研報掘金丨東吳證券:維持完美世界“買入”評級,看好公司新遊週期驅動業績重啓增長
東吳證券研報指出,完美世界預計2025H1實現歸母淨利潤4.80-5.20億元,扣非歸母淨利潤2.90-3.30億元,同比均大幅扭虧;其中2025Q2實現歸母淨利潤1.78-2.18億元,同比扭虧,環比下降41.16%~27.92%,主要系2025Q1出售工作室帶來非經收益致歸母基數較高,扣非歸母淨利潤1.27-1.67億元,同比扭虧,環比變動-22.37%~+2.13%,業績符合預期。展望後續,關注《誅仙世界》新賽季用戶迴流及流水錶現,有望成爲公司又一款長線運營端遊,穩健貢獻業績,同時關注降本增效有望帶來費用端進一步降低。截至2025/7/15,《異環》B站首曝PV、二測PV播放量超1034、581萬,TapTap期待值8.9分,314萬人預約,產品廣受玩家期待,看好《異環》上線將爲公司帶來顯著業績彈性。考慮到《女神異聞錄:夜幕魅影》表現出色,同時公司費用端有望進一步下降,上調此前盈利預測,看好公司新遊週期驅動業績重啓增長,維持“買入”評級。
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