Gigabit (603444) quarterly report comments: 19Q3 single-quarter revenue increased by 34%
The company’s 19Q3 quarterly report: 19Q1-Q3 gradually increased revenue by 34.
1% reached 15.
600 million, net profit attributable to mother increased by 32.
2% to 6.
700 million, deducting non-net profit increased by 38.
9% to 6.
In the single quarter, the company’s 19Q3 revenue increased by 26.
7% to 4.
800 million, net profit attributable to mother increased by 18.
9% to 2.
1) The growth of the fist product “Ask” is strong, the new online game has a good reputation and builds a brand image. According to Qimai data, the average monthly ranking of “Ask” mobile games on the iOS bestseller list from July to October is mainly 39, 43 and 34 Name, ranking gradually rises, and the average year-on-year decline in performance in the same period last year is believed to be mainly due to the company’s official website package.
Also on other new tours, “Never Give Up: Black Hole!
“,” The Guardians of the Force “,” Irona “and” Puppet House Fantasy Night “respectively received 9 on TapTap.
7 points, 6.
2 points, 7.
3 points and 9.
The high score of 5 points continued to strengthen the brand image of the company’s boutique game publishers.
2) “Lost Castle” will be launched soon, or it will become one of the company’s supporting games in the second half of the year. According to SteamSpy, the original “Lost Castle” sold 1.3 million units in steam, with a 91% praise rate, and was considered the light of domestic independent games.
The mobile game version of Thunder Game Agent will be launched on October 24th. It continues the characteristics of Rogue-like element random + horizontal version of action adventure, and supports multiplayer online. More than 73 people have made appointments on TapTap and nearly 75 people have paid attention. WeI think it is expected to help it become another explosive product of the company.
According to the company’s new product launch conference, in addition to this game, the company will have a variety of games including “Adventure and Abyss”, “Blades of Abyss” and “Four Eyes of God” waiting to be launched in the future.
Investment suggestion: The company has demonstrated long-term operational capabilities in high-quality 武汉夜网论坛 games, gradually developed new categories, and replicated its success from niche interests to the mass market.
Taking into account the company’s capabilities in research and development and operation direction and the fist products significantly exceed expectations, we believe that the company may achieve net profit attributable to mothers from 2019 to 2020.
200 million, 10.
800 million, the latest sustainable corresponding PE is about 22.
9X and 19.
Reference game comparable company’s 19-year average evaluation level. Considering that the company has both the flexibility brought by cutting-edge products and the stability brought by long-term operation capabilities, the goodwill, financial risk and pledge risk exceed the peers.The estimated level corresponds to a reasonable value of approximately 320.
杭州桑拿23 yuan / share, maintain “Buy” rating.
Risk reminder: risk of failure of new game R & D operation if the flow exceeds expectations; risk of continuous reduction of shareholders’ holdings