Trend overview:
This week (2022.4.112022.4.17), the SW media sector index fell 6.39%, the Shanghai stock index fell 1.25%, the Hang Seng technology index fell 2.32%, the Hang Seng China enterprise index fell 1.40%, the Hang Seng Index fell 1.62%, and the NASDAQ China technology stock index fell 2.10%.
Key event tracking:
The game version number was officially restarted in September. How does it affect? On April 11, the State Press and Publication Administration announced the approval information of domestic online games in April. It has been nearly nine months since the nuclear launch of the domestic game version was suspended in August last year and restarted this month. The listed companies involved in the approved game include Xinxin company, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Xishanju, G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Yoozoo Interactive Co.Ltd(002174) , chuangmengtiandi, Shenzhen Zqgame Co.Ltd(300052) etc., excluding Tencent and NetEase. Affected by the restart of the edition number, individual stocks and A-share game sectors of zhonggai game sector have strengthened collectively. The number of single issuance is further reduced, and going to sea is still the main development line of the current game industry. In terms of the total amount, from 2019 to 2021, the total amount of game version numbers issued was 1570, 1405 and 755 respectively, showing a trend of decreasing year by year. At the same time, compared with January to July 2021, the national press and Publication Administration reviewed more than 80 games per month on average (of which 166 game edition numbers were issued in March); Only 45 games have been reviewed in this version number restoration, which shows that the review standard for version number distribution is further tightened, and the game version number resources may be more scarce in the future. With the intensification of competition and stricter supervision in China’s game industry, mainstream game companies have made overseas market layout. Among them, the head game company has made some achievements in going to sea: according to sensortower, the top three in the global mobile game market in 2021 were all from Chinese game companies, namely “pubgmobile” under Tencent (merging the income of “peace elite”), “glory of the king” and “original God” under MIHA tour. In addition, recently, companies including Xinxin company and G-Bits Network Technology(Xiamen)Co.Ltd(603444) also said that they would focus on overseas markets and accelerate going to sea in the future.
There is a wide space for the improvement of the penetration rate of the takeout industry. At present, the first and second tier cities are still the main driving force, and the penetration rate of low tier cities is accelerated. Recently, meituan Research Institute released the 2022 new catering industry research report. The report shows that the development of the takeout industry has accelerated after the epidemic, and the income of the online takeout industry has increased to 21.4% of the national catering industry. According to the data of meituan Research Institute, the number of online takeout users was 544 million in 2021, with a year-on-year growth rate of nearly 30% and the penetration rate increased to 52.7%. At the same time, from the perspective of “people’s meal”, takeout orders only account for 2.2% of residents’ meal demand. There is still broad room for the takeout industry to improve its penetration. In 2021, Beijing, Wuhan and other cities seriously affected by the epidemic in 2020 accelerated the rebound, and the growth rate of takeout orders in first tier cities exceeded 40%. At present, high-line cities account for a high proportion of orders and have a fast growth rate, which is better than the third and fourth tier cities and remains the main driving force; In 2021, the growth rate of takeout orders in cities below the fifth tier exceeded 44%, indicating that takeout is still accelerating its penetration in low tier cities.
Risk tips: changes in regulatory policies, large fluctuations in the macro economy, lower than expected growth rate of the industry, repeated outbreaks have an impact on subdivided industries, etc.
