創夢天地(01119.HK)：與騰訊雲深化雲遊戲合作，潛在收購佈局重度氪金遊戲
機構：東吳證券
與騰訊雲戰略合作，推動雲遊戲發展。公司與騰訊雲於7月31日簽署戰略合作協議，深化雲遊戲技術、內容及場景生態層面合作。創夢藉助騰訊雲技術為旗下多款遊戲作雲化測試，包括多端打通遊戲《紙片人》及《小動物之星》等，加速雲遊戲落地。根據伽馬數據「2020年雲遊戲產業調查報告」，今年中國雲遊戲市場規模預計超過10億人民幣並正高速擴張，未來兩年複式增長率超過100%，有望成為公司未來盈利增長亮點。另外，公司與騰訊雲將共同探索直播互動等新型娛樂場景，開拓跨終端、跨場景的遊戲，構建創夢獨特的內容優勢。
潛在參與收購樂遊科技，利用《Warframe》進軍海外打造爆款手遊。樂遊科技(1089)旗下主力遊戲《Warframe》連續多年進入steam遊戲平台鉑金暢銷榜，因為樂遊賣盤立刻吸引多家遊戲公司爭相競購。創夢於去年12月首次提出有意收購但未有成功，其後世界華通(002602)都曾嘗試競購，同樣失敗收場。今年7月10日樂遊公佈與騰訊(700)全資附屬公司訂立私有化獨家協議，表示有可能被收購及私有化。其後彭博報道，要約的結構可能會涉及創夢及其他公司，這表示公司或有機會參與此收購。鑑於樂遊科技於2019年和2020上半年虧損838和300-700萬美元，即使創夢最終收購成功，短期對於營收有一定增厚但對淨利潤影響較小。中長線而言，公司可通過其完成全球化品牌的構建，並有望推出爆款《Warframe》手遊，增強公司在重度氪金遊戲領域的佈局。
休閒遊戲穩健，積極加碼中重度遊戲。公司老牌休閒遊戲《夢幻花園》和《夢幻家園》長期位於iOS休閒遊戲暢銷榜，帶來穩健收益。近期完成手遊安卓封測的休閒競技類《小動物之星》在TapTap評分高達9.6，由騰訊發行的自研重度策略類《全球行動》在上線當日登陸iOS免費榜首位，期待《鎮魂街：武神軀》、《夢之彼方》等多款自研中重度遊戲上線提升用户付費。
騰訊視頻好時光佈局線下帶來增長新動力。公司藉助騰訊線上休閒娛樂資源以及索尼和雷蛇提供的各類內容及設備，整合影院、電競、主機遊戲、桌遊和餐飲等版塊，打造“騰訊視頻好時光”作為線下娛樂休閒一體化中心，目前已佈局上海、杭州、重慶、深圳和廣州等一二線城市近15家店。根據大眾點評數據顯示，各地好時光線下店人均消費80-100元，包含主機遊戲、觀影、唱K等活動並贈送小吃和飲料，適合情侶出遊、朋友聚會、員工團建等多種需求。隨着未來線下店的擴張和盈利模式的不斷探索，相信將成為公司增長的新引擎。
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