Goldman Sachs: Giant performance super expected game indicators strong

Lead: Goldman Sachs published a study today saying the Giants ' nyse:ga in the first quarter exceeded expectations and that the game indicators were strong. The following is a summary of the report: Performance giants in the first quarter of 2011, the realization of non-U.S. general accounting standards of 1.15 yuan per share, about 0.17 U.S. dollars, the chain growth of 12%, year-on-year growth of 42%, than our expectations and analyst average expectations higher than 21%. Achieve total revenue of 403 million yuan, the chain growth of 10%, year-on-year growth of 32%, compared to our expectations and analysts average expectations of 2% and 6% respectively.　　Specific to the second quarter of 2011, the giant expected to benefit from the "Journey 2" income contribution to increase, the total revenue growth rate will accelerate. Analysis (1) The Giants reported very strong game indicators. At the same time, online users (PCU) growth of 12%, year-on-year growth of 19%, reached 1.9 million. Active pay account (APA) growth of 5%, year-on-year growth of 30%, reached 1.8 million.　　As a result of the dilution of the new players, the average income per user (ARPU) basically unchanged, maintained at 216 yuan. (2) Online game revenue growth of 6%, year-on-year growth of 27%, but lower than our expectations of 2%. By developing the first person shooter game for a government agency, the giant realizes a non-recurrent income of 14 million yuan.　　The giant said it would use the technology to develop a first-person shooter MMOGs (Massively multiplayer online game) by the end of the year, with more details to be disclosed in June. (3) Management said that "Journey 2" in the second quarter of 2011 began the official unrestricted test, PCU reached 300,000 people. Additional content promotion and promotion will spur growth. "Journey 2" is scheduled for the second half of this year to start the test.　　The first edition of "Journey Online" has maintained steady growth, the impact of "Journey 2" to the lowest. (4) Operating costs significantly lower than our expectations, operating profit rate of 61.8%, higher than our expectations of 8.6%, the chain and year-on-year growth of 23% and 3%, mainly benefiting from a number of one-off projects.　　Although "Journey 2" launched its promotional campaign in April, management expects short-term profit margins to be smooth and narrow. Meaning our expectations, ratings and target share prices need to be adjusted according to today's earnings conference call. (Ding Macro)