5259 | 7379 | 8182 | | 同比（ % ） | (9.95) | 1.57 | (32.49) | 40.30 | 10.89 | | 归母净利润（百万元） | 1,377.19 | 491.48 | (596.11) | 959.33 | 1,158.15 | | 同比（ % ） | 273.07 | (64.31) | (221.29) | - | 20.72 | | EPS- 最新摊薄（元 ...

Core Insights - Perfect World reported Q3 2024 revenue of 1.313 billion yuan, with a non-GAAP net profit of -94.66 million yuan in its gaming segment, primarily due to losses from invested enterprises amounting to -115.95 million yuan [1] - The company’s core game, "Zhu Xian World," is set to launch on December 19, 2024, and is the first MMORPG developed using Unreal Engine 5, receiving positive feedback during its testing phase [1] - The esports segment is expected to gain momentum with the upcoming hosting of the 2024 Counter-Strike: Global Offensive Major in Shanghai, marking the first time this premier event is held in Asia [2] Financial Performance - In Q2 2024, the company implemented various cost-cutting measures, resulting in a 7.66% increase in revenue compared to the previous quarter, with a gradual reduction in losses [2] - The gaming business has shown signs of operational improvement, excluding the impact of investment losses [1] Product Development - The company is focusing on attracting both new and veteran MMO players with its commitment to creating a pure and authentic MMO experience for "Zhu Xian World" [1] - Another key product, the 2D open-world mobile game "Yihuan," has received positive reviews during its closed beta testing and is currently in the recruitment phase for further testing [1] Strategic Initiatives - Perfect World is restructuring its talent pool and optimizing personnel to enhance job matching and operational efficiency [2] - The company is actively expanding into the micro-short drama market, which is anticipated to become a new growth driver for its film and television business [2]

证券代码：002624 证券简称：完美世界 公告编号：2024-049 完美世界股份有限公司 关于回购股份进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 完美世界股份有限公司（以下简称"公司"）于 2023 年 12 月 28 日召开公司 第五届董事会第二十二次会议审议通过《关于回购公司股份方案的议案》。公司 决定使用自有资金以集中竞价交易的方式回购公司股份用于股权激励或员工持 股计划。本次回购的股份种类为公司发行的 A 股社会公众股，回购资金总额不 超过人民币 2 亿元（含）且不低于人民币 1 亿元（含）。本次回购股份的价格不 超过人民币 19 元/股。回购期限自董事会审议通过之日起 12 个月内，具体回购 股份的数量以回购期满时公司实际回购的股份数量为准。 具体详见刊登于巨潮资讯网 www.cninfo.com.cn 的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company reported a significant decline in revenue and net profit for Q3 2024, with revenue at 1.313 billion RMB, down 24.36% year-on-year, and a net loss of 212 million RMB, down 190.27% year-on-year [2][3]. - The gaming and film sectors are under pressure, with gaming revenue for the first three quarters at 3.87 billion RMB, down 27.2% year-on-year, and film revenue at 170 million RMB, down 78.4% year-on-year [3]. - The company is focusing on product launches and talent restructuring, with several new games and films in development [4]. Summary by Sections Performance Review - Q3 revenue was 1.313 billion RMB, a decrease of 24.36% year-on-year and 8.25% quarter-on-quarter [2]. - The net profit attributable to shareholders was a loss of 212 million RMB, a decline of 190.27% year-on-year [2]. - The gross profit margin decreased, primarily due to changes in revenue structure and increased costs from lower-margin products [3]. Business Analysis - Gaming revenue for Q3 was estimated at 1.22 billion RMB, down 10.6% quarter-on-quarter, attributed to fewer new game launches and declining revenue from older products [3]. - Film revenue for Q3 was estimated at 83 million RMB, up 50.7% quarter-on-quarter, influenced by the number and scale of released films [3]. - The company reported a Q3 net profit margin of -16.1%, reflecting a decline in profitability [3]. Future Outlook - The company is nearing the completion of a large-scale personnel restructuring and is awaiting the launch of new products [4]. - Upcoming game launches include "Zhu Xian World" and "Yihuan," which have received positive feedback from players [4]. - The company plans to focus on a "quality over quantity" strategy in its film projects to mitigate investment risks [4]. Profit Forecast and Valuation - The company is projected to have net profits of -530 million RMB in 2024, 720 million RMB in 2025, and 950 million RMB in 2026, with corresponding P/E ratios of N/A, 26.8, and 20.2 [4].