Youzu Network (002174) 2019 Third Quarterly Report Review: Quanyou Brings Q3 Flowing Growth Expectation Less Three 2, Landscape Mirror Flower Online

Youzu Network (002174) 2019 Third Quarterly Report Review: “Quanyou” Brings Q3 Flowing Growth Expectation “Less Three 2”, “Landscape Mirror Flower” Online

Matters: The company announced the 2019 third quarter report on October 23, 2019.

2019Q3 achieved operating income9.

12 ppm, an increase of 9 per year.

11%; net profit attributable to mother 2.

98 ppm, an increase of 57 per year.

11%.

Comment: 2019Q3 achieved operating income9.

12 ppm, an increase of 9 per year.

11%, an increase of 1 from the previous quarter.

70%.

The month-on-month increase was mainly due to the “Game of Thrones Winter Is Coming” which was launched on July 10, because Tencent’s agent products used to mutually recognize revenue, and the resulting revenue recognized earlier products issued by itself, and the gross profit margin was higher.

We estimate that “Quanyou” averaged 1 in March.

About 500 million.

Q3 achieved a gross profit margin of 55.

49%, an increase of 5 per year.

65pp, up 3 from the previous month.

82pp.

Net profit attributable to mother 2 in Q3 2019.

98 ppm, an increase of 57 per year.

11%, an increase of 27 from the previous month.

28%.

Xinyou went online and merged with overseas distribution, and H1 mobile games are growing by 6 each year.

71%.

2019 H2 mobile game revenue12.

31 ppm, a six-year increase of 6.

71%, down 12 from the previous month.

90%; Q3 “Youquan” brought sequential growth.

Domestic game market: The test data of Boys of the Three Kingdoms 2 is better, and the current completion is higher, regardless of the version number or launched in November.

The two-dimensional blockbuster “Shanhai Mirror Flower” is expected to be available by the end of November.

In addition, the company also has “Furious Wings” sequels “Furious Wings 2”, “Three Kingdoms Zero” and other self-developed products such as “Grave Robbery Notes”, “Star Wars” and other active development.

Published overseas: “Angel League” (“Goddess League” series) has so far ranked first on the Facebook platform RPG web games best-selling.

In 2019, the company will bring a variety of games such as “Soul Hunting Awakening”, “Saint Seiya”, “Game of Thrones”, “Night of the Gods” and other games to continue to explore overseas markets.

2019H1 web game revenue 4.

18 ppm, a decrease of 15 per year.

66%.

International version of the web game “Game of Thrones Winter Is Coming” (“Game of Thrones Winter Is Coming”) and launched in 14 languages including English, German, French and Portuguese. The game restores classic IP scenes, with extreme graphics and innovative strategies.After the gameplay went online, it received four global Facebook recommendations.

Earnings forecasts, estimates and investment 深圳桑拿网 ratings.

The company reserves a number of intellectual property projects. The SLG mobile game “Game of Thrones” brought Q3 growth, “The Three Kingdoms of Youth”, and the second-generation product “Shanhai Mirror Flower” is expected to mainly increase Q4.We estimate that the company’s net profit attributable to the parent in 19/20/21 will be 11 respectively.

17/12.

73/14.

24 megacodes (mm is 11).

83/13.

47/15.

500,000 yuan), corresponding to EPS1.

26/1.

43/1.

60 yuan, PE is 13/12/10 times.

We are based on a comparable company with a 19-year median P / E of 16.

28 times, adjust target price to 20.

51 yuan, maintaining the “recommended” level.

Risk Warning: The game version number review and other policies, the game flow is lower than expected, the product launch is postponed, and the risk of high pledge is high.