CICC: Tencent's mobile game revenue is expected to grow by 16% in the third quarter, and the high growth in revenue is gradually releasing the driving force

智通財經
2024.10.11 06:04
交銀國際發佈研究報告稱，行業數據顯示，9 月，該行跟蹤的本土頭部手遊流水之和同比增長 2%，較 7/8 月增速進一步放緩，主要因《逆水寒》、《崩鐵》等手遊高基數及新遊流水逐漸進入穩態期。流水排名前十手遊中，騰訊/網易/嗶哩分別有 5/2/1 款，2024 年上線新遊有 4 款，其中騰訊《MDnF》流水保持領先，9 月流水量級與《和平精英》相當。其中，9 月騰訊手遊流水同比增長 20%，延續 7/8 月趨勢。騰訊流水高增長對收入拉動逐步釋放，預計第三季度手遊收入增長 16%，對比上半年約 10%，持續看好其穩定業務增長支撐估值提升。網易端遊受《魔獸》迴歸及新遊帶動恢復增長，新手遊增量無法抵消《逆水寒》等高基數影響，手遊增速取決於新遊戲上線時間表。嗶哩嗶哩《三謀》9 月流水 4 億元，好於該行此前預期，或拉動第三季度手遊收入增長超該行/市場預期的 83%/66%。
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