Youzu Network (002174): “Game of Thrones: Winter Is Coming” is about to go live and is expected to have an annualized flow of over 2 billion
A brief comment on the event, “Game of Thrones: Winter is Coming”, which was originally scheduled for the end of June, has been postponed until July. We expect the beta period to be around July 10.
The market has been paying attention to this product for a long time, and the recent extension 北京男士会所 can’t help but have surprising doubts about the product’s prospects, but we are still optimistic about the performance of “Game of Thrones: Winter is Coming” and the online networkPerformance growth in 2019.
First of all, “Game of Thrones: Winter is Coming” has a lot of potential to become a popular game: the endorsed American TV series has a high reputation and good reputation. It is the deserved first American TV series and the storyline of “Game of Thrones”Naturally suitable for adaptation to SLG; Youzu has accumulated deep SLG development and operation experience in the page game era, and supplemented the top resources to develop this flagship product to ensure product quality; the domestic SLG market is explosive, occupied, and left to thisThere is huge space for mobile games; the product is exclusively represented by Tencent, and it is the only heavy SLG mobile game in China this year. Tencent is bound to be the highest specification resource.
In fact, from the details of the internal test product, “Game of Thrones: Winter is Coming” has reached the top level, and the channel found that the test data of the last two rounds is quite good, but whether the retention rate or the valuation rate has exceeded the city surfaceThe vast majority of competing products, so the short-term public beta is not due to insufficient product completion.
Finally, since the release of the bottom version last year, there have been blowouts in new tours in the first half of this year. Especially recently, the App Store free list and best-selling list have obvious blood exchange effects. “Jian Wang 3: Fingertips”One-Punch Superman: The Strongest Man, “Rachel”, “Radiation Shelter OL”, “Running Kart” and other products compete on the same stage. Although there are differences in gameplay, it will inevitably form a significant diversion effect.
“Game of Thrones: Winter is Coming” postponed public beta, but can be circumvented.
Based on the above analysis, we are still optimistic about the market performance of “Game of Thrones” after its launch. It is expected that its peak monthly flow will reach 400 million, and the annualized flow will exceed 2 billion, or even higher.
Investment suggestions Based on the information released by the company and the recent product conditions, we maintain a net profit 杭州桑拿论坛 attributable to the mother of 12 in 2019/2020/2021.
06 billion / 14.
35 billion / 16.
The 9.7 billion profit forecast gives the Youzu Network a target price of 25 in 2019.
00 yuan, corresponding to 19 times P / E and 1.
36 yuan EPS, rated as buy.
Risks indicate the risk of deferring new products, the performance of new products does not meet expected risks, and regulatory policy risks.