Fangzheng Securities' Research Reports indicate that attention should be paid to the opportunities in the sub-sectors of casual games and PC games. 1) Casual Games: Similar to the development of web games, casual games meet users' needs for fragmentation and Lightweight, with a faster and shorter conversion chain, reaching a wider audience. At the same time, casual games have greater advantages in user experience and retention. Referencing web games, it is expected that the casual game market scale may exceed 70 billion yuan, and the current penetration rate remains low. 2) PC Games: The advantage of PC games in boutique content becomes the root of their stable performance, especially in terms of audiovisual experience, operational response, and content richness, which are difficult to replace by mobile games. Moreover, unlike mobile games, PC games primarily rely on brand marketing as their main marketing model, with relatively controllable budgets and costs. At the same time, the overall user base of PC games tends to be stable, and in the past five years, the marketing expense ratio for PC games has remained at around 6%, far lower than that for mobile games. Suggested attention: Kingnet Network, Beijing Ultrapower Software, 37 Interactive Entertainment Network Technology Group.
方正证券:关注小游戏和PC端游戏细分领域机会
Fangzheng Securities: Pay attention to the opportunities in the sub-sectors of casual games and PC games.
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