瑞信:重申對中國網上游戲行業正面看法
於1月1日凌晨,華為因合作條款問題暫時將騰訊遊戲全部下架,同日晚上重新上架。瑞信發表研究報吿認為,騰訊(0700.HK)去年12月25日在中國推出《使命召喚手遊》(CoDM),基於其受歡迎程度,騰訊可能希望與華為談判,以爭取更好的分成協議,但時間上切斷了現有遊戲續約討論,故導致所有遊戲暫時下架。
該行認為,今次事件再次表明中國遊戲開發商正在更積極與安卓(Android)渠道進行談判,以降低目前50%的渠道費用。在嚴格控制遊戲供應及流量增長放緩下,權力平衡向高質素內容製作商轉移。
該行又認為,雖然仍要一些時間才能實現,但安卓的分成比例未來會有所下降,對遊戲開發商的毛利有利,可吸引新資金及促進行業健康發展。該行重申對行業正面看法,依次序看好騰訊、網易(9999.HK)及金山軟件(3888.HK)。
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