游戏专题：低估值、低基数，政策边际向好

Investment Rating - The report indicates a favorable investment rating for the gaming sector, highlighting it as a good configuration point due to low valuations and improving growth rates [2]. Core Insights - The gaming sector is currently at a favorable configuration point based on three core logic points: 1. Monthly year-on-year growth rates in the gaming industry are showing signs of recovery, with the domestic mobile gaming monthly scale growth rate improving marginally. The A-share network gaming index is at a low valuation of approximately 19.6x [2][5]. 2. The performance base for Q4 2023 is low, which is expected to lead to significant year-on-year improvements in 2024. The total non-deductible profit of 16 A-share gaming companies in Q4 2023 was only 620 million, a stark decline from 3.09 billion in Q3 2023 [2][7]. 3. The success of "Black Myth: Wukong" has validated the logic of cultural export in gaming, with over 10 million copies sold globally. The recent issuance of 117 game licenses in August marks a new high, indicating improving policy conditions [2][9]. Summary by Sections Industry Growth and Valuation - The domestic mobile gaming industry has seen a recovery in monthly year-on-year growth rates, with the highest growth reaching 64% in August 2023. The network gaming index has also shown a significant increase of 94.9% from its low in September 2022 [5][6]. - The current dynamic price-to-earnings ratio (TTM) for the network gaming index is at 19.6x, which is considered low historically [6]. Performance Expectations - The gaming sector is expected to experience a rebound due to the low performance base from Q4 2023, with a significant year-on-year increase anticipated in Q4 2024 [7][8]. - The overall scale of the domestic gaming market peaked at 29.226 billion in August 2023, and the subsequent months are expected to show a gradual recovery as the high base effect diminishes [7]. Investment Recommendations - The report recommends focusing on specific companies such as Shenzhou Taiyue, Kaiying Network, Yaoji Technology, and Gigabit, which are expected to benefit from the improving conditions in the gaming sector [12]. - The average PE for core gaming stocks is projected to be around 13x for 2024, indicating a favorable entry point for investors [12][13].