PWRD(002624) 国盛证券·2025-04-28 05:12Investment 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]