Perfect World 2022 Half -year performance reversed: net profit increased by more than three times year -on -year

Last night, the A -share media leader Perfect World (002624.SZ) disclosed the semi -annual performance trailer for 2022, and compared with the performance in 2021, it realized a great reversal.

Specifically, in terms of business growth, it is expected to achieve net profit of 11.1 to 1.16 billion yuan from January to June this year, an increase of 331%to 350%over the same period last year; the net profit after deducting non -recurring profit or loss is 6.4 ~ 680 million yuan, a year -on -year increase of 1574%~ 1678%.

It is worth noting that the Perfect World is in the direction of the three major businesses of games, e -sports, and film and television, and continuously drives from the internal driving of the enterprise to carry out self -innovation and upgrading to lead the development of the industry. Since 2022, the outstanding performance of perfect world performance confirms the forward -looking and competitiveness of innovation and transformation and upgrading.

Transformation and landing performance release

Under the influence of the decline in the economic effects brought by the epidemic and the decrease in the suspension of the version number, and the decrease in the new tour model, as well as the new policy of the protection of minors, the actual sales revenue of the Chinese game market in 2021 reached 296.513 billion yuan, a year -on -year increase of 6.40%, the growth rate of the growth rate, the growth rate of the growth rate, the growth rate, the growth rate, the growth rate, the growth rate, the growth rate, and the growth rate. It was nearly 15 percentage points lower than the previous year. As one of the leaders of the A -share media, Perfect World also unexpectedly showed a rare low state in 2021.

In this regard, Perfect World said in the 2021 report that the company's game business is at a critical stage of strategic upgrades and product innovation iterative iterations. Due to the connection of new and old games, increasing R & D investment, and decline in the operating profit of the invested enterprise, the transition period has appeared in the transition period. Staged pressure.

Strategic upgrades mainly refer to the increasingly mature of the domestic digital culture and entertainment industry and the upgrading of content consumption needs. The game market is increasingly focusing on high -quality long -term development and operation. In order to focus on the future and take the initiative to embrace market changes, in recent years, Perfect World has based on technical and content advantages in the game business, increasing resource tilt, focusing on the two core tracks of "MMO+" and "card+", seeking a broader one Expansion capacity.

In 2021, the number and investment of Perfect World in the research game increased significantly compared with previous years, and at the same time increased their incentives for core R & D teams. The annual R & D expenses were about 2.211 billion yuan, an increase of about 39%year -on -year, and once again became the highest investment in A -share game listed companies. From the perspective of the number of R & D personnel, the perfect world R & D personnel reached 4,255 at the end of 21, a year -on -year increase of 13.80%, close to twice the second place. At the same time, the company's gross profit margin of that year was 61.46%, an increase of 1.14pct year -on -year, maintaining a high level. Entering 2022, the perfect world performance welcomed a rebound significantly. In the first quarter, the company's game business achieved revenue of 1.973 billion yuan, an increase of 23.01%year -on -year. New tourism such as "Fantasy New Xianxian" and "Phantom Tower" entered a period of profit release. %.

The semi -annual performance trailer released this time shows that the perfect world business transformation and upgrading has achieved remarkable results. In the first half of the year, the game business achieved net profit of 11.6 to 1.2 billion yuan, an increase of 419.61%to 437.53%year -on -year. The net profit after deduction was about 7.2 to 760 million yuan, an increase of 1892.22%to 2002.90%over the same period last year. This also means that the performance of the perfect world has passed the transition period steadily, and the game products invested in the early stage have entered the performance release period and returned to the fast lane.

Looking forward to the future, the perfect world reserve mobile game product "Black Cat Strange News", "Tianlong Babu 2", "The Kingdom of the Night", "One Punch Superman: World", "Million Arthur", "Xianxian 2", "Perfect New World" "Demon Mainland 2" and end -game products "Xianxian World", "PerfectnewWorld", "Haveanicedeath" and other games are actively promoting.

In addition, "The Moon Light Mountains Light", "The Biography of Yun Xiang", "The Years of the Years", "Star Ko Ko Ning Sugar", "Rock Flowers", "Agent Mission", "Brilliant! brilliant! "" Thoughtful things "," Warm Sweet Sweet "," Only the Dream of the Rivers and Lakes ", and" The Cordonic Core Sea "and other film and television works are being produced and distributed.

Reorganize overseas to accelerate the fall

According to the announcement issued yesterday, the perfect world increase in the perfect world in the first half of the year mainly comes from games such as "Fantasy New Xianxian", "Phantom Tower" and "The Battle of the Perfect World: the Battle of the Gods". Still contributed to stable.

As the latest masterpieces of the perfect world in the advantages and emerging categories, "Fantasy New Xianxian" and "Magic Tower" have achieved good market results in the first half of the year. The Innovation Chamber MMORPG mobile game "Fantasy New Xianxian" was launched for one year in June. The anniversary version of the player has good feedback, ranking 6th in the domestic iOS game bestseller list, verifying the fine advantages of long -term operations.

The light science fiction open world mobile game "Phantom Tower" continued to update and iterate in the first half of the year, and continuously learned from the feedback and optimized the player experience. After the version 2.0 and 2.1 are launched, the players discuss the continuous fermentation of the heat, and the rankings of major lists have risen significantly. It once broke into the top ten of the domestic iOS game bestseller list, maintaining better profitability.

At present, these two masterpieces that have been successful in the domestic market are also seeking to go to sea. Among them, this year's "Fantasy New Xianxian" mobile game has been launched in many quarters in the first quarter. The distribution right of "Magic Tower" has awarded Tencent's overseas issuing subsidiary Levelinfinite. In the first half of the year, tests have been launched in the United States, Japan, South Korea and other places. It is expected to officially launch overseas markets in the near future. In 2021, while the domestic game market competition was intensified, overseas markets still showed a 22%growth under high base. The game out of the sea has become an industry consensus. More and more Chinese game manufacturers are based on their homeland and began to look for growth points for overseas markets. In this regard, the country also has a number of policies to encourage the support of the game to go to sea and create a cultural product.

As a pioneer in overseas markets, Perfect World has accumulated a lot of experience before. Since last year, overseas business has been re -examined and adjusted. After the adjustment, the company's overseas business layout is clearer, and the overseas R & D team will be more refined. In the future, it will focus on the dual -dimensional strength of "domestic products to go to sea+localization of overseas".

In the first quarter of this year, the transactions of the US R & D Studio and related European and American local distribution teams were successfully completed in Perfect World, confirming that non -recurring income was about 400 million yuan, and overseas markets were accelerated.

The Perfect World shows three deployment in overseas markets. One is to make a good reserve for teams and talents for overseas expansion, and the other is to deal with the new market environment and technical trends, make a good construction of boutique products, and the third is to transform to high -quality growth and transformation. Essence In the future, Perfect World will transfer to Canada with more talents and policy advantages in geographical selection. At the same time, a more open youth team will be selected. The product types are mainly single -machine games and mobile games, which is more in line with overseas market needs.

The analysis pointed out that in the face of the key period of digitalization acceleration and digital cultural and creative industries in the whole society, the perfect world is ushered in a new stage of development. In 2022, the outstanding performance of the perfect world performance confirmed the forward -looking and competitiveness of innovation and transformation and upgrading.

At present, the valuation of the A -share game company is low, and logic such as the restart of the version number, the game out of the sea, and the Yuan universe are expected to increase the valuation of the sector. As the reserve products entered the rhythm of normal launch, manufacturers' performance will be repaired, driving the industry's recovery growth. Xingye Securities reported yesterday reports that the independent research and development capabilities of Perfect World Games and actively adjusted the overseas layout, and the film and television business steadily moved forward. Combining the current industry and company conditions, maintaining profit forecasts, it is estimated that the net profit attributable to the mother from 2022-2024 is 18.53/21.11/2.403 billion yuan. Holding "rating.

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