Perfect World (002624): Perfect World Mobile Game Performance Exceeds Expectations, Helps High Growth in 1Q19

Perfect World (002624): “Perfect World” Mobile Game Performance Exceeds Expectations, Helps High Growth in 1Q19

Performance preview forecasts 1Q19 earnings growth and growth23.

57-34.

67% Perfect World announces the first quarter of 2019 results: The company expects to achieve net profit attributable to mothers in the first quarter.

45-4.

85 ppm, an increase of 23 per year.

57-34.

67%,杭州桑拿网 basically in line with the market and our expectations.

  Points of interest “Perfect World” mobile games performed well in the first month.

Developed by Perfect World, Tencent’s exclusive agent for the classic IP mobile game “Perfect World” mobile game was launched in public beta on March 6th, and 260 new game players were added within 12 hours of the launch. On the same day, it won the # 1 free list in the iOS APPStore.name.

On March 9, the “Perfect World” mobile game topped the free list and bestseller list of the iOS App Store. Since then, it has ranked first in the bestseller list for two consecutive weeks and is still ranked second in the bestseller list.

We expect the game’s turnover to be around 8 megabytes in March, and it is expected to exceed 32 megabytes, which is better than our budget (2.2 billion) and market expectations.

  ”Youth Fight” aired on March 24, helping to boost first-quarter results.

The 38-episode urban drama “Youth Fight”, directed by Zhao Baogang and led by Zheng Shuang and others, premiered on March 24 on Beijing Satellite TV and Oriental Satellite TV, and was broadcast simultaneously on Mango TV, iQiyi, Tencent Video, Youku Video, “Since its launch, Youth Ratings has quickly jumped from fourth to second with a maximum rating of 0.

993%, a clear upward trend; the drama is expected to confirm most of the revenue in the first quarter, increasing profits.

  Strengthen the construction of R & D team and the strategic layout of the game going overseas.

Since last year, the company has continued to strengthen the construction of its research and development team. We expect the company to increase research and development expenses and reserve high-quality games.

In addition, in mid-March, the company announced that it had reached a strategic cooperation with Google and transformed it into an intelligent marketing solution that is widely covered by Google around the world. Perfect World will provide more high-quality Internet cultural and entertainment products to global users.

We believe that this move will improve the company’s global industrial chain layout, improve the sustainability of the company’s performance, and help the company to achieve steady growth in its mid-to-long-term revenue.

  Estimates and recommendations Based on the “Perfect World” mobile game surpassing expectations, we raise our mother’s net profit forecast for 2019/20207.

8% / 5.

2% to 21.

67 ppm / 24.

3.3 billion.

The current total corresponds to a 2019/2020 market surplus of 19.

4/17.

2都市夜网 times.

Raise the target price to 38 yuan, corresponding to 23 times the price-earnings ratio in 2019, compared with the current gradually 19.

0% growth space, maintaining the recommended level.

  Risks The follow-up performance of “Perfect World” mobile games exceeded expectations, and other games were launched late, and the TV drama industry was further tightened. The lifting of restricted stocks may bring trading shocks.