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中信證券:擁抱遊戲研發商的黃金時代 重點推薦騰訊、網易等
格隆匯 12-03 09:01
格隆匯12月3日丨中信證券指出,在估值上,國內龍頭遊戲20年PE在18~20X,處於歷史中低水平,但和海外遊戲公司相比估值較低(海外龍頭遊戲公司對應20年20~25X non gaap)。隨着國內研發商市場地位提升、新技術加速普及,研發商的業績有望超預期。同時,海外業務的加速擴張有望給國內遊戲廠商帶來新的市場空間,估值和業績有望雙提升。
重點推薦具有優質研發能力的遊戲研發商。考慮到國內遊戲公司在海外加速擴張,重點推薦騰訊控股(0700.HK)、網易、完美世界、吉比特、三七互娛。
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