巨人网络 20251215 摘要 游戏板块估值回调提供入场机会，当前估值约 20 倍，较前期高点 25 倍 有更大上涨空间，预计可达 25-30 倍区间，具备较好收益弹性。 2026 年游戏行业预计迎来产品大年，完美世界、腾讯、莉莉丝、米哈 游等公司均有重磅产品上线计划，无需担忧产品增速下降。 巨人网络《超自然》表现优异，七至九月流水达 15 亿元，九月流水超 预期，国庆期间 DAU 创新高近 700 万，预计春节期间将推出最佳版本 更新并加大商业化力度。 《超自然》第三季度收入确认周期调整为三个月，若按原两个月计算， 收入可增加约 2.7 亿元，总收入达 30 亿元，利润增加 2 亿元，总利润 达 8.5 亿元。预计第四季度流水与第三季度相当。 《超自然》销售费用率控制在流水 20%以内，净利润率高达 50%，主 要得益于官网下载占比高，渠道费用较低。短期内广告投放费用率维持 在 20%左右合理区间。 中国游戏市场呈现多元化发展趋势，大制作与小游戏并行，用户需求推 动休闲类游戏爆发，厂商积极扩展年轻化和女性用户群体。 巨人网络未来发展预期良好，除《超自然行动组》外，还有《名将杀》、 《5,000 年》、《口 ...

Summary of the Conference Call for Giant Network Company Overview - **Company**: Giant Network - **Industry**: Gaming Key Points and Arguments Performance of "Supernatural Action Group" - "Supernatural Action Group" has shown significant improvement in the iOS sales rankings from June to August, reaching a peak of 100 million concurrent users in July and maintaining a top five position in the iOS free chart [2][3] - The game ranked around 52nd, 22nd, and 12th in the iOS sales chart during June, July, and August respectively, and improved to around 11th after the launch of "Escape from Horror" in September [4][5] - The upcoming "Monster Farm" is expected to further increase online user engagement and revenue during the National Day holiday [2][5] Future Product Pipeline - In addition to "Supernatural Action Group," Giant Network has several upcoming titles, including "Ming Jiang Sha" and "5,000 Years," which are set to launch between 2026 and 2027, potentially driving revenue growth [2][6] - The company is actively integrating AI technology into its games, enhancing user experience and engagement through innovative features [6][9] Market Expectations and Valuation - Market expectations for Giant Network's performance in 2025 and 2026 have been continuously revised upward due to the strong performance of "Supernatural Action Group" [7][8] - The company's valuation is expected to rise as "Supernatural Action Group" becomes a leading long-term game, alongside the launch of other products [8] AI Integration and Innovations - Giant Network has made significant strides in integrating AI with gaming, enhancing player engagement and retention through features like the Deepseek R1 model in its core product [9] - The introduction of AI-driven gameplay mechanics has led to increased player activity, session length, and revenue growth [9] Key Factors Influencing Future Performance - Future performance and stock price are influenced by the ongoing updates and innovations in "Supernatural Action Group," as well as the impact of "Monster Farm" and upcoming holiday events [10][11] - The successful testing and launch of new products like "Ming Jiang Sha" will also play a crucial role in the company's long-term growth and valuation [11][13] Current Market Position - Despite recent stock price fluctuations, Giant Network remains in a growth phase, with new product performances expected to drive significant revenue revisions [12][13] Additional Important Insights - The company is focusing on maintaining a robust product pipeline and leveraging AI to enhance gaming experiences, which are critical for sustaining growth in a competitive market [6][9] - Investors are encouraged to monitor the performance of new products and their potential impact on revenue and market valuation [12][13]