20230424-国金证券-完美世界-002624.SZ-业绩符合预告_储备产品蓄势待发_4页_906kb

报告摘要

Q1 2023 Revenue: 19 billion CNY, representing a 1055% year-over-year decline.
Net Profit: 2.4 billion CNY, with a 7128% YoY decrease in net profit attributable to shareholders and a 5066% YoY decrease in non-diluted net profit, reflecting overall business underperformance.

Revenue Factors: The slide was primarily due to the absence of key gaming products like 'Phantasia' (which peaked in Q1 2022), immature game performance compared to last year higher revenues, and a shift in product lineup delayed to Q2-Q4. International subsidiary disposal also contributed to the downturn.
Profitability Factors: Profit margins fell due to reduced gross margin (65.2%, down 35 percentage points YoY), higher operating expenses (sales fees +4 pct YoY, management fees +7 pct +7 absorption, R&D fees +26 pct YoY partly due to cost variations), and increased other gains (+14 pct YoY in other income). But环比 improvement in earnings was noted.

Upcoming product releases, such as "Dragon Tale 2" (strong in iOS rankings), are expected to drive revenue in Q2 Q3-Q4. Other game and影视 projects like "Shen Mo Dong Lang 2" and "Cloud Country Transmission" are in the pipeline.
The company is establishing an AI center to integrate artificial intelligence in gaming for optimization, cost reduction, and enhanced engagement.

Based on earnings estimates, net profit is forecasted at 157.4 billion CNY for 2023, 189.4 billion CNY for 2024, and 219.5 billion CNY for 2025.
Current PE ratios are 268.3x for 2023, 223.0x for 2024, and 192.4x for 2025, supporting a "Buy" rating.

Key risks include uncertainties in game launch timing, content approval processes, ongoing regulatory scrutiny, and potential delays in AI technology integration.

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