Main points of investment
Glacier Network is a company that mainly develops and operates online games. 1) the company's main source of income is the development and operation of client-side online games. In 13-14-15, the total annual business income was 2.72,3.60 and 370 million yuan respectively, with a growth rate of 7.86%, 32.23% and 2.74%, and the client-side online game revenue accounted for more than 99%. 2) the integration of R & D and operation, enjoying the dividend of the business model. The close cooperation between development and operation can enhance the interaction between R & D and the market and reduce the efficiency loss caused by profit distribution. 3) the client-side online games are unanimously recognized by the players and the industry by virtue of their excellent quality.
The company is rich in game reserves and has a steady stream of innovative capabilities. 1) online games are rich in reserves, which deserve players' continuous attention. Several project teams are engaged in the development of new game products, and a number of online games are under development. 2) in the future, the company will still pay attention to innovation construction, actively develop online game technology research and development platform, and strengthen the construction of innovative talents.
Profit forecast and valuation: it is estimated that the net profit attributable to the shareholders of the listed company in 16-17-18 is 1.89cm 2.25 / 234 million yuan respectively, and the corresponding fully diluted EPS is 1.89max 2.25pm 2.34 yuan respectively. With reference to the financing scale of the company and the number of shares issued, it is estimated that the final offering price of the company is about 37.02 yuan, corresponding to 16.4 PE of 19.6Compact in 1718, which is significantly lower than the average valuation level of the game industry in the same period, and the stock price has a large upward space.
Risk tips: 1) the new game does not meet expectations; 2) the degree of market competition is intensified, and the phenomenon of product homogenization is serious.
