Web games and mobile games show rapid growth Situation 5 shares welcome positive

The client game market is relatively mature, in recent years, the growth rate has gradually stabilized (23% yoy27.2%,2012 in the past 5 years), but it is still the largest market segment, accounting for 74.86% of total income; web games and mobile games are showing rapid growth (YoY 130% and 114% in the past 5 years respectively, increased by 46% and 91% respectively in 2012, the share of total income rose from 2.47% and 0.82% in 2008 to 13.45% and 5.38% respectively.

Client online: High input high return. Client online game development costs the highest, the customer play the cost (time and pay) is also the highest, but the customer involved in the game will produce a high viscosity and high pay will, to operators to bring sustained and stable cash flow. In the face of user demand fragmentation trend and web games, mobile game impact and other adverse conditions, the client online games can use product innovation, business model innovation and channel expansion continues to grow, but the trend of decline is inevitable.

Web games: Products and channels are indispensable, optimistic about the integration of operating companies. The low cost of a page tour leads to a surge in the number of users. At the same time, the cost of page tour development and customer conversion costs are also low, 2012 has 500 pages of online travel, but less than 4% of money. These features, so that the platform operators (Tencent, fun Tours, 4399, 360, Baidu, etc.) the status of more and more powerful, and through the integration of page tour developers to further strengthen their advantage status.

Mobile gaming market is a blue ocean. The popularity of smartphones and the fragmentation of customer leisure have led to an explosive growth in the market. The lowest game development cost makes the developer numerous, the platform operator's channel contention becomes the focal point. At present, the main operators include: System developers (such as Apple, Google), mobile operators (such as mobile, unicom and telecommunications), terminal manufacturers (Samsung, Huawei), Third-party stores (such as 91 assistants, Jifeng Network) and internet companies (Tencent, 360, Baidu and NetEase, etc.).

Game industry Listed Companies: (1) Palm fun Technology (300315, stock bar) focus on mobile games and web game development, distribution and operation, will benefit from the changing trend of the game; (2) Bo Rui Spread (600880, shares bar) through the acquisition of Roaming Valley, to achieve the transformation from traditional media to new media business, Its Active layout page tour and mobile client game, the future is worth paying attention to; (3) Tencent: Platform resources to create a king style, performance as always strong; (4) Zhong Qing bao (300052, shares bar): Red game started, positioning error, product development is not smooth, many delays, the future situation is temporarily uncertain (5) NetEase: The most successful enterprise of China Portal transformation, its strong development relies on the development of high-quality products and agents.

Stock Analysis:

And so on.

Palm Technology:

After years of business development and mergers and acquisitions reorganization, the company has now developed into a leading mobile terminal game developers, distributors and operators in China Mobile gaming business ranked top three, the company and its wholly-owned subsidiaries have repeatedly been rated as excellent game business partners, The company as a whole has been highly recognized by China Mobile. At present, the company has been working with more than 800 channel partners to promote mobile gaming business, become the most important mobile phone game promoter one. 2012, the company realized income of 225 million yuan, of which the game business income of 213 million yuan, 2012 company game business income structure changed significantly, the Smart Game business and page game business revenue growth is significant, traditional computer game business income with the traditional machine market share decline, showing a downward trend.

Company and telecom operators to sell mobile phone games and game peripheral products business, the issue of promotion and operation of internet page games, mobile terminal graphics and text page games and mobile terminal network games, the main profit model for: package fees, download fees, demo activation fee, virtual prop fees. The company's mobile terminal game products profit model mainly includes mobile phone game business package fees (such as user-ordered 5-15 yuan/month G game package business), game download fees (such as users pay 5-15 yuan to download the installation of a stand-alone game), demo activation charges and virtual prop charges. Since 2004, China Mobile has become a gaming business partner with the company, generally using one-year contracts, and has not signed a long-term cooperation agreement. Company and China Mobile has established a variety of cooperative models, divided into the proportion of basic adherence to the "Mobile Dream Network SP Cooperative Management measures" in the specific agreement on the mode of cooperation.

Zhong Qing bao:

For a company with independent research and development capabilities, independent operation ability of the specialized network game company, the main business is the development and operation of online games, is the domestic network game industry, including the Internet Publishing license is one of the few fully qualified fully licensed enterprises. All of the company's network games using the mainstream of the FTP profit model, the model of the company's revenue from the online game to sell virtual props to gamers. Company operation Mode includes the company's own operation, and game platform joint operation and operation of three kinds of operations, including autonomous operation as the main operating mode. The company is the virtual currency of online game issuing enterprise, has not provided online game virtual currency trading services. Currently the main focus will be on the new model of interactive games, such as SNS games and mobile gaming entertainment.

May 2012, shareholders meeting through the company "in green Poly Bao" plan the remaining 59.1874 million yuan to raise capital of more than 30 million yuan wholly-owned subsidiary Zhuo Page Interaction, Zhuo page interaction from the second half of 2009 began to specialize in the development and operation of web games, is more research and development, operational strength of the Web game company ( 2012 net profit-19.1759 million yuan), China Green Poly Bao 4 million yuan to increase the control of capital (2012 net profit-370,300 yuan), the capital increase after holding 51% equity. Control is a professional engaged in mobile phone, mobile platform game research and Development, with independent research and development products, and provide mobile phone, mobile platform game outsourcing business capabilities. Expected to control the 2012-2014 profit of 4 million yuan, 5 million yuan, 8 million yuan.

(Securities Times News Center)

Bo Rui Spread:

1 billion yuan to buy roaming Valley hand Tencent: January 2013, the general meeting of shareholders by not less than 9.09 yuan/share to the controlling shareholder Bo Rui Investment and other objects issued not exceeding 120 million shares, the total amount of fundraising not exceeding 1.06 billion yuan, all for the purchase of Beijing Roaming Valley 70% stake, If the net profit of the roaming valley in 2014 is zero or greater than 0, the company will purchase the remaining 30% shares in accordance with the agreement agreed by the share price. Roaming Valley is currently the main products for role-playing class, strategy category, large-scale leisure-type web games, of which "seven-male hegemony" for roaming Valley Business income main source. The product created the highest online record of the number of online games at the same time breaking 800,000 domestic pages. Roaming Valley and Tencent and many other well-known Internet enterprises have carried out extensive and in-depth cooperation. The company 2012 1-August operating income of about 160 million yuan, net profit of about 83 million yuan, net assets is about 215 million yuan. After the completion of the acquisition of the company's network game business scale will be expanded, before the release of the company's operating income of 863.2901 million yuan, after the issuance of operating income of 1,024,237,300 yuan.

The company has acquired Chengdu Dream Factory Network information company all equity. Network game business is the company's new media development strategy of the important fulcrum, 2011 players and ARPU value are significantly improved, customer turnover and decline momentum is effectively curbed, product income and profit contribution cycle is effectively extended, online game product line has been further enriched and expanded, product layout more reasonable, For the company's network game business to further accelerate the growth has laid a good foundation. 2012 Dream Factory to achieve operating income of 89.3148 million yuan, to achieve a net profit of 52.0502 million yuan, net profit growth of 20% year-on-year.

Zhejiang Newspaper Media:

Company Operation "Zhejiang Daily", Qianjiang newspaper, "Zhejiang Business" magazine, "Art Newspaper", Zhejiang Online and 9 counties and newspapers, such as Zhejiang Newspaper Group's main media, of which "Zhejiang daily" circulation has been stable for many years in the National Provincial party newspaper circulation of the top three, "Qianjiang Evening News" is the largest circulation in Zhejiang Province, one of the best efficiency of the newspaper , the brand value of Zhejiang paper media first. 2011 Company Chairman Gao Haiho said, will create a foothold in Zhejiang, facing the country's comprehensive media development platform, the formation of "full media, national" development pattern, and strive in 3-5 years to enter more than tens of billions of assets, sales over tens of billions of large media group sequence.

In March 2013, the plan was approved by the SFC. Company to 13.9 yuan/share set to increase not more than 180 million shares, the holding shareholder Zhejiang newspaper Holding subscription is not less than 10%, the Jubilee Investment subscription is not less than 4%. The fund-raising 2.5 billion yuan, for the acquisition of the Hangzhou winger 100% Equity and Shanghai Hao side of 100% equity, insufficient part of the company self-financing solution. The company is the leading domestic leisure and entertainment interactive games and platform developers, publishers and operators, its online chess, electronic sports platform, desktop games, such as the three main business are in their respective areas of the leader, with winger games, game tea Court, Hao Fang Electric competition, the three countries kill many well-known brands. The final pricing of the underlying assets amounted to about 3.2 billion yuan.

Northern Latitude Communication:

Based on the in-depth understanding of the operation rules of the mobile market and long-term operational experience of products and services, the company integrates content resources and channel sources to realize the new position of the company in the mobile internet era. 2012 Annual report disclosed that the company mobile phone video business revenue 6.845 million yuan, an increase of 8.52%, in mobile phone TV animation channel operating ability to be affirmed that the channel operating data in the mobile television business ranked among the best, mobile gaming business this year to lay a good foundation for a small increase in income. Mobile gaming business operations gradually from stand-alone products to mobile phone games over, by the company's own operation of the Honeycomb game platform to start the operation of mobile gaming products, and in the four quarter of this year achieved good results, 2012 revenue of 51.7092 million yuan.

(Securities Times Newsletter Center)