Kunlun Tech Co.Ltd(300418) (300418)
Event: in November 2021, Kunlun Tech Co.Ltd(300418) 's browser Opera officially released the game community platform GXC. At present, more than 500 games have been launched in the first batch.
Link developers and players with browser as a bridge: GXC platform provides game players with a large number of high-quality GMS engine driven games, which organically combines players and developers. At present, more than 500 games have been launched in the first batch. Players can start native games with one click from the opera GX browser, and can carry out social activities such as challenges and sharing with other players on the platform. At the same time, game developers using GMS can publish their games on the GXC platform with one click to obtain an extremely smooth game publishing experience.
Opera has the technology and user reserves of cloud game platform: the company's game browser Opera GX for game players, game engine gamemaker studio for developers and cloud game platform GXC, which completes the closed loop of the two, have formed an important technology base. In addition, in terms of the number of users, at present, there are 11 million Maus on the PC side of opera GX browser and more than 10 million downloads of GMS engine. The platform naturally gathers some high-quality game players to form positive feedback with the creation of a large number of developer content.
Future business model may refer to roblox: refer to roblox, the world's largest multiplayer online creation game, whose revenue model mainly comes from developer revenue sharing and advertising. According to the latest financial report, its Q2 revenue in 2021 was US $454.1 million. Meanwhile, roblox's average daily active users (dau) were 43.2 million, a year-on-year increase of 29%. At present, the operagxc platform is still in the early stage of user expansion, and there is no deep commercialization attempt. We believe that based on its high-quality game users, the realization of the business model will be realized in the near future.
Investment suggestion and rating: we are optimistic about the synergy of Kunlun Tech Co.Ltd(300418) 's opera, stargroup and other overseas Internet platforms. It is predicted that the company's EPS will be 1.50, 1.71 and 1.91 respectively in 2021 / 22 / 23, with a target price of 23.0 yuan and an "overweight" rating.
Risk warning: the user's realization does not meet expectations; Stricter overseas supervision; Competition among products of the same category has intensified.
