Market Overview: CITIC’s primary media sector fell 4.12% this week. Although there was a correction in the yuan universe sector on Friday, we still maintain the view that 22q2 is optimistic about yuan universe investment opportunities from the perspectives of trading, catalysis and fundamental cashing. After years of intensive policy influence, the A-share media sector has obvious valuation advantages. The Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) trend such as yuancosmos is expected to bring marginal business increment. Individual stocks with good fundamentals for a long time have reached a better price position from the perspective of medium-term allocation. 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: pay attention to the realization of high-quality content and changes in the industry pattern, focusing on the subject [ Mango Excellent Media Co.Ltd(300413) 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 reports, 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) ]. 4) Hong Kong stocks: recommend the Kwai TSU to enhance the efficiency and promote the platform business with narrowed losses.
Game: March Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) global revenue increased by 11% month on month, and the revenue of “magic tower” and “ask” increased sharply. Sensortower released the global revenue ranking of Chinese mobile game publishers in March. In this period, 38 Chinese manufacturers were shortlisted as the top 100 global mobile game publishers, with a total revenue of more than $2.22 billion, accounting for nearly 40.2% of the global top 100 mobile game publishers Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) / thunder game / Perfect World Co.Ltd(002624) ranked 4 / 10 / 20 respectively, with a month on month change of 0 / + 3 / + 1 Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) in March, the issuance revenue increased by 11% month on month (MOM) and remained at the top 4, second only to Tencent, Netease and MIHA tour, mainly due to the rising popularity brought by the deep localization of “song of cloud going to the city” in the overseas market and the continuous verification of the company’s ability to go to sea. The revenue of thunder game’s “ask” increased by 62% month on month, and the revenue of “Yinian Xiaoyao” increased by 23% month on month Perfect World Co.Ltd(002624) driven by “magic tower” and “dream new kill immortal”, the revenue increased by 31% month on month.
Yuancosmos: Bluefocus Intelligent Communications Group Co.Ltd(300058) released the digital collection platform, and steamvr released the data in March.
1. Bluefocus Intelligent Communications Group Co.Ltd(300058) the first digital collection distribution platform – meme Moyin future applet is launched. The first digital collection project “foresee me” was released. 16 badges based on type 16 MBTI personality symbolize that users can foresee another self in the meme digital world. The platform has planned more than 20 distribution projects this year, covering many themes such as well-known brands, celebrities, virtual idols, historical and cultural IP and so on. Since 2021, Alibaba / Tencent / JD / Visual China Group Co.Ltd(000681) / Netease / Baidu / Mango Excellent Media Co.Ltd(300413) have released their own digital collection platforms, and China’s NFT market continues to be hot.
2. According to the latest data released by steamvr in March, the growth of quest2 slowed down, and returned to a stable trend after the sharp rise in the Christmas season. In March, steamvr active players accounted for 2.12% of the total number of steam players, up 0.01 percentage points from February. In terms of equipment, oculus quest2, valve index HMD and oculus rift accounted for the highest proportion, reaching 47.35%, 15.09% and 11.60% respectively, and the share of quest2 continued to increase. By brand, oculus accounts for 66.6%, HTC 10.72% and Pico 0.64%. On the content side, according to the statistics of qingting.com, there are 6476 VR content on steam platform, accounting for 5.62%, with 62 games added month on month. Steam platform announced that in 2021, the average monthly live players were 132 million, and the estimated monthly live users of steamvr were 2.7984 million.
Advertising media: in February, the number of Advertising Publications decreased slightly on a month on month basis, and ladder media increased at a year-on-year low.
CTR’s latest data show that the advertising market spending in February decreased by 8.5% year-on-year and 15.1% month on month, respectively. In terms of advertising channels, except that the cost of elevator LCD, elevator poster and cinema video advertising increased by 2.8%, 11.2% and 1.0% respectively, the advertising cost of other channels decreased to varying degrees year-on-year. In terms of industries, the advertising of personal products industry in multiple channels has increased. Its advertising spending in radio advertising increased by 495.1% year-on-year, that in elevator LCD and elevator poster increased by 464.4% and 354.9% year-on-year respectively, and that in TV and traditional outdoor increased by 70.4% and 84.0% respectively. In February, the alcohol beverage industry increased its investment in multiple advertising channels, and the advertising fees for elevator LCD and elevator poster increased by 191.6% and 101.4% respectively year-on-year.
Risk tips: policy supervision risk, increased competition risk, and the impact of the epidemic exceeds the expected risk.
