The release of the game version number was resumed, and the bad situation of Xida puben industry ended. On the evening of April 11, the State Press and Publication Administration announced the approval information of domestic online games in April, with a total of 45 games. It has been 263 days since the game version was stopped in August 2021. In terms of quantity, the number of about 80 + models per month in 2021 (including 166 models in March) fell compared with that before the suspension in August. The tightening of the supply side is still a trend. The regulators aim to guide the development of high-quality products in the industry through total amount control.
There are top manufacturers and heavy harvest version numbers, and the type distribution is relatively average. This batch of edition numbers involves A-share listed companies: G-Bits Network Technology(Xiamen)Co.Ltd(603444) ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) . SH) (thunder), roguelike and box fission, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ( Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) . SZ), dream voyage (SLG tower defense), Yoozoo Interactive Co.Ltd(002174) ( Yoozoo Interactive Co.Ltd(002174) . SZ), chronicles of the Three Kingdoms: Pocket battle, Shenzhen Zqgame Co.Ltd(300052) ( Shenzhen Zqgame Co.Ltd(300052) . SZ) castor; Involving listed companies in Hong Kong stocks: heart company (2400. HK), flashparty (action fighting), Chuang mengtiandi (1119. HK), beware of fire and candle, friendship time (6820. HK) (fun friends), No. 0 relic, baidu group SW (9888. HK), attacking rabbit, Jinshan software (3888. HK) (Xishanju), origin of sword net 3 (3dmmorpg).
After the suspension of the edition number, China's new tours decreased significantly. The resumption of the edition number will help Chinese products enter the normal online rhythm and release the performance flexibility. From the perspective of reserved products that have not yet obtained the version number, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) reserves include self-developed products such as light handed down, code magic m, code AOE, code Three Kingdoms by, code C6, code female to cy, etc G-Bits Network Technology(Xiamen)Co.Ltd(603444) reserve SLG mobile game "projects", national style RPG "Fengshen fantasy world", mobile game "M66", etc Perfect World Co.Ltd(002624) reserves include "Tianlong Babu 2", "one punch Superman: the world", "code Ma", "P5", "country of morning and night", "black cat anecdote society", etc. The self-developed products of the company include flashparty (the latest batch has obtained the version number), T3 (officially launched overseas in May 22), light of the torch: infinity, sword of lily of the valley, heart town, story of stars, etc.
Investment suggestion: we think there will be a first round of market for the distribution of edition numbers β For example, after the version number was restored in December 18, the A-share leader [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ] rose by more than 40% for three consecutive months. Compared with the historical valuation of standard Tencent, we gave the central target of sector valuation 22 years 20x. The second round of market focused on who can get the version number and push the game online as soon as possible to create new performance flexibility. The launch of head products can bring 10 ~ 30% EPS flexibility to the company. The anchor point of the valuation anchor is the giant [Tencent (22 years 22x in 22 years, 22x in 22 years, 22x in 22 years, 22x in 22 years 22x), Netease (22 years 20x in 22 years, 20x in 22 years). The anchor anchor point of the valuation anchor is the giant [tencetencetence (22 years 22x in 22 years 22x), Netease (22 years 20x in 22 years 22x), Netease (22 years 20x in 22 years 22x), and Netease (22 years 20x in 22 years 20x), giving priority to A-share [ Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) 55 , Fuchun Technology Co.Ltd(300299) , Shenzhen Bingchuan Network Co.Ltd(300533) , Giant Network Group Co.Ltd(002558) , Kunlun Tech Co.Ltd(300418) ], etc. Give priority to overseas [exciting (important product FP gets the version number), middle hand tour, celadon game, Baiao family interaction, ZuLong entertainment, dream world], etc.
Risk factors: stricter policy supervision of the Internet industry, increased launch of Xinyou, intensified industry competition, and less than expected version number distribution.
