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雷蛇(1337.HK)新股点评:知名游戏硬件厂商 业务不断外延拓展

Razer (1337.HK) IPO Review: Well-known Gaming Hardware Vendors Continue to Expand Their Business

興業證券 ·  Nov 8, 2017 00:00  · Researches

Key points of investment

Company highlights: Razer is a leading global gaming lifestyle brand. Currently, its main revenue comes from sales of hardware products such as gaming peripherals and gaming computers. Razer's products have excellent game performance, a large user base, high brand awareness, and global business. The company has a certain advantageous market position in the gaming equipment market, and the existing hardware business is expected to still have some growth potential. Currently, the company is focusing on promoting an integrated Razer ecosystem. On the one hand, it helps improve the ease of use of products, and on the other hand, it can keep abreast of consumer feedback, which is conducive to improving and launching new products. The company plans to launch the first Razer phone in the fourth quarter of 2017. Entering the smartphone industry with a differentiated route focusing on gameplay, it may become a major growth point for performance in the future.

Potential risks: The company is focusing on promoting the integrated Razer ecosystem. Whether the high investment in software, services and other businesses that support the hardware can effectively collaborate with the growth of the hardware business is the main risk point in operation. Competition in the smartphone industry is fierce, and there is great uncertainty about whether new gaming phone products will be recognized by the market. The company's expenses have grown faster than revenue in recent years, and the expense rate has risen rapidly. It is expected that losses will continue to be lost in 2018, and the probability of a short-term loss reversal is low.

Investment advice: Combining the company's highlights and potential risks, investors are advised to buy carefully.

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