Investment Rating - The report maintains a positive investment outlook for the card game industry, highlighting a three-year investment opportunity in related companies [3][4]. Core Insights - The card game market is experiencing sustained growth despite economic downturns, attributed to its "anti-cyclical" nature. In Japan, the card market reached 277.4 billion yen (approximately 13.2 billion RMB) in 2023, with an 18.1% year-on-year growth [3][11]. - The Chinese collectible card market, including sports and IP cards, was valued at 15.89 billion RMB in 2023, reflecting a 40.5% increase from 2022, with a projected compound annual growth rate of approximately 39.11% from 2020 to 2025 [3][15]. - The report identifies several key factors driving the rapid growth of the card market, including social and collectible value, the introduction of new IPs, effective offline channel penetration, live streaming card unboxing, and the appeal of blind box purchases [3][23][24][26]. Summary by Sections Japanese Market Overview - The Japanese card market, including trading card games (TCGs), reached a size of 277.4 billion yen in 2023, accounting for 27.2% of the overall toy market [9][11]. - Major products like Pokémon TCG continue to dominate, with sales of 133.7 billion yen, a 137% increase year-on-year [12][13]. Domestic Market Overview - The domestic collectible card market is projected to grow significantly, with a market size estimated between 69.8 billion and 89.64 billion RMB based on user demographics and spending patterns [15][20]. Growth Drivers - Key growth drivers include the social and collectible value of cards, the expansion of new IPs attracting diverse user groups, and the effectiveness of offline sales channels [23][24]. - The introduction of blind box mechanics has enhanced the market's appeal by creating scarcity and increasing the secondary market's value [26]. Industry Competitiveness - The report emphasizes the importance of product design and operational capabilities, as well as the effectiveness of sales channel distribution in maintaining competitive advantages [27][30]. Company Analysis - Card Game Company (卡游) is highlighted as a leading player in the collectible card market, with significant revenue from trading card operations and strong profit margins [35][36]. - Other notable companies include Pop Mart (泡泡玛特), which is expanding into card products, and Yaoji Technology (姚记科技), which is investing in card-related ventures [38][40].
卡牌行业专题报告：热潮背后的IP效应与市场潜力
信达证券·2024-10-21 08:12