Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the Game of Thrones mobile game online

Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the “Game of Thrones” mobile game online

[Investment Highlights]Youzu Network released the 2018 annual report and the 2019 first quarter report.

In FY2018, the Group’s revenue and profit grew steadily.

Company revenue YOY + 10.

68% reached 35.

810,000 yuan, net profit attributable to mother +53.

85% reached 10.

09 million yuan, deducted non-attributed net profit YOY + 23.

05% reached 7.

3.6 billion, non-recurring gains and losses include non-current assets disposal 苏州夜网论坛 gains1.

5.9 billion yuan, gains and losses on changes in fair value of held-for-trading financial assets and liabilities, and investment income of 92.83 million yuan.

Gross profit YOY + 19.

0% reached 20.

08 ppm, gross margin increased by up to 3.

9pct to 56.

1%; R & D expenses are YOY + 24.

6% reached 3.

70 ppm, R & D expense rate increases by 1 every year.

1pct to 10.

3%; management fee YOY + 18.

3% reached 4.

530,000 yuan, the management expense ratio is maximized to 0.

8pct to 11.

4%; selling expenses YOY + 38.

9% reached 4.

8,000 yuan, the sales expense rate increases by 2 every year.

3pct to 11.

4% because the company increased its investment in game promotion.

FY19Q1 has product gaps and revenue has improved.

The company’s revenue is YOY-4.

03% to 8.

3.2 billion, return 南京桑拿网 to mother’s net profit YOY-22.

20% to 1.

7.3 billion, deducting non-attributed net profit YOY-21.

24% to 1.

7.2 billion; company gross profit YOY-18.

6% to 4.

5.4 billion US dollars, gross margin 9 every ten years.

8pct to 54.6%, because some unavailable products have started to warm up and incurred expenses; R & D expenses YOY-19.

From 6% to 65.64 million yuan, the R & D expense ratio increases by 1 every quarter.

5pct to 7.

9%; management expenses YOY + 22.

6 reaches 1.

100,000 yuan, the management expense rate increases by 2 every year.

9pct to 13.

2%; selling expenses YOY-33.

4% to 87.48 million yuan, the increase in sales expense ratio4.

6pct to 10.


R & D strength has improved, “Game of Thrones” is worth looking forward to.

In terms of self-developed games, the company has games with IP, such as “Game of Thrones-Winter Is Coming”, “Mountain Mirror Flowers”, “Grave Robbery Notes”; the rules of play include SLG, turn-based cards, MMO and other companies that are good atCategory.

Among them, the “Game of Thrones” page game version has been launched on March 26 overseas beta, mobile games may become available in June in China.

In addition to the classic SLG gameplay, the mobile game also added plot levels; the game restores Westero’s continental power and its original distribution, and the hero’s role matches the original drama’s body, and the whole is very friendly to the drama fan.

Judging from the overall CG animation and player evaluation, the level of the game art has improved significantly compared to previous works of the Youzu, and the company’s effectiveness in building the middle stage is beginning to show.

“Quanyou” mobile game will be issued by Tencent in China, or it will strongly promote the company’s 19/20 performance growth.

Acting for head manufacturers, is expected to bring considerable increase to the flow.

Youzu has announced its participation in the domestic release of “Battle in the Wild”. “Brawl Stars” was developed by Supercell and has ranked first in the game’s best-selling list in 44 countries or regions (mainly in the United States, European and American markets within France).

At the same time, the company will release “Soul Hunting Awakening”, “Saint Seiya”, “The Night of the Gods” and other works overseas: “Saint Seiya” was developed by Tianmei Studio. It will be launched in China in August 2018 and will remain in the game for one month.Top 10 Bestsellers; “The Night of the Gods” was developed by Netease. It was launched on September 20, 2018, and has been in the top 5 of the game’s bestsellers until October 18.

Tencent and Netease’s games have a certain quality guarantee and market verification, while Youzu Network has many years of experience in overseas distribution and operation, and the combination of strong and strong has produced a considerable increase in flow.

(Domestic rankings in China and iPhone rankings overseas)[Investment Suggestions]Youzu Network has a large number of large IP works, which will be released in 19/20. The company will strive to bring considerable water to the works among domestic and foreign agency manufacturers.Increment.

We maintain the 19/20 profit forecast and date the 21-year profit forecast. We expect FY19 / 20/21 revenue to be 44.



1.9 billion, net profit attributable to mother 11.



3.5 billion, EPS is 1.



95 yuan, corresponding to 14.



0x PE, maintain “Buy” rating.