Tracking Research Report of game going to sea: the performance of head manufacturers and applications is stable, and attention is paid to the increment of Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) new products

Going to sea is expected to become the second important growth curve of Chinese game manufacturers. Policy side: 1) the number of editions is resumed and the number is tightening. China's game market is facing high regulatory pressure, and manufacturers seek to go to sea to expand growth space. 2) Regulators encourage excellent game products to "go global", and the domestic game industry is expected to take advantage of the situation to become a pioneer of "cultural output". The overseas game market has a vast space, and the game will make a contribution to the sea. The revenue of overseas Games has maintained healthy growth, and there is still room for improvement in overseas penetration.

Sea game manufacturers: the position of head manufacturers is relatively stable, and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) performs well. 1) The performance of head game manufacturers is stable. In the ranking of game manufacturers' revenue from going to sea in March 22, the top 6 positions were stable, including MIHA tour, funplus, Tencent, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Lilith and Netease, which had no change from the ranking in February. 2) The income of MIHA tour and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) sea trip maintained a high growth rate. In March 22, the revenue of MIHA tour in the overseas mobile market increased by 18% month on month, mainly due to the version 2.6 update of original God Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) sea going revenue reached a record high in a single month, and the revenue increased by 11% month on month. Mainly due to the growth of "song of cloud going to the city" in South Korea, it became the Chinese mobile tour with the highest income in that month; After the Japanese version went online, the ranking rose steadily. 3) Among the waist game manufacturers, the ranking of love mutual entertainment has increased by 9, and the user duration of "place girl" has increased significantly.

Sea game application: the ranking of head mobile games is stable, and "pubg mobile" maintains the leading advantage in shooting categories. 1) The performance of head game products is stable. The top 5 in the revenue list of sea game applications are "original God", "pubg mobile", "awakening of nations", "state of survival" and "Puzzles & survival". "Pubg mobile" is still the shooting mobile game with the highest overseas revenue, an important support for Tencent's overseas game business, and the Turkish market is outstanding. 2) The rising trend of shangyun song. In February of 22, the revenue list of sea Games rose sharply from 23 to 16, and continued to rise to 14th in March. Jiangyu interactive "pocket Raider" ranked first in the revenue growth list of sea games. In March 22, the revenue of the game's overseas main markets exceeded 150 million US dollars. 3) In terms of new games at sea, Perfect World Co.Ltd(002624) launched the international version of mobile game "dream new killing immortal". The market in Taiwan of China is outstanding. "Dark nemesis: infinite quest" was launched overseas in mid March, ranking 11th in the revenue growth list of sea games in March.

Non game going to sea: chizicheng's technology performance is stable, and the changes of reading apps are obvious. 1) The ranking of chizicheng technology is stable at the top 5 of the sea revenue of non game manufacturers. Its applications mico and Yoho rank firmly at the top 10 and top 20 of the revenue list of non game applications going to sea. 2) The ranking of reading manufacturers reached a new high. Changdu technology surpassed Ireader Technology Co.Ltd(603533) , setting a new record of data The AI list is the highest ranking of reading manufacturers since October 21, ranking sixth in the list of non game manufacturers' revenue from going to sea. 3) The layout of new markets has become a new increment for Pan entertainment manufacturers to go to sea. Elelive (live broadcast of little elephant) has increased its revenue in the Turkish market, and the English and Japanese versions of the game social platform weplay have performed well.

Investment suggestion: we believe that China's game market has entered the stock competition, the audit has become stricter as a whole, and the policy encourages going to sea; At the same time, the overseas market has broad prospects, the number of digital users in developed markets is large, the willingness to pay is good, and the development potential of emerging regions is high. The game going to sea is expected to become the second growth curve of China's game industry. The continuous growth of overseas revenue will help China's game industry maintain the resilience of revenue growth and maintain the "buy" rating of the Internet media industry. We recommend the manufacturers with good recent revenue performance, adhering to the high-quality R & D route and content as the king. We recommend Tencent holdings, netease-s, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , heart company and chizicheng technology to pay attention to middle hand travel.

Risk analysis: intensified competition at sea, overseas market supervision, lower competitiveness of overseas new tours than expected, and higher overseas purchase cost

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