游戏行业：用户品质需求提升，新品有望激活MMO端游市场

Investment Rating - The industry investment rating is "Buy" [5] Core Viewpoints - The demand for high-quality gaming experiences is driving the recovery of the PC game market, with a notable increase in user expectations since 2020. The mobile game sector has expanded, leading to a resurgence in PC games, particularly with the integration of new titles across platforms. The MMO segment has seen stable retention among existing users, indicating potential for future growth [2][4][78]. - The MMO segment demonstrates strong long-term operational capabilities, with successful titles maintaining high engagement over extended periods. Notable examples include "World of Warcraft" and "Dream of the Red Chamber," which have been operational for over a decade [2][4][78]. - The profitability of PC games is higher than that of mobile games due to lower marketing costs and reliance on direct downloads from official channels, which reduces revenue-sharing burdens. This results in a more favorable profit margin for PC games [3][4][79]. - The upcoming release of "Zhu Xian World" on December 19, 2024, is expected to invigorate the MMO market, leveraging the strong brand recognition of the "Zhu Xian" IP, which has a broad user base and a history of strong revenue performance [3][4][78]. Summary by Sections 1. PC Game Market Stability - The PC game market has shown resilience, with a stable revenue around 60 billion RMB since 2014, and a record high in 2023. The demand for quality has increased, leading to a shift towards PC games as a new growth point in the gaming industry [34][36][78]. 2. Long-term Operational Capabilities of PC Games - Successful MMOs exhibit high user retention and long lifecycles, with several titles operating for over ten years while maintaining popularity. This indicates a robust potential for long-term engagement and revenue generation [2][4][48][52]. 3. Profitability and Cost Structure - PC games benefit from lower marketing expenditures compared to mobile games, with a significant portion of users downloading directly from official websites, which minimizes distribution costs. This structure allows for higher profit margins in the PC gaming sector [3][4][61][79]. 4. Upcoming New Releases - The anticipated launch of "Zhu Xian World" is expected to attract existing users and potentially convert new players, given the strong historical performance of the "Zhu Xian" IP. The game is designed to offer a comprehensive experience with various gameplay modes and a low entry cost [3][4][77][78].