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天风证券:11月国产版号发放 87款产品获批数量基本维稳

Tianfeng Securities: In November, the number of approved products issued in the domestic version of 87 was basically stable

Zhitong Finance ·  12/07/2023 07:44

The Zhitong Finance App learned that Tianfeng Securities released a research report saying that the trend of increasing prosperity in the game industry is clear. Overseas market research company NikoPartners expects China's game revenue to reach 47.7 billion US dollars (about 338.8 billion yuan, yoy +5.2%) in 2023, and revenue is expected to reach 56.7 billion US dollars in 2027. Furthermore, the continuous iteration of AI applications is expected to bring about subsequent catalysts. Currently, all major game manufacturers have a layout. The performance of the game boom recovery in '24 is expected to be realized. After the valuation switch, the company's valuation will be around 12-14 times.

In terms of individual stocks, the bank recommended focusing on 37 Entertainment (002555.SZ), Kaiying Network (002517.SZ), Shenzhou Taiyue (300002.SZ), Shengtian Network (300494.SZ), Youzu Network (002174.SZ), Giant Network (002558.SZ), Pangyu Technology (300315.SZ), Gibbit (603444.SH), etc.

Tianfeng Securities's main views are as follows:

Event: On December 4, the State Press and Publication Administration released the 10th batch of domestic game versions in 2023. A total of 87 games were approved. In terms of game types, there are 52 mobile games, 25 mobile-casual puzzle games, and 7 mobile client-side games.

There is no change in the trend of normalization of version policies. Since 2023, the overall number of domestic versions has been relatively stable. 88/87/86/86/86/86/86/89/89/89/87 game versions were distributed separately in 1/2/3/4/5/6/7/9/10/11/88/89/89/87, and 27/31 imported versions were distributed in March and August, respectively.

The games approved this time include: Tencent's “Global Blockade: Dawn”, NetEase's “Beyond the World”, Perfect World “Immortals 2”, Youzu Network's “Young Journey to the West 2”, Gibbit's “Button Brothers”, Kaiying Network's “Weird Chicken”, Shengtian Network's “Quirky Chicken”, Shengtian Network's “Daredevil Traveler”, Wingman's “Play Chess Every Day”, Lilith's “Sword and Expedition: Departure”, Eagle Horn's “From Stardust”, etc.

We believe that there is a clear trend of increasing prosperity in the game industry. Overseas market research company NikoParts expects China's game revenue to reach 47.7 billion US dollars (about 338.8 billion yuan, yoy +5.2%) in 2023, and the revenue is expected to reach 56.7 billion US dollars in 2027.

In addition, continuous iteration of AI applications is expected to bring about subsequent catalysts. Currently, major game manufacturers have layouts, such as Shengtian Network's launch of the AI music social networking product “Give Me”; Kunlun World Wide's first AI game “ClubKoala” was previously unveiled at the Cologne Game Show in Germany. The game design includes AINPC; and Palm Fun Technology collaborated with Umi, Wanzai, and Layabox to lay out the AI+ game field.

Judging from valuation, according to Wind's unanimous expectations, the valuation center for companies such as 37 Entertainment, Kaiying Network, and Gibbit was about 15-17 times higher in '23. The performance of the game boom recovery in '24 is expected to be realized, and the company's valuation is about 12-14 times after the valuation switch.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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