Industry core view:
Last week, the media industry (Shenwan) rose 0.27%, ranking 20th in the market and losing 300 in Shanghai and Shenzhen. Hoyoverse, the official sub brand of MIHA tour, delivers an immersive virtual world experience. Hoyoverse’s mission is to create a grand virtual world driven by content. Games, animation and other entertainment types are integrated here to provide players with a high degree of freedom and immersion. We believe that this is a symbol of MIHA tour’s acceleration towards globalization, mainly covering users from China to the world. At the same time, we are improving the “collapse” series universe of our own content products, moving from the project to the brand level, and began to enter the immersive game experience to enhance our global competitiveness. Valentine’s Day relay Spring Festival, the harvest of 528 million yuan box office, but there is also the problem of poor film reputation and insufficient follow-up force at the box office.
Key investment points:
Games: 1) sensortower released the top 10 list of global popular mobile game revenue in January 2022, and Tencent’s “pubgmobile” won the sales title for a row. In January 2022, Tencent’s “pubgmobile” attracted us $237 million and won the best-selling list of mobile games in the world. In January 2022, the consumption of global mobile game players in app store and Google play reached US $7.4 billion, a year-on-year decrease of nearly 7%. 2) Sensortower announced the annual Asian award, and original God won the “best open world game”.
Internet: 1) hoyoverse, the official sub brand of MIHA tour, delivers immersive virtual world experience. On February 14, hoyoverse, a brand-new brand of MIHA tour, was officially launched. Its name is composed of “mihoyo” and “metaverse”. According to the official announcement, hoyoverse is a forward-looking brand, which aims to create and deliver immersive virtual world experience for global players through various entertainment services. Its mission is to create a grand virtual world driven by content. Games, animation and other entertainment types are integrated here to provide players with a high degree of freedom and immersion.
Film and television series: in January, the record of film and television series was announced. The number of ancient costume records was 0, and more than half of the real themes were recorded. A total of 44 plays and 1424 episodes passed the record that month. Among the 44 dramas recorded in January, there were 23 Works with realistic themes, accounting for 52.3%. The modern science fiction drama “ball lightning”, which is adapted from Liu Cixin’s novel of the same name and produced by Chen Sicheng and iqiyi, has attracted much attention. It can be seen that the current TV drama market and online drama market are dominated by realistic themes. At the beginning of this year, there was no ancient costume drama recorded, and the ancient theme market continued to be silent.
Investment suggestion: comply with the strict regulatory environment of the policy, promote industrial reform, and grasp the innovation needs brought by the post epidemic era and Z era. 1) Game: the epidemic dividend has faded. It is suggested to pay attention to the individual stocks in the product line that are developed for the new generation of users, have well-known IP, have high expectations and good test feedback; At the same time, driven by the concept of “meta universe”, it is expected that the ecological construction of VR content will become the focus of the market in 2022; 2) Film and television cinemas: focus on leading cinemas and individual stocks; 3) Film and television series: diversified theatres and mini dramas will be the focus of the development of the video industry. It is suggested to pay attention to individual stocks with strong content IP commercialization ability; 4) Advertising marketing: focus on individual stocks of ladder media.
Risk factors: stricter regulatory policies, delayed launch and less than expected performance of Xinyou, increased risk of overseas business, repeated epidemic risk and goodwill impairment risk.
