Perfect World (002624) 2019 First Quarterly Report Review: The first three months of Perfect World ‘s flow stability or exceeded expectations. Cloud Dream Four Seasons Song is expected to be added to Q2

Perfect World (002624) 2019 First Quarterly Report Review: The first three months of “Perfect World” ‘s flow stability or exceeded expectations. “Cloud Dream Four Seasons Song” is expected to be added to Q2

Matters: The company announced its 2018 annual report and 2019 first quarter report on April 29, 2019.

2018 initially achieved operating income of 80.

34 ppm, an increase of ten years.

31%; net profit attributable to mother 17.

0.6 million yuan, an increase of 13 in ten years.

38%.

2019Q1 achieved operating income of 20.

42 ppm, an increase of 13 in ten years.

26%; net profit attributable to mother 4.

8.6 billion, an annual increase of 34.

95%.

Comment: 2019Q1 achieved operating income of 20.

42 ppm, an increase of 13 in ten years.

26%, down 19 from the previous month.

00%.

After excluding the impact of the cinema business, the revenue from the game and film and television business actually increased by 32 compared with the same period last year.

80%.

“Perfect World” mobile game officially launched 12 hours after the addition of more than 260 users, the first day that day reached the number one free iOS list, the first month of over 1 billion.

At present, the “Perfect World” mobile game steadily ranks in the top 2 of the iOS bestseller list. It is expected that Q2’s profit contribution is expected to exceed Q1.

2018H2 game revenue 27.

58 ppm, a six-year increase of 6.

90%, an increase of 3 from the previous quarter.

57%.

Gross profit margin is 65.

84%, down 2 every year.

80pp, down 1 from the previous month.

46pp.

Mobile games: 2018H2 revenue 14.

9.9 billion, an annual increase of 14.

33%, an increase of 23 from the previous month.

70%.

New game products such as “Reincarnation Recipes” launched in 2018, “Liehuo Ru Ge” mobile games and “Wulin Waichuan Mobile Games” performed well, and classic games such as “Xianxian Mobile Games” continued to perform stably.

In the future, games such as “Four Seasons in Cloud Dreams”, “My Origins”, “Dream Collection Cygnus”, “The Condor Heroes 2”, “New Demon Land”, “New Swordsman” and other games are expected to be released.

PC-side online games: 2018H2 revenue10.

37 ppm, an increase of ten years.

08%, down 10 from the previous month.

47%.

The classic terminal game products “Xianxian” and “Perfect World International Edition” continue to contribute to stable income.The “New Fairyland World” is under active development.

Console games: 2018H2 revenue 1.

94 ‰, a decline of 6 per year.

41%, down 27.

85%.

2018H2 film and television revenue 16.

0.9 billion, down 8 a year.

68%, an increase of 60 from the previous month.

25 %%; gross profit margin 30.

02%, a decline of 13 per year.

56pp, down 9 from the previous month.

06pp.

TV series: 2018H2 revenue12.

81 ppm, an increase of 15 in ten years.

87%, an increase of 173 from the previous month.

88%.

The company’s “Flaming Fire”, “Return”, and “Sweet Honey and Ember Frost” and other markets performed well.

Product reserves are abundant in 2019.

Movies: The company launched the online movie “Soul Ferry · Huang Quan”, “The River Pirate” and the epic legendary film “Shadow” directed by Zhang Yimou.

Earnings forecasts, estimates and investment ratings.

In the first three months of the company’s “Perfect World” mobile game, the publishers had good resources and expected to exceed expectations again. Q2’s profit contribution is expected to exceed Q1.

“Yun Meng Four Seasons Song” is expected to be 5.

Launched on the 21st, adding another increment to Q2.

In addition, the number of reservations for products such as “Dream Collection Cygnus” and “My Origin” has been well tested, and it is expected to stimulate further growth of the flow after obtaining the version number.

We estimate the net profit attributable to mothers to be 21 in 19/20/21.

61/25.

55/28.

5.3 billion (Originally, the net profit attributable to mothers was 21 in 19/20.

42/25.

580,000 yuan), corresponding to EPS1.

64/1.

94/2.

17 yuan, PE is 18/15/14 武汉夜生活网 times.

According to a comparable company’s recent TTM P / E Hub 22.

9 times, we give the company a target price of 37.

56 yuan, maintaining the “recommended” level.

Risk warning: policy risks such as game version number review, game flow is lower than expected risk, product launch delay risk.

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