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牛熊異動 | 騰訊做局直播,相關牛證漲超66%
uSMART友信智投 10-14 14:33

招商證券國際發表報告表示,就騰訊(00700.HK)均有份投資的內地遊戲直播平臺虎牙和鬥魚於週一(12日)宣佈正式敲定合併協議及計劃,此次合併預計將於明年上半年完成,鬥魚將成爲虎牙旗下的全資子公司,隨後將從納斯達克退市。該行指騰訊作爲兩家公司的投資方,騰訊在合併前分別持有虎牙50.4%的股份和鬥魚38%的股權。再加上騰訊向董榮傑購買的197萬股虎牙ADS,以及向陳少傑購買的3,700萬股鬥魚ADS後,該行預計騰訊將擁有合併後公司67.5%投票權和50.5%的股權。因此,騰訊在合併完成後會將該公司並表。

該行預計交易這將會爲騰訊2021財年的收入和經調整淨利潤分別帶來2.1%和1.2%的增益。該行認爲虎牙和鬥魚此次合併對騰訊而言具有非常大的戰略價值,在完善其電競產業鏈戰略佈局的同時,也將在極具潛力的電競內容分發上幫助公司建立主導地位,維持騰訊的買入評級,目標價652港元不變。

招商證券國際指,作爲中國最大的兩家遊戲直播平臺,虎牙和鬥魚在內地2019年佔據了約75%的市場份額。在業務層面上,虎牙主要專注於手遊相關(如《王者榮耀》及《和平精英》)的電競賽事,並積累了更多中腰部主播,而鬥魚則更側重端遊相關(如《絕地求生》以及《DOTA2》)的電競賽事,並吸引了更多頭部主播。

在營運層面上,由於鬥魚在頭部主播利潤分成和營銷方面更高的投入,其用戶數在2020年第二季度前一直高於虎牙。今年二季度,虎牙的月活躍用戶數首次超過鬥魚(1.65億),達到1.69億。與此同時,根據極光數據,截至今年6月雙方的用戶重合率僅爲32%。合併以後,該行認爲虎牙和鬥魚在內容和用戶上能形成良好的互補,也能與騰訊的生態產生更多的協同效應。

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