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港股概念追踪 | 9月国产游戏版号下发!AI赋能支持游戏板块估值持续修复(附概念股)

Hong Kong Stock Concept Tracker | September Domestic Game Edition Released! AI Empowerment Supports Continued Valuation Recovery in the Gaming Sector (with Concept Stocks)

Zhitong Finance ·  09/26/2023 07:44

The Zhitong Finance App learned that on September 25, the State Administration of Press and Publication released the September domestic online game approval information. A total of 89 games were approved. These include “Miner No. 1”, “Catapult Star”, and “Cat Hunter” by Zhongqingbao (300052.SZ), “Light Ink Water Cloud Village” by Perfect World (002624.SZ), “Witch Diary” by Dream World (01119), “The Daily Life of a Chat Group” run by China Mobile Games (00302), “Breaking the Sky: The Peak”, and “The Business Life of Love in the Countryside”.

According to reports, the 89 games that have been approved this time have received a high level of attention, are developed and operated by Perfect World. It is a new national style green farming mobile game. Currently, reservations have been opened on the official website. “The Witch Diary”, a magic-style match-3 game, was developed by Dream World and distributed by Tencent on behalf of Tencent, and has gone through several rounds of testing overseas.

The “Echo Plan” that Xindong was approved this time is the “Spark Editor” that has received much attention before. The TapTap game press conference revealed that this product is a game production tool with visual Chinese language and low-code programming. It opens up a closed loop of TapTap distribution in one stop to help the game land quickly. An AIGC function has also been added to help developers quickly generate art resources and copywriting.

From January to September this year, the official website of the State Administration of Press and Publication announced a total of 8 batches of domestic online game versions. This year, the total number of domestic game versions reached 698, and a total of 58 imported online games received versions. Up to now, a total of 756 new games have received a version number. Previously, agencies generally predicted that 1,000 game versions would be released this year. Judging from the current distribution pace, there is a high probability that this goal will be achieved.

Also, there are still quite a few new tours being launched one after another in Q4. According to the App Store, Shengtian Network (300494.SZ) “Chaoling Kingdom: Origins” will be launched on December 15, and Xindong's “Sword of Suzuran” will be launched on November 23. Recently, the last paid file deletion test before the national service is launched will begin. In addition, blockbuster titles such as the Chinese mobile game “Fairy Sword World” and Perfect World's “Persona: The Phantom of the Night” are also expected to be released within this year.

Market analysts believe that the normal progress of the September version shows that the policy has a relatively steady attitude towards the game industry, which is expected to ease the market's concerns about the sustainability of the game version. For game companies, the approval of key IP products will undoubtedly bring new growth points to the company and enrich its product line.

Southwest Securities said,Game industry policies have warmed up, license distribution has returned to normal, and the industry trend is clearly on the rise.Continuing to be optimistic about the gaming sector, the AI+ trend has basically been confirmed; the core is how to select a race track. Gaming is currently the three major advantages of integrating “the main application areas of AI plus overall valuation 20-25X+ the arrival of a fundamental inflection point”, or it may be the best race track at present.

According to the Dongwu Securities Research Report,I am optimistic that the game sector's performance will continue to improve, and AI empowerment supports upward valuation elasticity.Looking forward to the future, on the supply side, the technological and cultural attributes of games are continuously being recognized, game versions are expected to continue the trend of high-quality distribution, and the supply of new games in the industry is expected to continue to improve.On the performance side, a new round of product cycles in the industry has begun, and new tours for various manufacturers have been launched one after another, which will drive a gradual recovery in market size, and manufacturer performance is expected to recover one after another.

In terms of target benefits, Dongwu Securities is optimistic that the corresponding valuation of “AI+ games” is expected to surpass cloud gaming in 2019 and the metaverse market in 2021.We recommend manufacturers with excellent R&D capabilities and abundant product reserves: Kunlun Wanwei, Kaiying Network, Gibbit, 37 Entertainment, Mingchen Health, Giant Network, Shengtian Network, Baotong Technology, Perfect World, Yao Ji Technology, etc., Hong Kong stocks such as Tencent Holdings, Dream World, Xindong Company, etc., and it is recommended to pay attention to NetEase, Shenzhou Taiyue, Electric Soul Network, Tom Cat, etc.

Related concept stocks:

Chuangmeng Tiandi (01119): Financial reports show that in the first half of 2023, Chuangmeng Tiandi turned a loss into a profit, up 118.3% year on year to 0.4 billion yuan; profit during the adjusted period increased sharply by 495.5% year on year to 200 million yuan; net operating cash flow inflow increased by 9969.3% year on year to 250 million yuan.

China Mobile Gaming (00302): Financial reports show that in the first half of the year, mobile games achieved revenue of 1,535 billion yuan, up 24.6% year on year; net profit of 56.824 million, up 376.7% year on year; adjusted net profit of 76,168 million, up 586.6% year on year, and performance successfully turned loss into profit. At the same time, the number of users of the company continues to grow. As of June 30, 2023, the total number of newly registered game users reached 48.68 million, up 26.9% year on year; average monthly paying users reached 1.13 million, up 20.2% year on year; average monthly active users reached 15.63 million, up 22.3% year on year.

Tencent Holdings (00700): In the second quarter of 2023, Tencent's game business revenue was 44.5 billion yuan, up 5% year on year, its international game revenue was 12.7 billion yuan, up 19% year on year, and local game revenue was 31.8 billion yuan, the same as the previous year. Ma Xiaoyi, senior vice president of Tencent Gaming, said that they will work with leading companies to use “Fearless Contract” as a global strategic product, invest in the long term, and jointly promote the development of products, e-sports, and all aspects of the IP ecosystem.

NetEase - S (09999): J.P. Morgan Chase added NetEase to the bank's positive catalytic watch list. It is estimated that it will benefit from the strong performance of many of its games, such as “Against the Cold” mobile game, “Egg Party”, “All Star Street Ball Party”, “Pinnacle Fast”, and “Immortality”. J.P. Morgan estimates that the company's game revenue growth in the third and fourth quarters of this year is expected to exceed expectations.

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