Market Overview: CITIC’s primary media sector rose 4.97% this week, and the activity of yuanuniverse sector increased significantly.
After years of intensive policy influence, the A-share media sector has obvious valuation advantages. Yuancosmos has experienced a full correction in 22q1, but the industrial trend is still upward, and the business landing at the company level is accelerating. We suggest paying attention to yuancosmos opportunities in 22q2. In addition, although the short-term performance of some stocks at the large ticket level is under pressure under the circumstances of policies and epidemic situations, the chips have been cleared from the perspective of chips, and the downward risk has been fully released, so we can start to pay attention to the fundamental changes on the left. In the Hong Kong stock market, from the medium-term perspective, some Hong Kong stocks and zhonggai Internet targets are at historically low valuations. It is suggested to pay more attention from the perspective of fundamentals.
Plate views and recommended targets: 1) game: the current leading company has been pe12-18x for 22 years, focusing on the progress of version number distribution, the effectiveness of going to sea and the catalysis of new technologies / products such as VraR, with key targets [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) ]; 2) Video: focus on the realization of high-quality content and the change of industry pattern, focusing on [ Mango Excellent Media Co.Ltd(300413) ]; 3) Yuancosmos: the sector has been active again recently. At present, the valuation has been adjusted back to the low level. We pay attention to the landing of industries in NFT / virtual human / VraR and the fulfillment of corporate financial statements, with key targets [ Visual China Group Co.Ltd(000681) , Hylink Digital Solution Co.Ltd(603825) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Three’S Company Media Group Co.Ltd(605168) , etc.]. 4) Hong Kong stocks: recommend the Kwai TSU to enhance the efficiency and promote the platform business with narrowed losses.
Pipeline update of Hong Kong stock game company: the performance of Hong Kong stock game companies has been disclosed one after another. Key games that have obtained the version number and are expected to be launched in 22 years include: Netease’s release of “roar of war” (5 / 26 beta), Diablo: immortality (app store is expected to be launched on June 30), ZuLong R & D & Tencent’s release of “Noah’s heart” (4 / 13 non deletion test), China mobile game’s release of “Altman: rally” and “National Star fight”, Baiao family interactive R & D & G-Bits Network Technology(Xiamen)Co.Ltd(603444) release of “Obi Island dream country” Friendship time “Du Lala’s promotion”, celadon game “time travel agency”, etc; In overseas regions, key products expected to be launched during the year include T3 arena, sword of lily of the valley, Avatar: reckoning issued by ZuLong R & D & Tencent, overseas edition of Netease Harry Potter, etc.
Internet: the three departments issued documents to regulate the profit-making behavior of webcast. The notice of the state Internet Information Office, the State Administration of Taxation and the State Administration of market supervision on printing and distributing the opinions on further standardizing the profit-making behavior of webcast and promoting the healthy development of the industry puts forward the latest requirements on account management, commodity sales, tax management and supervision: 1) it emphasizes that the platform needs to share the certification and registration of publishers and other live profit information with regulators, and fulfill the obligation of withholding and paying individual income tax in accordance with the law, In principle, the enterprise / work room established by the publisher shall be taxed by means of audit and collection. 2) The platform / live broadcast publisher shall not attract traffic and hype by means of rumor, false publicity and self reward, so as to induce consumers to reward and buy goods.
Metauniverse: in 21 years, the global VR head display shipped more than 10 million units, and the revenue of goer VR & game console increased rapidly. 1. According to IDC data, the global AR / VR head display volume reached 11.23 million units in 2021, a year-on-year increase of 92.1%. Among them, the volume of VR head display reached 10.95 million units, and oculus accounted for 80%. IDC predicts that in 2022, 15.73 million VR head displays will be shipped worldwide, with a year-on-year increase of 43.6%.
2. In 2021, goer’s operating revenue increased by 35.47% to 78.221 billion yuan, and its net profit attributable to the parent company increased by 50.09% to 4.273 billion yuan. The performance growth point is mainly due to the high revenue growth of VR / AR, game console and other intelligent sectors. In 2021, the company’s R & D projects involving VR / AR include VR / AR precision optical devices and modules, vr virtual reality headwear all-in-one machine, intelligent wireless lightweight ar glasses. At present, Goethe has raised 1 million funds for AR / VR and its related optical module projects.
Script killing: further regulate the industry regulation and strengthen the content self-examination & the protection of minors. On April 1, five departments including the Ministry of culture and tourism studied and drafted the notice on regulating script entertainment business activities (Draft for comments), and solicited opinions from the public. The draft proposed that the script entertainment business unit should conduct self-examination on the content of the script, performance, scene, props, clothing, etc., and restrict minors in terms of script, scene and business activity time.
Risk tips: policy supervision risk, increased competition risk, and the impact of the epidemic exceeds the expected risk.
