继续看好游戏板块，往明年 25 倍 PE 迈进 20250909 摘要 2025 年游戏行业增速显著提升，上半年板块增长约 14%，手游增长 19%，远超 2024 年的 7.5%，主要受益于重点公司产品流水超预期， EPS 预期上调，业绩增速普遍达到 20%以上，部分甚至翻倍。 游戏板块估值中枢从 15~20 倍提升至 20~25 倍，龙头公司估值接近 25 倍，政策端边际向上趋势明显，单月版号发放数量增加，各地出台鼓 励政策，《黑神话：悟空》出海示范效应带来积极影响。 市场对龙头公司 25 倍估值存在争议，但积极的市场环境和牛市情绪推 动估值切换提前至 2026 年，单产品流水清晰，业绩贡献明确，持续高 成长的公司估值有望从 20 倍逐步迈向 25 倍。 2025 年第三季度部分公司增长翻倍，超预期大单品贡献集中，为板块 提供支撑。与其他科技硬件板块相比，游戏板块涨幅较小，具备继续向 上潜力，头部公司仍有 20%至 40%的增长空间。 高频数据显示，世纪华通等公司流水稳健，验证市场对 2026 年乐观预 期，行业未见明显向下拐点。巨人网络《超自然行动》流水稳定，预计 Q3 业绩至少翻倍增长，吉比特《仗剑》 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing accelerated growth in the first four months of 2025, driven by low base effects, long-term operations, and new product launches, with overseas markets showing particularly strong performance, achieving a growth rate of approximately 18% in Q1 and maintaining a significant single-digit growth in April [1][3][9] - The overall valuation of the gaming industry is expected to rise from a range of 15-20 times to 20-25 times, contingent on sustained industry prosperity and influx of new capital [1][5] Company Performances Century Huatong - Benefiting from the success of "Whiteout Survival" and the domestic version "Endless Winter," with overseas monthly revenue reaching approximately $150 million and domestic revenue around $110 million [1][12] - The new game "King's Shot" launched in Q1 is projected to generate monthly revenue of $30-40 million, with optimistic annual performance expectations [1][12] Giant Network - Stable revenue from existing games, with the new game "Super Burning Action Group" showing increasing internal test data, achieving monthly revenue of $20-30 million in May [1][6][13] - The company is expected to see further revenue growth with increased marketing efforts [1][6] 37 Interactive Entertainment (Ji Bi Te) - Existing products "Wen Dao" and "Yi Nian Xiao Yao" maintain stable performance, while the new game "Wen Dao Chang Sheng" contributes additional revenue [1][6][14] - Upcoming new products are expected to continue generating interest and revenue in the second half of the year [1][6] Kying Network - The AI dating game "Evadix" has received positive reviews, with significant commercial potential and stable long-term operational capabilities [2][15] - Expected net profit for 2025 is projected to exceed 2 billion yuan, with two major titles, "Douluo Dalu" and "Tomb Raider Notes," set to launch in the second half of the year [2][16] Perfect World - Anticipated to become a major player in the domestic market, with expectations for a new product to generate revenue between 6 to 8 billion yuan, and optimistic projections reaching up to 10 billion yuan [17] - The company has shown significant improvement in Q1 2025, primarily driven by the "Zhu Xian" online game, with further mobile game releases expected to enhance revenue [17] Policy Environment - Increased support from government policies for the gaming industry, with various provinces implementing measures to promote local gaming industries, including stable issuance of domestic and imported game licenses [7][8] Market Trends - The overall market data from January to April 2025 indicates a recovery in revenue growth, with a notable performance from overseas markets and several companies exceeding expectations [9][10] - The upcoming summer peak season is expected to bring positive changes in sequential data, with a favorable policy environment supporting innovation and overseas business development [11] Conclusion - The gaming industry is on a positive trajectory, with various companies demonstrating growth potential and unique advantages. Kying Network and Perfect World are particularly noteworthy for their strong performance and future prospects, reflecting the overall positive trend in the gaming sector [18]