1、 / +2020 2018220196 201922.852020Q1 8.04A2020 112S 2791500 + 20191581.118% 300 + 201962.5325.02 17 IDC WegameIP SLG 201955.616.13 SLG 10 .12/44.02/49.06 66.82%/15.45%/11.47%EPS0.61/0.71/0.79PE 25/22/2035PE21.43 2018A 2019A 2020E 2021E 2022E 12,524 14,690 17,088 18,821 19,954 (+/-)% 258.76

2、% 17.30% 16.33% 10.14% 6.02% 1,346 2,285 3,812 4,402 4,906 (+/-)% 71.98% 69.77% 66.82% 15.45% 11.47% 0.34 0.46 0.61 0.71 0.79 95.52 31.14 24.92 21.59 19.37 8.16 2.90 3.32 2.88 2.50 (%) 8.55% 9.31% 13.32% 13.33% 12.93% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 2,335 5,956 6,227 6,227 6,227 2020/7/3 6 21.4

3、3 15.54 12 8.3616.07 96,763 6,227 A 6,227 B/H 0/0 116 -20% -6% 8% 22% 36% 2019/72019/102020/12020/4 % 1M 3M 12M 18% 21% 41% 7% 2% 28% 618 20200623 618 20200603 20200511 20200407 S0550519120001 002602 2020-07-07 2 / 43 1.+. 5 1.1. . 5 1.2. 7 1.3.20202 . 10 2.+ . 12 2.1.2020 . 13 2.2.RPG

4、. 14 2.3.5G+ . 15 2.4.“” . 19 3. . 21 3.1. 21 3.2.+IDC. 25 3.3. 29 3.4.IP . 31 3.5.MCN“” . 32 4.SLG . 34 4.1.SLG . 34 4.2. . 36 5.& . 38 5.1.& . 38 5.2. . 39 6. . 40 1 . 5 2 . 5 32020Q1. 6 42015-2019 . 7 52015-2019 . 7 62018Q1-2020Q12018 . 7 72018Q1-2020Q12018 . 7 8A20192020Q1 . 8 92015-2019 . 8 102

5、015-2019. 9 3 / 43 112015-2019 . 9 12A2015-2019 . 10 13A2015-2019 . 10 14A2015-2019 . 10 15A2015-2019 . 10 16.11 172017.2-2018.8 . 12 182020 . 12 192 202076. 12 202018.1-2020.7202076 . 13 212010-2019 . 13 222010-2019 . 13 232019Q1-2020Q1 . 14 242019Q1-2020Q1 . 14 252010-2019 . 14 262010-2019 . 14 27

6、2019100. 15 282020Q1100 . 15 292G5G . 16 30 . 16 31. 17 322012-2025E. 17 332012-2025E . 17 34 . 18 35 . 19 36 . 19 372014-2019 . 20 382014-2019 . 20 392014-2019 . 20 402018 Top1000 . 21 41 . 21 422019 . 21 432019 . 21 442006-2019 . 24 452009-2019. 24 462017-2019. 24 47 . 25 482018A . 26 49 . 26 5014

7、. 27 51 . 27 52 . 27 53. 28 54 . 28 552016.1-2018.12 . 29 4 / 43 56142016.1-2018.12 . 29 572020.5.28. 29 58145.0IGN . 29 59Wegame . 30 60Wegame“” . 30 61IP . 31 62IP . 31 632018 . 32 642018 . 32 65. 32 66201912 . 33 67. 33 68PDD. 34 692016-2018 . 36 702019Top10IOS&Google Play . 36 71App Store+ Googl

8、e Play . 37 722014.1-2016.6 . 37 73 . 37 742019Top250 . 38 752019Top250 . 38 1 . 6 22018-2019 . 9 32020.11 4 . 15 5 . 22 6 . 23 7 . 25 8A . 26 9 . 30 10 . 30 11IP . 31 12 . 34 13. 35 14202073 . 39 5 / 43 1. + 1.1. 200510 A Vista-Pro20117 002602 20142014717 100% 20182+ 69 20196298 +A 2019IP 1 201962.

9、5355.61 2 6 / 43 CEO CEO 1 32020Q1 Wind 1 CEO CEO CEO CFO 20089CFO COO CEO Wind 7 / 43 1.2. 2018125.24 201917.30%146.90 201871.90% 13.46201969.77% 22.852019 2019 27.10 42015-2019 52015-2019 Wind Wind 2020Q1 38.0411.03%1.30%8.04 257.57%14.69%MMORPG 62018Q1-2020Q1 2018 72018Q1-2020Q1 2018 Wind Wind 8

10、/ 43 A20192020Q1 A 8A20192020Q1 Wind 418-2046 2019121.46 23.91%82.69%4.42pct 92015-2019 Wind 2019 9 / 43 20198.20pct 20192018 2019 102015-2019 112015-2019 Wind Wind 201913.3028.68% 9.06%0.81pct 3,59420188.45% 0% 22018-2019 2019 2018 3,594 3,314 +8.45% 46.33% 42.30% +4.83pct 13.30 10.34 +28.68% 9.06%

11、 8.25% +0.81pct 0.00 0.00 - 0.00% 0.00% - A 201913.30A A 10% 10 / 43 12A2015-2019 13A2015-2019 Wind Wind 14A2015-2019 15A2015-2019 Wind Wind 1.3. 20202 MMORPG MMORPG Family FarmSLG SLG + + 11 / 43 16 2020 2 Idle mafiaProject DC MMORPGARPG 2020-2021 2 2S 2IP 32020 2 S IP79 A IP IP S DNDIP MMORPG Idle

12、 mafia Project D C 12 / 43 201727006 20 3160 2IP 2202079 2020761500 2S 172017.2-2018.8 182020 192 202076 2. + 13 / 43 2.1. 2020 20183 40020184201812 20181220207 109 202018.1-2020.7202076 201885.3% 20197.7% 212010-2019 222010-2019 &IDC &IDC 2020Q1 14 / 43 IDC2020Q1732 25.22%29.72%2020Q1 553.737.63%46

13、.25% +147.4 +151.4 232019Q1-2020Q1 242019Q1-2020Q1 &IDC &IDC 2.2. RPG IDC20191581 18%2019 68.5%2020Q175.6% 252010-2019 262010-2019 &IDC &IDC 2014 2017 15 / 43 10002018 20182019 4 2014-2017 2018-2019 + QQ 2019- 2 OL App AnnieTalking Data 20192020Q1100 MOBA70%2020Q1 RPG 272019100 282020Q1100 &IDC &IDC

14、 2.3. 5G+ 19922G1992 4G 5G 16 / 43 292G5G Yole /VR 1CPU 2 30 2018PlayStation NowEAProject AtlasGeForce NowxCloudGameonNSStadia STARTY unOS 17 / 43 31 2020 13%202526% 33%41%1823pct19 2021 322012-2025E 332012-2025E 18 / 43 IDC IDC 34 20-30%30-40% 30-40%10% 25%-40% 19 / 43 35 1 6.4ARPU200VIP258 289A5%-

15、12% /MAU=17.6%6.4200A2 B ARPU3602019 +200=560B560 =6.4200A+ B560 A=7%B=0.4 300300 36 5%6%7%8%9%10%11%12% 0.1120.0132.8145.6158.4171.2184.0196.8209.6 0.2176.0188.8201.6214.4227.2240.0252.8265.6 0.3232.0244.8257.6270.4283.2296.0308.8321.6 0.4288.0300.8313.6326.4339.2352.0364.8377.6 0.5344.0356.8369.63

16、82.4395.2408.0420.8433.6 0.6400.0412.8425.6438.4451.2464.0476.8489.6 0.7456.0468.8481.6494.4507.2520.0532.8545.6 0.8512.0524.8537.6550.4563.2576.0588.8601.6 0.9568.0580.8593.6606.4619.2632.0644.8657.6 1624.0636.8649.6662.4675.2688.0700.8713.6 2.4. 20 / 43 2019 1,895.115.3%2019 115.9 20.9% 372014-2019 382014-2019 20196.930 20142002019 400 392014-2019 App Annie 2018Top1000 21 / 43 16% 201710%201916% 402018 Top1000 41 App Annie App Annie 2019 2019 30.9%22.4%14.3% 65% 422019 432019 &IDC &IDC 3. 3.1. 22 / 43 2001 20092011 2013 2014 A20193 20196298+ 2001-2007