国君传媒|行业改善、产品充足,看好游戏行业修复趋势

Investment Rating - The report maintains an optimistic outlook on the gaming industry, indicating a recovery trend supported by a strong product pipeline and favorable policies [1]. Core Insights - The gaming market has shown signs of recovery in August and September, with year-on-year revenue growth of 15.1% and 14.9% respectively, following a period of negative growth from April to July [1]. - Mobile gaming has been a significant driver of this recovery, with a positive growth rate of 10.5% in September [1]. - The report highlights the importance of heavy content consumption, light demand, and overseas market opportunities, particularly in console games, mini-program games, and game exports [1]. Summary by Sections A-shares - Companies like Kying and 37 Interactive have a robust product schedule for 2025, with Kying planning to launch titles such as "Rainbow Orange" and "Tomb Raider: Journey" [1]. - 37 Interactive has over 20 self-developed or agency products, including "Tales of the Dragon" [1]. - Gigabit and Perfect World are also expected to turn trends around with their upcoming titles [1]. Hong Kong Stocks - Tencent and NetEase lead in product reserves, focusing on self-owned IP branding and collaborations with globally recognized IP games [1]. - Heartbeat and Bilibili are actively exploring new game opportunities, with Heartbeat achieving notable success in its recent titles [1]. - Kingsoft is venturing into the mech battle PC game sector with its project "Limitless Machine" [1]. Investment Recommendations - The report suggests a positive outlook for the gaming industry due to several factors: 1) Positive policy environment and high industry regulation [1]. 2) Enhanced player appreciation and diversified platforms for product launches [1]. 3) A rich product pipeline for most gaming companies, expected to support performance in 2025 [1].