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1、cGlobalResearch18July2018ChinaOnlineGamesSectorEquitiesChinaEntertainmentUBSEvidenceLab:mixedpictureformobilegamesMobileadaptationofweb/PCgamestocontinueRecentdataofUBSEvidenceLab,whichtracksmorethan160mobilegamesinChina,includingkeyfranchisesofcompanieswecover,indicatescontinuedsuccessofhigh-qua
2、litymobilegamesadaptedfromweb/PCtitles.SeveralmobiletitlesadaptedfromclassicPCgames,includingWuLinWaiZhuan,MUAwakening,QQDancersmobileandCrossgateMobile,performedwellinH118.ThedatareinforcesourviewthatChina’slargemobilegameuserbaseandplayers'increasingwilinesstopayforgamescouldsupportweb/PCgamepr
3、oducers'continuedmobileadaptation.However,asChina'sonlinegamesindustrymatureswithadecliningpopulationdividend,wethinkcompanieswithhighR&Dintensityandgamequalitywillbebetterpositionedandthoseoperatingunderthetraditional"trafficacquisition"modelmayfacepressure.PerfectWorld:solidiOSgrossingshareinH1
4、18PerfectWorld'siOSgrossingsharehikedto5%inJune2018,versus1%in2017,fuelledbythestrongperformanceofWuLinWaiZhuan,themobileadaptationofitsPCgame.PerfectWorlddevelopedandoperatesthegameindependently,whichhadgrossbillingofoverRmb200minJune,accordingtomanagement.WeexpectPerfectWorld'ssustainedR&Dinves
5、tmenttobearmorefruitsinthelongrun,andthecompany’spartnershipwithSteam,thelargestPCgamingplatformworldwide,tohelpcementitscooperationwithglobalgamingleaders.YouzuandSanqi:watchfornewgames'performanceinH218YouzuInteractive(Youzu)andWuhuShunrongSanqiInteractive(Sanqi)significantlylaggedPerfectWorldi
6、ngrossingshareinH118,with1.5%and1.4%,respectively.Alackofnewgamesandlacklustreperformanceofcurrentgameswerekeyfactors.ForH218,weexpectamildsharerecoveryforYouzuandSanqiaftertheylaunchtheirschedulednewtitles(Youzu:ThirtySixStratagems,LeagueofGoddessandGameofThrones;Sanqi:TuLongPoXiaoandDouLuoDaLu)
7、.Figure1:A-shareonlinegamecompaniesunderUBS-ScoverageCompanyCodeRatingMktcapSharepricePTPEEPS(LC)EPSPEGP/BVROE(LCbn)(LC)NewOld2018E2019E2020E2018E2019E2020ECAGR(x)2018E2018EYouzu002174.SZBuy17.219.3526.9528.9819.7x15.
