Depth-Company-Perfect World (002624): Steady development of game and film business New product launches

Depth * Company * Perfect World (002624): Steady development of game and film business New product launch

The company released a quick report on its 2018 performance and reported an operating income of 80.

4 ppm, an increase of ten years.

34% in the fourth quarter was 25.

23 ppm, a ten-year increase4.

9%, an increase of 36 from the previous month.

7%; net profit attributable to mother 17.

30,000 yuan, an increase of 13 in ten years.

16%, net profit attributable to mothers in the fourth quarter3.

85 ‰, 9 years ago.

6%, ring-on-epoxy 28.

2%; basic return 1.

30 yuan, an annual increase of 14.


We are optimistic about the company’s excellent mobile game “Perfect World” ‘s online performance and give the company a “buy” rating.

Key points of support levels Operating income has grown steadily and various businesses have performed well.

The company’s operating income in 2018 increased by ten years.

34%, mainly due to the company’s optimization of the asset structure and disposal of the cinema business; excluding the impact of the cinema business, operating income increased by 6.

twenty four%.

Mature games are operating steadily, and new games continue to be launched.

The company reports a series of “Bianxian” series, “Perfect World International Edition”, “DOTA2” and other end-game masterpieces continue to perform steadily; in mobile games, the company launched “Wulin Waichuan Mobile Games”, “Song of Fire”, “Reincarnation Decision””,” Grand 杭州桑拿网 Condor 2 “and other new products, is a hungry company’s mobile game business is developing steadily.

At the same time, the company is developing a variety of mobile games such as “Yun Meng Shi Shi Ge”, “Dream of Dreams”, “Xiao Xiao Ao Jiang Hu”; the “Perfect World” mobile game version will be launched soon.

Film and television projects are constantly on-line, and the film business has established a good reputation.

In terms of TV dramas, the company has launched more than ten TV dramas such as “Motherhood”, “Songs Like Fire”; 17 works such as “The Queen of No Marriage”, “Dead Book of Xixia”, and “Half Life” are being filmed or in reserve.It has a positive effect on the stable development and integration of the company’s TV drama business.

In terms of movies, the company invested in “Shadow” (directed by Zhang Yimou) and the Internet movie “Soul Ferry 〃 Huangquan” achieved good reputation and market benefits.

The main risks faced by the ratings The new games are not live up to expectations, and the film and television projects are expected to recognize revenue.

It is estimated that due to the good project reserves of the film and television business and the game business, we do not expect that the company’s future business development will be affected by obvious policies; the company ‘s star mobile game “Perfect World” mobile game version can be launched recently, and it is expected to have a positive impact on the company’s performance.

We expect the company to achieve a net profit of 20 in 2019-2020.

7 and 25.

2 trillion, corresponding to the current sustainable price-earnings ratio of 19 times and 15.

6 times, covering the company with a “Buy” rating for the first time