《大行報告》高盛:內地重啟網遊許可 料下半年起利潤逐步升 兼利好遊戲廣告行業
高盛發表報告表示,中國國家新聞出版署正式批准國內45個網絡遊戲,結束了自2021年8月以來為期八個月的遊戲批准暫停期,而對上一次停批網絡遊戲版號是2018年(當時停批為期九個月)。
該行指今次首批獲批網絡遊戲許可的企業並沒有包括騰訊(00700.HK)、網易(09999.HK)及嗶哩嗶哩(09626.HK)。該行認為今次當局的行動可能表明整個內地在線遊戲行業可能已經滿足遊戲內容保護和清理的合規要求,並認為重啟網遊許可可以重振行業對新遊戲的投資及研發。
高盛表示,根據SensorTower資料,騰訊、網易自3月中旬以來旗下手遊每周的收入均呈上升趨勢,已升至2022元農曆新年時間的水平。
財務影響方面,該行預計內地遊戲收入的增量貢獻最早將在5月至6月對行業產生影響,估計在今年下半年及明年遊戲收入/息稅前利潤將逐步上升,該行復批遊戲許可將有利於遊戲廣告行業(影響騰訊、百度(09888.HK)和嗶哩嗶哩)。
對騰訊的看法方面,高盛表示遊戲審批流程的恢復,認為主要的監管逆風已經反映,預計市場將重新關注騰訊的多元化以及遊戲產品組合的增長趨勢,該行維持對騰訊「買入」投資評級(「確信買入」名單)及目標價644元。
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