>> 招银国际-China Internet – Game license approval further normalises-230118
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研究报告全文：18January2023CMBInternationalGlobalMarketsEquityResearchSectorUpdateOUTPERFORMChinaInternetMaintainGamelicenseapprovalfurthernormalisesTheNPPAreleasedthisyearsfirstbatchofdomesticgamelicenseson17ChinaInternetSectorJanuary88newgameswereapprovedand24legacygamesreceivedapprovalforchangesofoperationThisisthehighestnumberofdomesticSaiyiHECFAgamelicenseapprovedsincetheresumptionoflicenseapprovalinApr202285239161739showingfurthernormalizingtrendforgamelicensesapprovalOnaveragehesaiyicmbicomhkonlyc66gamespermonthwereapprovedin2022SeveralhighlyanticipatedgamesreceivedapprovalincludingTencentsUndawnandAlchemyStarsWentaoLUandNetEasesJusticeMobileWeexpectUndawnandJusticeMobilearelikelyluwentaocmbicomhktobelaunchedin1H23supportinggamesrevenuegrowthofTencentandYeTAONetEaseinFY23franktaocmbicomhkGamelicenseapprovalfurthernormalises88newdomesticgameswereapprovedinJan2023versus8470736967approvedgamesinRelatedReportsDecNovSepAugJul2022including8431mobilePCconsolegames1ChinaInternet-2022onlinegameTheapprovedgamescoverawiderangeofgenresegsurvivalanime-marketrecap16Janstyleandfemale-orientedgamesandleadingcompanieslikeTencentand2ChinaInternet-NovemberonlineNetEasehavereceivedgamelicensesforthreeconsecutivemonthsgamemarketrecap29DecThesefurthereasedinvestorsconcernonthetighteningregulationsongamingcontentandmonopolyinthegamingmarketshowingthat3ChinaInternet-Qualitygrowthandfurtherdigitizationpenetrationregulationsaimtopromotehealthydevelopmentofthegamingsectorprovidegrowthsupport19DecinsteadofcurbinggrowthTencentobtainedapprovalforseveralhighlyanticipatedgamesThree4BilibiliBILIUS-Focusonmoresustainablegrowth30NovTencentsgameswereapprovedinJanuaryincludingUndawnAlchemyStarsandYuanmengzhixinUndawnisanopen-worldsurvivalgamewhich5NetEaseNTESUSPreparinghasalreadyattractedover20mnpre-registrationUndawnwaspreviouslyfornextstrongproductcycle18expectedtobelaunchedin4Q22butwasdelayedto2023BasedonourNovestimateiflaunchedin1H23weexpectthegametocontributelow-to-mid6Tencent700HKReturntosingledigitofTencentgamesrevenuein2023EAlchemyStarsisanotherearningsgrowthtrack17Novhighly-anticipatedanimegamewhichwasfirstlaunchedintheoverseasmarketandachievedsuccessInthefirstmonthofitslaunchJun20217ChinaInternet-SocialAlchemyStarsbecameJapansmostdownloadedtacticalRPGinJuly2021entertainment3Q22previewremainsunderpressure10NovandgeneratedUS17mnrevenueApartfromincrementalrevenuecontributionAlchemyStarswillalsostrengthenTencentspresencein8Tencent700HKEcosystemanime-stylegamegenreinourviewvalueandgrowingdiversification28OctNetEasesJusticeMobilewasapprovedLaunchedin2018NetEasesJusticeisoneofthemostpopularMMORPGPCgamesinChinaItsmobile9BilibiliBILIUS-Userbaseandversionisalsohighlyanticipatedandattractedover10mnpre-registrationengagementgrowtharecrucialasofDec2022WiththelicenseapprovedweexpectJusticeMobiletobe26Octlaunchedin1H23Eandcontributedmid-to-highsingledigitofNetEase10NetEaseNTESUSSturdygamesrevenueinFY23ENetEasesBadlandersanFPSmobilegamegameandcontentdevelopingwasalsoapprovedleader24OctChinasonlinegamingsectorisonsetforqualitygrowthWearepositiveonthegamesectoroutlookin2023Eandexpectsectorrevenuewillreturntopositivegrowthtrackby2Q23Emainlyattributabletothefurthernormalisationofgamelicenseapprovalqualitygamelaunchesandhigh-baseeffectwears-offWefavourleadingonlinegamingcompaniesTencentandNetEasedueto1theirstronggamepipeline2solidleadershipinthedomesticmarket3investingforgrowthintheoverseasgamingdevelopmentandpublishinginfrastructurePLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk18Jan2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE2
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