传媒行业跟踪报告：4月游戏市场同比下降，5月预计受《DNF》国服上线带动显著回升

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [34]. Core Insights - The Chinese gaming market experienced a decline in revenue in April 2024, with actual sales revenue at 22.432 billion yuan, a month-on-month decrease of 4.21% and a year-on-year decrease of 0.27%. However, a significant recovery is anticipated in May due to the launch of the popular IP "Dungeon and Fighter" (DNF) [11][12]. - The global gaming market saw Tencent's "Honor of Kings" ranking second in mobile game revenue, with the global mobile gaming revenue reaching $6.5 billion in April 2024, a year-on-year increase of 3.17% [14][18]. - The revenue rankings in the Chinese gaming market are dominated by major players, with Tencent holding five of the top ten positions in the App Store revenue rankings for April 2024 [20][23]. Summary by Sections 1. Chinese Gaming Market - In April 2024, the Chinese gaming market's actual sales revenue was 22.432 billion yuan, reflecting a month-on-month decline of 4.21% and a slight year-on-year decrease of 0.27%. The mobile gaming sector was particularly affected, with revenue at 15.905 billion yuan, down 6.18% month-on-month and 1.93% year-on-year. The anticipated launch of DNF is expected to significantly boost the market in May [11][12][27]. 2. Global Gaming Market - The global mobile gaming market generated $6.5 billion in revenue in April 2024, with the U.S., China, and Japan being the top three markets. China's revenue decreased by 2.62% year-on-year to $1.21 billion, ranking second globally [14][18]. 3. Revenue Rankings - The revenue rankings in the Chinese gaming market are heavily dominated by Tencent and NetEase, with Tencent's "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle" occupying the top three spots in the App Store revenue rankings for April 2024 [20][23]. 4. Overseas Market - In April 2024, the revenue from self-developed games in overseas markets was $1.418 billion, showing a month-on-month decrease of 0.65% but a year-on-year increase of 7.03%. "Last War: Survival Game" by First Fun topped the overseas mobile game revenue chart [27][30]. 5. Investment Recommendations - The report suggests that the gaming market is expected to grow, driven by the continuous release of quality new games from leading companies and a stable performance in overseas markets. It recommends focusing on companies with strong R&D capabilities and a rich reserve of game licenses [31].