回顾2018年以来游戏板块三轮筑底及反弹过程，反弹有两条主线，一条是技术层面推动行业外延的扩张，使得板块估值提升;第二条主线则是业绩的兑现度，业绩的兑现影响了行业反弹的持续性与高度。“Black Myths: Goku” has an all-time peak of 2.4 million simultaneous online players on Steam, ranking second
According to SteamDB data, the number of simultaneous online players of “Black Myths: Goku” has surpassed 2.4 million, surpassing “Phantom Beast Paru” released in January of this year. Currently, it ranks second in the history of the peak number of people online for all games on Steam, and the number one “PUBG: BATTLEGROUNDS” has a peak of 3.2572 million players online at the same time.
According to a research report released by GF Securities, the gaming sector is currently at the bottom of valuation, and the industry's revenue has potential for long-term growth.
Looking back at the three-round bottoming and rebound process of the game sector since 2018, the rebound has two main lines. One is to drive the expansion of industry outreach at the technical level and increase the sector's valuation; the second main line is the degree of performance delivery, which has affected the sustainability and height of the industry's rebound.
The recent successful release of the phenomenal product “Black Myths: Goku” is expected to boost players' confidence in domestic 3A games and encourage development teams to develop new 3A game products, thereby opening up a new segmented circuit for the game industry and promoting the game industry's culture overseas.
Ping An Securities Research Report points out that the market size of the game industry is rising steadily. Among them, the actual sales scale of the mobile game market is steady and the growth rate is improving. Although the actual sales scale of the web-based game market continued to decline, the decline narrowed.
The growth rate of China's self-developed game market is picking up, but the actual revenue of the overseas market for self-developed games continued to decline year on year, and the pressure for games to go overseas increased.
Ping An Securities believes that with policy support to encourage entertainment consumption, the game industry may usher in a new round of product cycles.
At the same time, with the support of technology such as AIGC, game companies are expected to reduce costs and increase efficiency. Optimistic about the operating performance of leading game companies in the industry.
Companies in the game industry chain include:
Tencent Holdings (00700), NetEase - S (09999), Bilibili W (09626), Xindong (02400), China Confucius (00136), Bubble Mart (09992), Dream World (01119), etc.