Basic conclusion
Game operation tracking:
Industry flow end: in Q1 2022, China's mobile game revenue increased by 2.72% year-on-year and 9.28% month on month. According to the game industry report from January to March 2022 of Gamma data, in Q1 2022, the actual sales revenue of China's mobile game market was 60.432 billion yuan, an increase of 9.28% month on month and 2.72% year-on-year. This was mainly due to the increasing flow of water driven by the opening of Spring Festival activities, and the increment brought by Xinyou products such as civilization and service. In China, in April, the mobile game revenue ranking of China's app store, Tencent's "glory of the king" and "peace elite" remained stable, ranking first and second respectively. At the overseas end, in April, 38 Chinese manufacturers were shortlisted as the top 100 mobile game publishers in the global revenue list, with a total revenue of more than US $2.3 billion, accounting for 41.8% of the global top 100 mobile game publishers (Android channel revenue in China is not included). Among them, Tencent, Netease and MIHA are stable in the top three.
Streaming media operation tracking:
Policy side: the number of TV dramas recorded increased slightly. 49 TV dramas were recorded in April 2022, an increase of 12 month on month. The proportion of themes remains stable, and urban themes are still the mainstream themes. Divided by theme, there are 39 modern and contemporary themes, 7 modern themes and 3 ancient themes, accounting for 80%, 14% and 6% respectively.
Film and television track: iqiyi and Youku maintain the leading position on the popular film and television drama broadcasting platform, and the share of Tencent video and mango TV has declined. According to the data of de taven, in April 2022, among the top 10 works in the TV drama prosperity index, iqiyi, Youku and Tencent accounted for 50%, 40% and 20%.
Variety track: Mango TV alone accounts for an excellent proportion. According to the data of Guduo, mango TV variety ranked first among the top 10 variety shows in the whole network in April 2022, with 70% of the broadcast proportion. Among them, the "sound is alive" launched on April 24 ranked first in the popularity list of the whole network, and the seventh season of big detective, the sixth season of yearning life, the spring smallpox meeting, hello Saturday Co.Ltd(002291) , the second season of friends, and the "forensic season of us entering the workplace" were the third, fifth, sixth and third respectively 7th, 8th and 9th.
Investment advice
We believe that the game and content sectors have long-term investment value and are currently a good investment time point. The game industry is currently at a low valuation, and PE, the main game manufacturer, is still at a low position in the history of PE band. We believe that with the resumption and distribution of edition numbers, the continuous promotion of game going to sea and the accelerated development of meta universe industry, the valuation center of high-quality game companies is expected to gradually pick up. High quality streaming media companies and undervalued game sectors are expected to receive more attention. It is suggested to pay attention to: Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Wuxi Boton Technology Co.Ltd(300031) , Mango Excellent Media Co.Ltd(300413) .
Risk tips
The online performance of the game is less than expected; The online performance and investment promotion of film and television variety programs are less than expected; Offline recovery is less than expected: industry policy risk
