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游戏行业:需求具备韧性,新游测试密集,游戏行业迎来配置机会
GF SECURITIES·2024-09-26 03:38

Investment Rating - The industry rating is "Buy" [1] Core Viewpoints - The gaming industry shows resilience in demand, with new game testing intensifying, presenting configuration opportunities [1] - In August, the domestic gaming market sales revenue reached 33.64 billion yuan, a year-on-year increase of 15.1% and a month-on-month increase of 21.1% [1][8] - The release of "Black Myth: Wukong" significantly boosted market revenue, contributing to an increase in incremental demand rather than affecting existing market sales [1][13] - The supply side is expected to improve with an increase in license issuance and enhanced R&D capabilities in the industry [1][15] - A-share gaming companies are currently valued at relatively low levels, with a rich reserve of new games expected to drive performance growth [1] Summary by Sections 1. Gaming Industry Demand and Supply - The gaming market's revenue was driven by "Black Myth: Wukong," which sold over 20 million copies, generating approximately 6.87 billion yuan in revenue [1][8] - The number of game licenses issued in August 2024 reached 117, the highest since April 2022, indicating a continuous improvement in supply [1][15] 2. Industry Valuation and New Product Opportunities - The valuation of leading gaming companies is at a relative low, with companies like Sanqi Interactive Entertainment and Gigabit Technology showing low valuation percentiles [1][18] - The gaming sector's revenue and profit showed quarter-on-quarter improvement, with total revenue of 22.26 billion yuan in Q2 2024, a year-on-year increase of 4.85% [1][20] 3. Investment Recommendations - The report suggests focusing on leading companies with quality product reserves, such as Tencent and NetEase, as new product cycles are expected to emerge [1]