Gigabit (603444) in-depth report: ROGUELIKE successfully 北京夜生活网 changed hands again
The resale of the game was a great success, and the Roguelike elemental game was extended and shined.
1) The old-fashioned end-game company’s boutiques are constantly showing surprises. When it is listed, the IP of End-Games is extended to mobile games. The advent of “Quest-Mobile” produces a new level of performance;The development and distribution of mobile games containing Roguelike elements, and successfully launched “Underground Castle”, “Unbelievable Maze”, “Underground Castle 2”, “Greedy Cave 2” and other boutique games; 3) We believe that the company has been in Roguelike element gamesThis fine-molecule field has gradually gained brand advantages and formed IP through boutique games. In the future, it is expected to continue to launch a series of games and creative new games, and rely on the company’s brand advantages and its own product IP to reduce customer acquisition costs, thereby obtaining more natural trafficThus forming the company’s own barriers and estimated premiums.
The mobile game industry as a whole is slowing down, and subdivided areas may welcome new opportunities.
1) The domestic mobile game market in 2018 was 1339.
60,000 yuan, an increase of 15 in ten years.
4%, the growth rate is sharp and obvious; 2) through the maturity of the mobile game industry, experienced the phenomenon-level mobile game “Glory of the King” and the “eating chicken” category of mobile games, the user ‘s requirements for game quality have reached a new level,Roguelike element games, as a fun and game-friendly category, try to gain player recognition through the game product itself; 3) Industry growth trend, Roguelike element game players account for a very small proportion of the mobile game market, and its funness is just right for players to gameWith the upgrading of demand, games in this field are expected to grow rapidly, regardless of the industry’s growth trend.
Profit forecast: The mobile game of “Ask” is stable, rich Roguelike element games are continuously launched, and the proportion of revenue and profit contributed by this category is continuously improved. Due to its high playability and good user stickiness, it is expected to get longerLife cycle, and provide the company with more stable performance, and gradually determine through the company’s leadership in this segment of Roguelike element games, so as to enjoy the leading premium.
Net profit is expected to be 6 in 2018/19/20.
880,000 yuan, corresponding to 21/19/16 times the daily PE on March 12, respectively, of which the “careful increase” rating.
Risk reminders: 1) The new game flow is not up to expectations; 2) Industry competition is intensified; 3) Policy supervision is intensified.