Yao Kee Poker in the future of the online games difficult to material: still uncertain

Jiang Yiman [analysts believe that Yao Kee Poker from the business model of a single, weak performance growth of the poker production enterprises, to expand to the chess and licensing platform game field. and the market to give a network-type company's valuation is often far higher than the traditional production enterprises] main products lack of technical content, a single profit model, small market space-Yaoji Poker (002605.SZ) is not listed, the market has been questioned. Since January this year, Yao Kee Poker as a new shares, the share price has doubled, the rebound is very strong. Since late March, the company's share price after the correction out of a smooth trend. Wind data show that May 11, Yao recorded 21.46 yuan Poker, dynamic P/e 24.5 times times. Yao Kee Poker Recently the most market concern is its cooperation with the Games, to from a single card production enterprises to expand the business to the market. So how will this event affect the company's investment value? Net profit growth in the first quarter 46% because the product technology content is not high, Yao Kee Poker is not listed when the main business performance growth is weak, profitability is unsustainable. And from the company's recent annual report, it seems to confirm this statement. Last year, the company realized operating income of 655 million yuan, the year-on-year growth rate of 16%, to achieve net profit of 73 million yuan, only increased by 2%. By the first quarter of this year, the sluggish growth in corporate performance has changed. The first quarter of the company to achieve income of 199 million yuan, year-on-year growth of 31%; net profit of 30 million yuan, the year-on-year growth of 46%. The main reason for the rapid growth in the first quarter was poker sales of about 230 million pairs, which grew about 40% per cent year-on-year. "The company increased sales in the first quarter, and another quarter of bad weather is also conducive to the sale of poker." National Gold Securities researcher Wangxiaoying thinks. In fact, the growth of the company's first-quarter results is also related to the decline in raw material prices. Public data show that with the decline in paper prices, the first quarter of the company's gross profit margin of 21.6%, an increase of 0.6%, although the increase is not obvious, but this is mainly because of the December sales of paper for the last 10, November purchase, and paper prices from last December began to decline, The promotion of gross profit margin is not fully reflected. By March, the drop in raw material prices on the profit margin of the pull effect began to appear, the company's single monthly gross profit level has risen to about 24%. Wangxiaoying that: "' Yao Kee ' brand in the poker lovers of high reputation, the use of viscous strong, is expected to gradually occupy the share of low-end poker." "She believes that, from the geographical point of view, the company in Hunan, Fujian, Anhui, Shandong, Guizhou and other places to increase market share of space and capacity; At the same time, playing cards are inexpensive entertainment products, benefiting from the" lipstick effect ", strong resistance to cyclical. The uncertainty is mainly from the supply side, because the investment project is still in the preparation period, capacity release may be slow. Shire, a senior researcher at CIC, said that the limited number of chess brands that dominate and have more loyal users, and that the listing of Yao's cards had made better publicity for their brand value, but also increasedChannels of funding. However, at present, the competition of chess and brand market is fierce, the market tends to saturation. "Chess and brand market more competitors, consumer brand loyalty is not high, coupled with the popularity of network chess games and information technology development, most of the choice of online chess game, line chess card products demand growth began to slow down." But as people pay more attention to the effect of outdoor leisure on healthy living, this demand will not disappear, there is still room for development in the future. "he said. Enter the online games market is still uncertain perhaps it is to see the threshold of the card market is low, limited space, Yao Kee Poker recently also in the pursuit of transformation, but also by the market attention. March 9, Yao Kee Poker released two important announcements. First, with the Beijing Joint Public Computer Technology Co., Ltd. reached a preliminary agreement, the two sides intend to jointly fund the Beijing Shunyi District to set up a joint venture company to develop the poker culture and entertainment industry. The announcement shows that the two sides jointly funded 2 million yuan, the establishment of Yao Lian Interactive entertainment company, of which Yaoji capital of 980,000 Yuan, holding the company's 49% stake, Beijing joint public capital 1.02 million yuan, holding the company 51% Equity. According to Yaoji Poker and the Beijing joint Public Company's agreement, the two sides will launch the comprehensive cooperation in the leisure network game aspect, jointly launches "Yao remembers the public poker on-line". Second, Yao Kee Poker with the Hong Kong stock exchange of the main board listed companies Network Dragon Network Limited's holding subsidiary, "91 mobile" signed a memorandum of cooperation, the two sides will play each other's advantages and strategic cooperation. Yaoji agreed to the company's poker-related advertising resources as 91 mobile mobile Internet Application service distribution channels, to promote and publicize the cooperative business. Analysts believe that the move marks a sign of Yao's poker business model from a single, weak performance growth of poker production enterprises, to expand to the Chess platform game field. and the market to give a network of companies are often much higher valuations than traditional production enterprises. And by the network "" "The impact of the news, Yao Kee Poker on March 9 when the card, the market to give a trading limit to do the response. "With the development of Network Information Service, chess game market demand is increasing, the huge potential of this market is being dug by major manufacturers, as the traditional chess and brand enterprise giants, naturally will not give up this market opportunity, on the one hand can further expand the extension of its business, on the other hand, business diversification will enhance the competitiveness of enterprises , thus reducing the business risk. "Shire said. Still, whether Yao can really rely on online games to thicken its own performance seems to be an unknown. At present, the network Chess game market competition is increasingly fierce. As Yao Kee Poker Partner of the company, was once a casual game first platform, but these years in the pursuit of competitors, the market share is shrinking, recently more outgoing news of the withdrawal from Chengdu. In this case, Yao Kee Poker in the end can benefit from the cooperation with the audience geometry it? "Overall, Yao Kee Poker Partners still more strength, but the current online games industry competition is very fierce, the transformation of the success of the need for a lot of factors, so now look still full ofUncertainty。 "A broker in Shanghai, analysts believe. Wangxiaoying predicts that Yao will devote 200 million poker resources to the next 2 years. Average 100 million pairs/year, per capita consumption of 3 pairs of playing cards, that is 30 million customers, assuming that 20% customers into the portal network users, according to the general Chess game category of user pay rate 3%~4%, per user average income of 15 yuan/month calculation, Can generate 32.4 million ~4320 million cash income. "The point of the company is also in the capital market has the uniqueness, at present to see Yaoji Poker in the bull market, but the trend has slowed down, should pay attention to investment risk." Analysts said. Risk indicates the systemic risk of the market, the risk of raw material price rising, and the uncertainty risk in the game