\u3000\u3 Shengda Resources Co.Ltd(000603) 444 G-Bits Network Technology(Xiamen)Co.Ltd(603444) )
Deeply cultivate the game market and base on independent research and development
The company is a well-known enterprise specializing in creative planning, R & D, production and commercial operation of online games. Since its establishment in 2004, following the R & D concept of “bottom-up” and driving innovation with the interest and ability of producers, the company focuses on creative planning, R & D, production and commercial operation of online games. With the purpose of providing “original, high-quality and green” online games, the company is committed to shaping the healthy and upward content, High quality original online games with high cultural and artistic taste and entertainment experience.
Integration of research and operation, based on independent innovation
Since its establishment, the company has successfully developed a number of popular games such as “ask”, “ask for a hand tour”, “one read carefree” and so on. After years of accumulation and precipitation, the company’s independent operation platform thunder game has established a complete set of operation systems, including game brand construction, media publicity, activity planning, cooperation channel expansion and follow-up customer service, and has excellent game operation ability. Thunder game adheres to the “high-quality” route. Many games operated by it have excellent quality, obvious differences and strong playability, and have won high popularity and reputation. Up to now, the company has successfully operated products with different themes, such as “ask for a hand tour”, “eight wastes of ghost Valley (PC version)”, “blade of the abyss”, “wonderful combatant” and so on. It has realized the long-term operation of self-developed MMORPG game “ask for a hand tour”. It has also operated roguelike mobile games, such as “don’t think about maze”, “underground castle 2: dark Awakening (Android version)” and “land of alienation”, which are widely praised by players, as well as “one mind carefree” “The strongest snail (Hong Kong, Macao and Taiwan version)” and “immortal journey” are placed on hook mobile games.
Profit forecast and investment rating
The company is a game company with strong innovation and R & D ability and excellent operation ability. It has realized the integration of differentiation and commercialization. At present, it has formed a diversified product matrix, including placement and cultivation, simulation operation, roguelike, strategy, etc., which has formed a very favorable support for the stable development of the company in the future. We covered the company for the first time and gave an investment rating of “overweight”. It is estimated that the company’s EPS from 2021 to 2023 will be 21.65 yuan, 25.06 yuan and 29.45 yuan / share respectively. Investors are advised to keep a long-term focus.
Risk tips
The performance of core games is less than expected: the online progress of new games is less than expected: industry policy risk: corporate governance / asset impairment / lifting of prohibition and reduction of holdings; Core brain drain risk.
