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1、 212-34-7-3383.4036,646.5518.3122.0125.1720.9417.4215.2321.69481.051.331.731.9716.3112.5411.0114.66284.400.740.770.9319.8119.0415.76368.81265.0518.8623.0527.8119.5616.0013.268.64185.980.520.660.7916.6213.0910.9427.05129.96-0.98-0.210.93-27.47-129.2729.172.0657.020.040.200.3349.2410.346.28 4/4/CONTEN
2、TS0MRAIGC0708 5/5 6A+H01公司代码公司名称净利润增速净利润增速净利润增速市值日期:2023-02-10PE-TTM2022PE2023PE2024PE2022E2023E2024E(亿元)002555.SZ三七互娱14.1015.8813.7112.165.3215.8412.76481.05002602.SZ世纪华通119.4717.2212.4410.06-14.2438.3823.72343.56002624.SZ完美世界28.1318.2515.3613.12320.6719.2217.22284.40603444.SH吉比特20.7918.
3、8015.8113.61-4.0118.9616.14265.05002558.SZ巨人网络23.3422.8617.4615.82-8.0430.9910.35209.11300418.SZ昆仑万维292.7321.9719.0216.41-24.1615.4015.93257.49600373.SH中文传媒8.81-136.18300002.SZ神州泰岳21.2121.6317.5416.5141.7423.306.25117.86300315.SZ掌趣科技-7.39-99.27002425.SZ凯撒文化-21.5170.5720.7418.38-11.86240.2612.8650.70
4、002605.SZ姚记科技16.2915.0011.919.71-23.2325.9722.6666.06300031.SZ宝通科技38.6623.6012.2410.36-30.7792.8818.0965.79603258.SH电魂网络24.6519.6115.3813.29-7.7027.5615.7461.34300299.SZ富春股份106.62-40.780700.HK腾讯控股18.7328.1722.2419.10-49.9626.6716.4536,646.559999.HK网易18.5419.7419.0416.9917.583.7112.074,525.340799.HKI
5、GG-9.33-7.5965.41-225.66111.60-35.339990.HK祖龙-8.4612.09-36.16169.98-40.400302.HK中手游24.8439.768.635.78-79.74360.9249.3757.022100.HK百奥-21.4014.0211.847.72249.0318.4753.3714.966820.HK友谊时光29.9539.817.32-80.04443.64-25.301119.HK创梦天地-110.9922.519.7771.84592.11130.4456.84中位数21.0019.6115.3813.20-11.8627.561
6、6.3082.66PE 7A+H006070802016-01-042017-01-042018-01-042019-01-042020-01-042021-01-042022-01-042023-01-04PE 8/8 90220232taptap2022Q4roguelike2022.7.1440K2022.11PC/2022.9.30MOBA2022Q4taptap2022Q42022.3.17RPG*2022.12ProjectFighterPCValorant:taptapMMORPGLost ArksteamMOBAFPS+2021526FPS2022.11.
7、25MMORPGtaptap3D6taptapMMO202247MMORPG2022.2.13RPG2022.3.17PvPvE2022412STEAMRPGtaptap2022.10.9 RPGtaptapMOBA2022.7.152023.2 72022Q2Onmyoji idol project202152022.1.202021.5.17MMOIP20221067Project INRPG2021519MRPG2022.12.9IP2021520PVIP2022420Dead by daylight2021611RPG3DF2021723MMO3A2021RPGR
8、PRPG20272022318PlanetONE2021642V4202216Vikingard2022321iOS2022811ATLAS202162021525iOS TestFlight 1102SLG2023H1MMMORPG202332022Q4KMMORPGMMORPG2022.09.20SSLG2022H2DGSLG:MMORPG2022H22023ZQ2021.7.92022H22023GOESLG2022XXZMMORPG2022H2G2SLG20231BXMMORPG2023D83DWTBMMORPG2023MMOMMORPG2023/2024MMOR
9、PG2022.06.29SLG2022.8 12022MMO2022Q42023+RPG2022.4.14ACT2022Q42023+2022.10.20MMORPGPC2022Q42023T3+3v32022.52022Q42023+ARPGClosed Beta,20222022Q42023+RPGtaptapMMORPG2022Q420232022Q1taptapHave a Nice DeathPC+2022Q420232022.4.21P5RPG2022Q420232022.4.2622023taptapPerfect New WorldPC+2024PCMMORPG2024tapt
10、apCODENAME:XJRPG202420taptap2024taptap2024taptap2024taptapRPG2024ProjectAMMORPGtaptap2+1302RPG2022M662022Q42023RPG2023bug202320242022-2023M88MMO202320243v3202320232024DF2022H22022228SLG2022H2Roguelike2023MMORPG2023ProjectSroguelikeSLG2023RPG-20232023RPG2023M202302332 1402IP2023H1)ARPG2023
11、IPS)2023Roguelike)roguelike2023)2023)2023)2023Q4)2023Project O)2023)2023OVERLOAD)ARPG)2023)2023Project D)20232023H2SLGCP202322023H220232023)2023-RPG20232023)IP MMORPG202320232023 212SLG2023RPG2023H1MMOARPG2023H1HH5MMOARPG2023H1MGSLGSLG+202212QSLGSLG2023H12023H1FX2023H1 1602D3SLG2023Q1MSLG
12、2023Q1IP2023OSLG2023Q22023.1.16SLG2023Q1MMORPG2023SLGSLG2023MMO20232023RPGRPG2024 17/17 1803202214%2022193014%App20221012AppApp-20%-10%0%10%20%30%40%00.511.522.52021.10 2021.12 2022.22022.42022.62022.8 2022.10 2022.12游戏APP下载量(iPhone)(亿次)YOY(右轴)-50%0%50%100%150%200%05001,0001,5002,0002,500YOY 1903201
13、7-202260%202269%20175%44%17%20172%1%201%2017-20223wind2017-20223Wind0%10%20%30%40%50%20%3%5%8%201720192021 20/20 22920238820000“”2021“”“”“”“”“”2021520217ChinaJoy2022245202277672022327202299732022702021
14、62022244023882018-2022 22042022480767869973344EPS70516957 57671638984 8416686 86 86 874560 67 697370848805008.12018.22018.32018.42018.52018.62018.72018.82018.92018.102018.112018.1220192020.12020.22020.
15、32020.42020.52020.62020.72020.82020.92020.102020.112020.122021.012021.022021.032021.042021.052021.062021.072021.082021.092021.102021.112021.122022.012022.022022.032022.042022.052022.062022.072022.082022.092022.112022.122023.18 8个月未发放版号个月未发放版号8 8个月未发放版号个月未发放版号 23/23 240520222021Q220223DataEye2018Q220
16、22Q12022Q2Q42023122022H120222018.10.012023.2.42022DataEyeApp Growing10.3%9.9%9.6%6.8%4.2%3.7%3.6%2.9%2.7%2.2%1.9%1.7%1.4%0.9%0.9%0.8%0.7%0.5%0.4%0.4%0%2%4%6%8%10%12%0500,0001,000,0001,500,0002,000,0002,500,0002018-10-012018-11-192019-01-072019-02-252019-04-152019-06-032019-07-222019-09-092019-10-282
17、019-12-162020-02-032020-03-232020-05-112020-06-292020-08-172020-10-052020-11-232021-01-112021-03-012021-04-192021-06-072021-07-262021-09-132021-11-012021-12-202022-02-072022-03-282022-05-162022-07-042022-08-222022-10-102022-11-282023-01-16 250520232023.1.19-2023.1.27891.720222022.1.29-2022.2.6407.61
18、19%202320232022119%DataEye0200,000400,000600,000800,0001,000,0001,200,0001,400,000050,000100,000150,000200,000250,000300,000350,000400,000450,00020222023 2605DataEye20232023.1.19-2023.1.27TOP207SLGSLG05,00010,00015,00020,00025,00030,00035,00040,00045,000020,00040,0002022-10-12022-10-21 2022-11-10 20
19、22-11-30 2022-12-202023-1-9SLG2022.10.12023.1.27020,00040,0002022-10-12022-10-21 2022-11-10 2022-11-30 2022-12-202023-1-9 27/27 280620223.7%204.4%9%20222022SensorTower-10%-5%0%5%10%15%20%25%30%35%40%0204060800000212022YOY(-20%-10%0%10%20%30%40%0
20、510152025App StoreGoogle PlayYOY(右轴)2906Google Play20214-2022SensorTowerCAS2022H225%2021H4274303004005006002021年1-11月2022年1-11月总计Google PlayApp Store17%20%31%26%28%25%0%5%10%15%20%25%30%35%300620224.2%1.8%2.1%6%-2022SensorTowerSensorTower
21、3106SLGSLGSLGSLGSLG/Puzzles&Survival2020.82022.746.3Puzzles&Conquest2019.122022.712.3Ant Legion2022.12022.71.6King of Avalon2016.61.3Guns of Glory20179000Age of Origins2019.32022H110.37War and Order2016.32022H15.37Infinite Galaxy20202022H11.16The Walking Dead:Suvivors2021.42022H13.332014.72022H12.93
22、Infinity Kingdom2021.1Game of Thrones Winter is Coming2019.3War and Magic2017 32062022H142.7%2022H1SLGRPG2022H1TOP50042.7%7.7%7.4%6.2%36.0%中国越南土耳其AppGrowing2021-2022DataEye-ADX公司2021素材投放前三游戏素材量占比2022素材投放前三游戏素材量占比三七互娱Puzzles&Survival35.48%Zombie Puzzles Quest20.62%叫我大掌柜13.60%叫我大掌柜12.21%Puzzles&Conque
23、st9.48%商人放浪记10.60%世纪华通Family Farm Adventure24.70%阿瓦隆之王:龙之战役(KOA)18.39%Guns of Glory22.40%Family Farm Adventure18.34%Dragonscapes Adventure14.71%Valor Legends:Eternity7.68%智明星通The Walking Dead:Suvivors83.41%The Walking Dead:Suvivors95.29%Love Nikki-Dress UP Queen9.55%Love Nikki-Dress UP Queen2.69%少女的
24、王座:命運所在之處0.99%MR 魔法英雄0.66%神州泰岳Age of Origins60.40%Age of Origins53.35%War and Order27.31%War and Order41.25%Infinite Galaxy10.00%丧尸战争之突破重围3.60%游族网络Infinity Kingdom27.01%Infinity Kingdom46.11%Dynasty Scrolls19.84%华武战国23.47%华武战国15.82%爱与光的命运羁绊9.33%宝通科技Kings Throne:Game of Lust46%Bloodline:Heroes of Lit
25、has34.53%Dragon Storm Fantasy24%剑侠世界311.59%War and Magic15%Dragon Storm Fantasy8.09%33/33MRAIGC 34AIGC有望再造游戏产业生产力,未来空间可期07AIGCOpenAlChatGPT521AIGCMetaAIGCPGCUGCAIAIGCAIGC1)AIGC2)AIGC3AIGC4AIGCAIGCAIAIAlAI7060406080UBERTELEGRAMSPOTIFYPINTERESTINSTAGRAMTIKTOKCHATGPTAPP136KrMetaMetaAIGC百度百度“
26、文心一格”“文心一格”腾讯腾讯“梦幻写手”“梦幻写手”微软微软谷歌谷歌网易网易“网易天音”“网易天音”AIGC 35元宇宙迅速发展、收入和下载量剧增0790%2020243.5%202171.7%3.52022H11.71.167.3%202012.6112.1%202115.12022H16.594%48%20192022H2022H1348%2022H1TOP309470400360050010001500SensorTower2022H1TOP103.00.40.30.20.20.10.10.10.10.10.00.51.
27、01.52.02.53.03.5SensorTowerSensorTowerSensorTower 3607VR2022H1SteamVR6683VR82.8%FPSRPGC97%202287%97%5%NFT1%Roblox3D3D2D2022H1SensorTower87%5%1%7%图:2022H1元宇宙游戏美术风格分布76%10%6%8%3D2DSensorTower 37海外游戏为主流阵地,国产游戏蓄势待发07VR2021SteamVRTOP10VRVRVRVRVRVRVR2021VR25VRVRHalf-Life:AlyxPICOVRVRVRVRVRPC3AVRVR2021Stea
28、mVRTOP10SteamVR1FPS/Valve2020.31632/Beat Games2019.5903VR/ILLUSION2018.42784FPS/Vertigo Games,Jaywalker Interactive2016.12905/FPSSkydanceInteractive2020.11166VRFPSVankrupt Games2017.2807VRFPSCM Games2020.7908/FPSRUST LTD.2016.4689WarpFrog2018.127010/FPSStress Level Zero2019.12902016-2025EVR180375350
29、3906700650011000108%-7%11%72%66%80%80%81%69%-20%0%20%40%60%80%100%120%020004000600080001000012000VRYOYSteamVR 38PICO生态全球领先,提供上百款娱乐大作07PICOPICO4VR230图:PICO 4提供230余款娱乐应用数据来源:PICO官方 39/39风险提示 40风险提示085G 41增持相对沪深300/恒生指数涨幅15%以上投资评级分为股票评级和行业评级。谨慎增持相对沪深300/恒生指数涨幅介于5%15%之间以报告发布后的12个月内的市场表现为比较标准,报告发布日后的12个月内的公司股价(或行业指数)的涨跌幅相对同期的沪深300指数涨跌幅为基准。中性相对沪深300/恒生指数涨幅介于-5%5%减持相对沪深300/恒生指数下跌5%以上增持明显强于沪深300/恒生指数中性基本与沪深 300/恒生指数持平减持明显弱于沪深300/恒生指数