Key points of the report:
Game industry data tracking
(1) industry: in 2022q1, the revenue of China’s game market was 79.474 billion yuan, an increase of 10.08% month on month and 3% year on year. The overseas market revenue of independently developed games was US $4.554 billion, basically flat, mainly because the new products did not bring large increment. Mobile game revenue was 60.432 billion yuan, an increase of 9.28% month on month and 2.72% year-on-year. (2) Product: according to sensortower, the revenue of “glory of the king” increased by 20% month on month in March. The revenue of “Yinian Xiaoyao” increased by 23% month on month, and the sixth anniversary of “asking questions” drove the revenue to increase by 62% month on month. “Dream journey to the west” mobile travel ushered in the seventh anniversary, and its revenue increased by 31% month on month. “Song of Cloud City” performed well in Japan and South Korea, and its revenue increased by 27% month on month. In mid March Perfect World Co.Ltd(002624) in Hong Kong, Macao and Taiwan launched “dream new kill immortal”, superimposed with “magic tower” and “kill immortal”, the revenue in the Chinese market increased, and the revenue increased by 31% month on month in March. (3) Xinyou and version number: in April, a total of 45 games were approved, including Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) dream sailing, Party star of heart company, tower hunter of thunder network of G-Bits Network Technology(Xiamen)Co.Ltd(603444) subsidiary, ruins of friendship time, Youzu’s Chronicles of the Three Kingdoms: Pocket battle, Xishanju’s origin of sword net 3 and other products. The head and small and medium-sized manufacturers are evenly distributed. In terms of new tour, Tencent’s agent “full name slam dunk” is expected to go online on June 10, self-developed “dark zone breakthrough” is expected to go online on July 26, and “hero League E-sports manager” is expected to go online on July 28; Netease’s “war roar” is expected to go online on May 26; The final front: inobeta was launched on May 20; Bili Bili releases space-time Hunter 3, which goes online on June 29.
(4) channels and buying volume: according to dataeye data, the head game buying volume of medium and heavy Games has decreased. SLG’s new tour “civilization and conquest” ranked first, with the launch volume decreasing by 50% month on month. Tencent’s “return to the Empire” and “celebrate more than a year” entered the top 15. “Yinian Xiaoyao” ranked No. 4 in terms of investment.
Tracking of key listed companies
Perfect World Co.Ltd(002624) : the international version of Mengzhu was launched overseas, and the ranking of the updated version 2.0 of magic tower picked up The revenue of overseas products continued to grow by 45% year-on-year G-Bits Network Technology(Xiamen)Co.Ltd(603444) : steady growth in performance and stable performance of core products. Tencent: return to the Empire was launched on the whole platform, and Noah’s heart topped the free version. Netease: ranked No. 2 among the top 52 global publishers, and three new games under development were announced. Heart Network: the self-developed mobile game “party star” went online and entered the top 10 of the free list.
Investment advice
Maintain the industry “recommended” rating. Actively pay attention to Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Perfect World Co.Ltd(002624) , Xinxin company, Wuxi Boton Technology Co.Ltd(300031) , etc.
Risk tips
The game flow performance is less than expected, the release of version number is less than expected, and the policy supervision is becoming stricter.
