TF Securities(SH:601162) Di Yi Cai Jing·2026-01-09 00:08Core Viewpoint - The outlook for A-share gaming companies is optimistic due to improved market conditions and product cycles, with expectations for EPS to exceed forecasts, leading to a double-up trend in stock performance [1] Group 1: Supply Side Improvements - The regulatory environment is stabilizing, and there is an ample supply of game licenses [1] - A-share gaming companies are expected to continue improving their product cycles, catering to new core user demands [1] Group 2: Competitive Landscape - The competition in mobile gaming is anticipated to improve, as leading companies are primarily focusing on PC games [1] Group 3: Valuation and Future Expectations - Current valuations for key A-share gaming companies have returned to a reasonable range of 15-20x for 2025 [1] - There is a positive outlook for EPS to exceed expectations in 2026, which is expected to drive a PE double-up [1]