桑拿

Perfect World (002624) Quarterly Review: Three Quarterly Report Meets Expectations My Origins Must Make Appointments to Rebuild Explosions

21/03/2020

Perfect World (002624) Quarterly Review: Three Quarterly Report Meets Expectations “My Origins” Must Make Appointments to Rebuild Explosions

The company released the 2019 third quarter report.

The company released the third quarter report of 2019 and achieved operating income of 58.

12 ppm, an increase of 5 in ten years.

43%; realize net profit attributable to shareholders of listed companies.

76 ppm, an increase of 12 in ten years.

00%; realizing net profit attributable to shareholders of listed companies14.

20 ppm, an increase of 28 in ten years.

47%; basic profit return is 1.

14 yuan, expected average net asset income increased by 16.

23%; net cash flow from operating activities8.

17 trillion, compared with -4 in the same period last year.

8.3 billion significantly improved.

The mobile game business has been continuously refining, and the “perfect” and “sculpture of the gods” have resurrected, and “My Origins” must be booked for an explosion.

In the first half of the year, the company focused on launching “heavy world” and “cloud dream four seasons song” and other heavy mobile games and authorized Tencent to publish and operate. Relying on the advantages of third-party platforms, the mobile game business performance has improved significantly.

In the third quarter, the company focused on the release of “Grand Condor 2”. This work has been included in the top 10 best-selling list of IOS games for nearly a month, and it remains at the top 20 level.

In mid-November, the third annual blockbuster mobile game “My Origins” that the company cooperated with Tencent is about to be released.

At present, the number of reservations on the official website of “My Origin” has reached 13.92 million, and the number of TapTap reservations has also reached 4.21 million. The popularity before the launch even exceeds the “Perfect World” mobile game.

We believe that this work is expected to become the company’s largest growth point for mobile games this year.

In addition, the company plans to launch “Dream Series 2” and “Xiao Xiao Ao Jiang Hu” which have been approved for release this year, both of which have been approved.

In terms of industry, according to the gamma data, the actual sales revenue of the Chinese mobile game market increased by 20% in the first three quarters, which was an increase of 4 from the previous quarter.

1%, mobile games are still a high-quality track in the Chinese game market, and mobile games as the company’s core business will continue to provide momentum for the company’s performance growth.

Adhering to the east wind of e-sports, there is much to be done in the era of cloud gaming.

According to the gamma data, the actual sales revenue of the domestic e-sports game market in the first three quarters increased by 20%, which was an increase of 4 from the previous quarter.

8%, the scale of users increased by 10% in ten years, the chain increased by 1.

1%.

The e-sports industry has 杭州桑拿 received the full attention and normative guidance of relevant national departments, and a steady development trend has been formed.

The company has deep friendly cooperation with Valve Company, and the agency-level international e-sports products of “DOTA2” and “CS: GO” will continue to benefit from the healthy development of e-sports sports, nationalization and ecology.

At the same time, the company is actively exploring the application of cutting-edge technologies such as AR, VR, artificial intelligence, and cloud computing in games.

We believe that the company’s accumulated research and development advantages in large-screen boutique games such as PC terminal games and console games will provide the company with a wider market space in the era of 5G cloud games.

Investment Advice.

Based on the assumption that the company’s online game business, especially the mobile 苏州夜网论坛 game business, is growing rapidly, and the film and television-related business is growing slowly, we maintain our profit forecast for the company. It is expected that the company’s EPS for 2019-2021 will be 1.

70, 2.

10 and 2.

57 yuan, the current sustainable corresponding P / E ratio of 2019-2021 is 17, 14 and 11 times.

We maintain the company’s reasonable price range for 201934.

00-40.

80 yuan to maintain the “overweight” level.

risk warning.Regulatory policies tighten risks, industry growth risks, inventory impairment risks, and equity mortgage risks.