A+H游戏公司处于估值低位
　　要点∶A+H游戏板块估值处于低位，当前位置配置性价比高，目前游戏板块2023PE和2024PE，中位数分别为15X和13X，而2023和2024预计归母净利润增速为28%和16%，游戏板块性价比较高。
　　未来产品线丰富，有望带来行业增长，需求侧筑底阶段，景气度有望持续改善
　　要点:2022年我国游戏市场规模有所下滑，随着版号发放恢复常态化，2023年后大量游戏有待上线，目前业绩上行周期确定性比较高的情况下，在版号发放之后，新产品有望陆续上线，随着更多产品投入测试、上线，游戏板块具备配置价值。
　　行业政策底夯实，中期看好出海业务表现,长期看好新技术发展
　　要点∶版号发放恢复常态化，利好政策不断，行业政策底夯实。海外手游市场增长空间仍存，游戏出海业务稳步发展，未来有望高增。AlIGC有望深度优化游戏产业，元宇宙应用下载量快速增长，内容生态持续扩充，PICO生态全球领先。
　　投资建议
　　推荐标的:三七互娱、恺英网络、腾讯、中手游、吉比特、心动公司、完美世界等;受益标的:巨人网络、冰川网络、网易、宝通科技、电魂网络、创梦天地等。
　　风险提示
　　市场竞争风险,行业及监管政策风险,技术发展不及预期。
　　

研究报告全文：12-34-7--2383403664655183122012517209417421523216948105133173197163112541101146628440074077093198119041576368812650518862305278119561600132686418598052066079166213091094270512996-098-021093-2747-1292729172065702004020033492410346283CONTENTS01020304050607MRAIGC084501AH公司代码公司名称PE净利润增速净利润增速净利润增速市值日期2023-02-10PE-TTM2022PE2023PE2024PE2022E2023E2024E亿元002555SZ三七互娱14101588137112165321584127648105002602SZ世纪华通11947172212441006-14243838237234356002624SZ完美世界2813182515361312320671922172228440603444SH吉比特2079188015811361-4011896161426505002558SZ巨人网络2334228617461582-8043099103520911300418SZ昆仑万维29273219719021641-24161540159325749600373SH中文传媒881------13618300002SZ神州泰岳21212163175416514174233062511786300315SZ掌趣科技-739------9927002425SZ凯撒文化-2151705720741838-11862402612865070002605SZ姚记科技162915001191971-2323259722666606300031SZ宝通科技3866236012241036-3077928818096579603258SH电魂网络2465196115381329-770275615746134300299SZ富春股份10662------40780700HK腾讯控股1873281722241910-49962667164536646559999HK网易1854197419041699175837112074525340799HKIGG-933-7596541--2256611160-35339990HK祖龙--8461209--361616998-40400302HK中手游24843976863578-797436092493757022100HK百奥-214014021184772249031847533714966820HK友谊时光29953981732--800444364-25301119HK创梦天地--110992251977718459211130445684中位数2100196115381320-1186275616308266601AHPE807060504030201002016-01-042017-01-042018-01-042019-01-042020-01-042021-01-042022-01-042023-01-04780220232taptap2022Q4roguelike202271440K202211PC2022930MOBA2022Q4taptap2022Q42022317RPG202212ProjectFighterPCValoranttaptapMMORPGLostArksteamMOBAFPS2021526FPS20221125MMORPGtaptap3D6taptapMMO202247MMORPG2022213RPG2022317PvPvE2022412STEAMRPGtaptap2022109RPGtaptapMOBA202271520232902320213272022Q2Onmyojiidolp20215roject20221202021517MMO20221067ProjectIN2021519IPRPGMRPG2022129IP2021520PVIP20224202021611DeadbydaylightRPG3DF20217233A2021MMORPRPGRPG2021615202011272022318202164PlanetONE2V4202216Vikingard2022321iOS2022811ATLAS202162021525iOSTestFlight1002SLGMMMORPG202332023H12022Q4KMMORPGMMORPG20220920SSLG2022H2DGSLGMMORPG2022H22023ZQ2021792022H22023GOESLG2022XXZMMORPG2022H2G2SLG20231BXMMORPG2023D83DWTBMMORPG2023MMOMMORPG20232024MMORPG20220629SLG2022811022MMO2022Q420232022414RPG20221020ACT2022Q420233v3MMORPGPC2022Q42023T320225ClosedBeta2022Q42023ARPG20222022Q42023taptapRPGMMORPG2022Q420232022Q1taptapHaveaNiceDeathPC2022Q420232022421P5RPG2022Q42023202242622023taptapPerfectNewWorldPC2024PCMMORPG2024taptapCODENAMEXJRPG202420taptap2024taptap2024taptap2024taptapRPG2024ProjectAMMORPGtaptap212022022Q42023RPG2022M66RPG2023bug202320242022-2023M88MMO202320243v32023202320242022228DF2022H2SLG2022H2Roguelike2023MMORPG2023ProjectSroguelikeSLG2023RPG-20232023RPG2023M202311202320232023321302ARPGIP2023H12023IPS2023Roguelike2023roguelike202320232023Q42023ProjectO20232023OVERLOADARPG20232023ProjectD2023SLG2023H22023CP22023H2202320232023-RPG20232023IPMMORPG20232023202314022023202212SLG2023RPG2023H1MMOARPG2023H1HH5MMOARPG2023H1MGSLG202212SLGQSLGSLG2023H12023H1FX2023H115022023Q1D3SLGMSLG2023Q1IP2023OSLG2023Q22023116SLG2023Q1MMORPG2023SLGSLG2023MMO20232023RPGRPG20241617032022142022193014App20221012AppAppYOY25游戏APP下载量iPhone亿次YOY右轴4025002002302000150201515001001011000500500005-100-500-202021102021122022220224202262022820221020221218032017-2022602022692017544172017212012017-202232017-20223508405302031000201720192021201720192021windWind1920