《大行報告》中金:經典IP版號獲批 料金山軟件(03888.HK)遊戲業務收入可步高增長
中金髮表報告表示,就國家新聞出版署發佈2022年首批遊戲版號,其中金山軟件(03888.HK)旗下西山居旗下遊戲《劍網3緣起》在列。該行認爲,作爲經典IP(知識產權)的懷舊服版本,《緣起》有望驅動公司2022年遊戲業務重回高位增長中樞。該行維持對金山軟件「跑贏行業」評級目標價40元。
該行表示,《劍網3緣起》版號獲批,或驅動金山軟件旗下遊戲業務收入增速步入高增長。《緣起》是金山軟件旗下遊戲公司西山居工作室開發的一款3D武俠MMORPG(大型多人在線角色扮演)電腦客戶端國產遊戲作品,已於2021年7月30日開啓不限號不刪檔測試,獲得超400萬老玩家預約。作爲公司經典IP「劍網3」的懷舊服版本,《緣起》以「降低老玩家迴歸門檻、拓寬劍網 3大IP的用戶羣」爲使命,降低配置要求,沿襲經典畫質,保留公司經典IP「劍俠情緣3」最初版本的5大經典門派、主要劇情和任務主線,但在保持硬核的遊戲基調上對經典玩法進行了調優。
此外,《緣起》引入了元宇宙概念,初步實現賬號互通、多段暢玩,沒有固定核心玩法、給玩家提供可充分探索的開放世界,積極推動雲遊戲發展。
此前公司指引,中性情形下2022年遊戲業務收入預計增長20%,樂觀情形下(版號於今年第2至3季度發放)遊戲業務收入增速可達30至40%。該行認爲,本次遊戲版號的發放有望釋放《緣起》公測以來積壓的用戶消費需求,憑藉較高的老玩家比例和經典IP迴歸情懷下,料可提供良好的流水貢獻,驅動公司2022年遊戲業務增長中樞迴歸常態。
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