Market Overview: after the year, the media sector continued to rise sharply (CITIC primary media rose 6.4% this week, ranking first in the rise of CITIC sector), the yuan universe sector continued to be active, and the favorable publishing policies promoted the market recovery of the sector. In the medium term, after experiencing the impact of intensive policies in 2021, the valuation of the media sector is at the bottom of history. However, according to our calculation, the impact of policies on the income of some industries (such as games and long video Membership Business) is limited. After the subsequent normalization, the fundamentals are strong, and the company is expected to resume stable performance growth, Stocks with good fundamentals for a long time have reached a better price position from the perspective of medium-term allocation. It is recommended that investors gradually pay more attention.
[yuan universe] Sony psvr2 was officially released and digital RMB (pilot version) was put on the shelves in major app stores. Psvr2 is a pcvr product launched for ps5. It supports streaming steamvr with a monocular resolution of 2000 * 2040 and eye tracking interaction. PSVR, the last generation product, has sold more than 5 million units in recent 6 years. This new product is fully upgraded at the interactive and display levels, which will bring a deeper immersive game experience. We believe that giants at home and abroad focus on the multi-dimensional ecological layout of software, hardware and content around the meta universe, and the continuous landing of industries has brought about a plate catalytic market. Short term or partial theme investment. In the long term, there are a lot of investment opportunities in VraR, blockchain, virtual reality content production and other links. It is recommended to pay attention to high-quality companies with fundamental support and flexible Valuation: [ Visual China Group Co.Ltd(000681) ] (main business recovery + NFT platform will be launched soon), [ Hylink Digital Solution Co.Ltd(603825) ] (Star virtual digital image has been released, Industrial And Commercial Bank Of China Limited(601398) digital currency promotion partner), [ Bluefocus Intelligent Communications Group Co.Ltd(300058) ] (virtual live studio), [ Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) ] (invest in star map bit of NFT technical service company and zero environment mutual entertainment of meta universe game platform) [ Xinhuanetco.Ltd(603888) ] (its company Xinhua Zhiyun layout virtual human business), etc.
[publishing] publishing the development plan during the 14th Five Year Plan period, and the industry welcomes major policies. The main objectives of the plan include that by the end of the 14th five year plan, the annual operating revenue of publishing, printing and distribution will reach about 2 trillion yuan, the number of publication distribution outlets in China will reach 300000, and focus on cultivating 10 new publishing enterprises with obvious advantages, strong communication power and wide influence. In addition, the plan emphasizes the need to stop the vicious price war of online and offline publication sales. The publication of the plan is conducive to standardizing Book discounts, promoting the development of theme books and leading companies in the industry. Citic Press Corporation(300788) as an industry leader, actively integrate teams, channels and marketing resources to realize the transformation of business channels from offline to online. The planning and announcement is conducive to the release of the company’s online business profits. It is recommended to pay attention to [ Citic Press Corporation(300788) ].
[games] in 2021, the investment activity of the game market was significantly strengthened. Gamma data released China’s game investment and financing report. There were 209 investment events in 2021 (117 in 2020), with a total amount of 25.88 billion yuan, of which Tencent / BiliBili / G-Bits Network Technology(Xiamen)Co.Ltd(603444) / Netease / Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) invested 129 / 30 / 19 / 15 / 14 game companies respectively, and the disclosed investment amounts reached 414.6/15.13/4.55/10.26/253 million yuan respectively. In the top 30 list of Chinese mobile game publishers by sensorpower in December 2021, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) / Perfect World Co.Ltd(002624) / thunder game ranked 5 / 11 / 14 respectively, with a month on month change of 0, + 10 and – 3 respectively. With the policy bottoming, the current game plate β It has bottomed out and subsequently entered the competition of individual stocks α At this stage, the continuous landing of the meta universe industry is also expected to improve the valuation of the game sector. Focus on the arrival of the performance inflection point. The company: [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ] Q3’s profit increased by 54.8% year-on-year. Douluo mainland: duel between soul masters continued to realize outstanding profits at home and abroad; [ Perfect World Co.Ltd(002624) ] the first day of magic tower was 50 million yuan, and the Q3 game business improved significantly month on month.
[tide play blind box] the second-hand trading market share of bubble Mart IP remains high, and the tide play IP territory is gradually opened. On the IP side, in the top 30 IP ranking list of second-hand trading volume of trendsetters in 2021, bubble mart’s own + exclusive IP accounted for 13 seats, accounting for 55.8% (yoy-1.3pct) of the total trading volume. In 2021, the market share of new IP Hirono Ono (10 / 1 first) and YOKI (2 / 5 first) reached 0.80% and 0.49% respectively in 2021. On the channel side, as of January 5, 2022, according to the statistics of bubble Mart applet, the total number of retail stores (including popup and Golden Eagle) is 350. In addition, bubble Mart has opened a new trend toy collection store, Paqu flagship store in Shanghai, and reached a park cooperation with Beijing Chaoyang Park, which will build a trend culture theme park. We believe that the competitiveness of bubble Mart IP matrix is stable and channel expansion has been promoted in succession. In the long run, the diversified layout around tide play IP will further consolidate the company’s leading position in the field of tide play and continue to recommend [bubble Mart].
Investment suggestions: the game section focuses on Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) ; Video Kwai continues to recommend Mango Excellent Media Co.Ltd(300413) and fast technology. Key recommendations of live e-commerce Saturday Co.Ltd(002291) ; Bubble mat and Guangzhou Wahlap Technology Corporation Limited(301011) are recommended in the field of fashion play. The yuan universe plate focuses on Visual China Group Co.Ltd(000681) , Wuxi Boton Technology Co.Ltd(300031) , Hylink Digital Solution Co.Ltd(603825) , Bluefocus Intelligent Communications Group Co.Ltd(300058) .
Risk tips: policy supervision risk, increased competition risk, epidemic impact exceeding expected risk
