April 26: The concept of online games

Liushan (Finance Court): The concept of online games or into the main wave

"Securities Times," the Financial Yuan Community (http://cy.stcn.com/) certification data for the "Jonvy Analyst" Liushan issued the view that with the rapid development of China's online game industry, online gaming enterprises have gradually moved from the extensive development of the development of the fine, its profit model, Profitability and future development potential has been recognized by the capital market, the concept of online gaming stocks will be favored by market funds, continue to maintain a strong, or into the main wave.

The original text reads as follows:

Network game is an online game with the Internet as the transmission medium. The first generation of online games was produced in the late 1960s, at that time most of the test products, mainly run in the European and American institutions of higher learning mainframe, after the second generation, the third generation and the fourth generation of network game development, has now entered the fifth generation of network game stage. Now the traditional gaming industry has begun to expand from the traditional game areas such as home computer games and PC games to mobile gaming, and the huge business opportunities of mobile games have begun to unfold in front of people.

In our country, the network game started in the last century 90 's, but the rapid development is astonishing. June 1998, the world officially launched the network game, May 2001, the games to 170,000 at the same time online, 20 million registered users of the scale of the world's largest online gaming site. March 2012, the Ministry of Culture issued the "Twelve-Five" period of cultural industry multiplication plan, encourage game enterprises to develop independent intellectual property rights of the network game technology, and actively expand overseas markets. 2012 with the Internet and mobile network game market calculation, China's online game market revenue scale of 60.12 billion yuan, an increase of 28.3%, is expected by the end of 2015, the network game market size will be more than 100 billion yuan, the annual composite growth rate of more than 20%.

Network game industry is a rising sunrise, China's network game after more than 10 years of development, now the network gaming industry is still in the growth period, especially mobile network games will embark on a high-speed development of the road, online game market capacity and industry scale will continue to grow, the future market potential is huge.

In the two-tier market, the concept of online games is active, the overall strength, the concept index has created the current round of new highs, related concept stocks rose sharply, palm fun technology (300315, shares bar), the Sino-Ying (600110, shares bar), Everest information (300288, shares bar), Hundred Vision (600637, shares bar) ), Sea Rainbow Holdings (000503, shares bar), wave information (000977, stocks bar) and other stock gains doubled, become the current depressed stock market among the rare bright colors. Now, with the rapid development of China's online gaming industry, the net swims the enterprise already from the extensive development gradually to the fine development Road, its profit model, the profit ability and the future development potential has been recognized by the capital market, the network game concept stock will be favored by the market fund, continues to maintain the strength, or enters the main rise wave.

Extended reading: April 25 Treasury Plate Nuggets: 3D printing concept April 24 financial yuan plate nuggets: the concept of the Internet of things, the Treasury plate nuggets: culture and media concept

(Securities Times News Center)

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Partial Concept Stock Analysis

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Palm technology: Increase the layout of the intelligent game Channel

National Gold Securities (600109, shares bar) recently released the Palm Fun Technology (300315) report that the palm-fun technology 2012 to achieve revenue 225 million, growth of 22.7%, attributable to the owner of the parent company's net profit of 82 million, year-on-year growth of 47.79%, in line with the company's early warning. Allocation programme for the proposed 10 units to increase the 12 units to send 1 yuan.

The traditional mobile game revenue decline, the smart machine game explosive growth: the rapid popularization of smart machines in the industry background, the traditional mobile game growth slowed; 2012, the company's traditional mobile gaming revenue fell 5.05% Year-on-year, the business structure to rely on the explosive growth of the smart machine game. 2012 the company's smartphone game revenue reached 15.39 million, an increase of 2803.41%. Due to the company's market changes to adjust the channel promotion strategy to reduce the traditional mobile gaming business in the high cost of channel promotion, effective control of costs, so that the traditional mobile game margin still achieved 5.23% growth.

Increase the channel layout of the intelligent machine game, the development of intelligent game business will support the performance: the company increased the layout of the game business, according to market changes quickly set up high-quality and efficient channel library; with the main iOS channel partners 91 mobile phone assistant, pp assistant, synchronous push and so established a close cooperative relationship, With the domestic main Android promotion platform Tencent, 360 cooperation, and with Millet, Lenovo, TCL, HTC and other well-known domestic intelligent machine manufacturers pre-installed cooperation. Company's "Stone Age" and other products in Android, the iphone platform gradually online, good sales performance, the monthly income is expected to tens of millions. The continuous cultivation of the game business of the intelligent machine will realize the adjustment of the business structure and support the company's performance.

"Endogenous + extension" simultaneously drive high growth: The company clearly put forward the "endogenous + extension" dual-engine-driven development strategy, and in the year after the listing of the use of landing capital market platform advantages, mergers and acquisitions of web game leading enterprises to move the network pioneer. The future companies still choose mobile games, web games and other games in the field of high growth in the fine molecular industry as the main direction of mergers and acquisitions, the choice of technology and innovative advantages of developers, channel distributors, such as acquisition objects. With the development of "endogenous + extension" strategy, the sustained and high growth of the company's performance is still available.

Considering the pioneer of the dynamic network mergers and acquisitions, the forecast company 2013-2015 EPS is 0.98, 1.40, 1.85 yuan, the current stock price corresponding to PE 50, 35, 26 times times respectively. Optimistic about the company's endogenous growth benefits from the rapid growth of mobile internet and page game industry trends; At the same time, the industry's first listed companies will borrow capital to accelerate the expansion of the development of the market, integration of high-quality resources in the industry to further enhance the status of the industry. "Overweight" rating for the first time.

(Securities Times News Center)

Hundred-Vision: IPTV steadily increase "a cloud more screen" broken Bureau

Oriental Securities March 29 issued a 600637 research report that the company's 2012 operating income of 2,027,750,000 yuan, with an increase of 51.8%, the parent net profit of 516.47 million yuan, with the increase of 45.4%, diluted EPS0.46 yuan. Performance is basically in line with market expectations. IPTV business remains the cornerstone of performance. Despite the impact of the new broadcast control policy, the company's IPTV business is still rapid growth, the entire year to achieve revenue 1.42 billion, accounting for the company's total revenue share of 70.5%, with an increase of 73.4%, gross margin of 54.4%. Specifically, 1 IPTV users continue to grow high, at the end of the year up to more than 16 million households, with an increase of about 60%, 2 per capita income due to the external share of a significant decline, reflected in gross margin year-on-year decline of 8.29%. Estimates show that its annual ARPU about 7 yuan, with the drop 20%;3) rely on high-definition IPTV and advertising value-added services to optimize the revenue structure. The company has developed 500,000 high-definition users in Shanghai and other fields. At the same time, on-demand value-added services (PPV) subscription rate of 10%, the income of the same increase of 80%. Brand advertising customers accumulated nearly 30, income over billion. High-definition and value-added advertising development potential, the expected revenue share will be further improved, will effectively compensate for the basic subscription division of the decline in losses.

"One cloud multiple screen" layout starts exerting force, will open the long-term valuation to enhance the space. The company's Internet cloud TV platform has been set up, and the first batch of OTT client number, large-scale release conditions have been available, is expected to usher in Ott commercial year. The company's own brand "small red" set-top box at the end of 12 to achieve million sales, the development momentum is good. 13 with the help of operators customized and retail dual channels, is expected to complete millions sales. Integrated machine has accumulated 3 million active users, is an important complement to Internet television business. In the long run, the company is positioned on the internet TV industry platform operator role, the commercial potential is huge, the user scale will be able to raise the valuation level significantly.

Overseas expansion and investment layout is also an important aspect. 1 The company signed an agreement with the Indonesian telecom at the beginning of the year, taking an important step in internationalization strategy, and the international business will become a new profit growth point. 2 after the merger and acquisition of the first show, the popular net annual income with an increase of 80%, daily average UV up to 21.7 million, the forefront of the industry. In a cloud multi-screen strategy, the company may continue to extend the development of ideas, through mergers and acquisitions to complement the industrial chain short board.

Adjustment company 2013-2015 earnings per share to 0.65, 0.89, 1.20 yuan (originally forecast 0.74, 0.99, 1.24 yuan). Valuation switch to 2013, reference comparable company PE level and give a premium to the company 2013 35 times times PE valuation, corresponding to the target price of 22.75 yuan, maintain the buy rating.

(Securities Times News Center)