BOCOM International·2025-05-21 08:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of $143 or HKD 223, indicating an expected upside of 18.2% from the current price [6][9]. Core Insights - The company showcased 40+ game updates during its 520 Game Release event, including 9 new games, with 7 being self-developed. The new games cover various themes such as Three Kingdoms, space, Marvel/Destiny IP, ocean adventure, and party life simulation, reflecting a strategy of global positioning, multi-platform deployment, and diverse genre exploration [1][5]. - The company is optimistic about the ongoing positive trends in the gaming industry, particularly in competitive gaming, and is enhancing the longevity of existing games through new gameplay, technological updates, and international events [1][5]. Summary by Sections New Game Releases - "万民长歌：三国" (Three Kingdoms): A self-developed historical strategy game with a seamless 3D map, set to start a trial on Steam on June 10 [2][4]. - "命运：群星" (Destiny: Stars): A mobile shooting game developed in collaboration with Bungie, with pre-registration already open [2][4]. - "漫威秘法狂潮" (Marvel Secret Law): A card RPG mobile game based on the Marvel IP, currently in closed testing with pre-registration available [2][4]. - "unVEIL the world": A strategy card RPG mobile game, developed in collaboration with Shueisha, with a preview released [2][4]. - "头号追击" (Top Pursuit): A PC game combining MOBA, hero shooting, and battle royale elements, set for a paid test from June 6 to June 30 [2][4]. - "无主星渊" (Unclaimed Star Abyss): A space FPS game expected to launch in summer 2025, with a final open test during the Steam Summer Festival [2][4]. - "灵兽大冒险" (Spirit Beast Adventure): A self-developed vertical turn-based MMO mobile game, currently open for pre-registration [2][4]. - "Planet Party Time": A party social game developed by NetEase Rayfire, currently in global testing on Steam, with domestic testing planned for 2025 [2][4]. - "遗忘之海" (Forgotten Sea): An ocean adventure RPG developed by Joker Studio, with pre-registration available [2][4].