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　　 Changjiang Securities Ma Xianwen

Description of the event.

Since November, events related to cloud games have emerged frequently, which has obviously promoted the industrial penetration: Tencent Game Carnival TGC2012 ended, and cloud games led the groundless transformation into an important highlight; Sony plans to sell $1.9 billion of convertible bonds to increase its investment in Gaikai, an American cloud game service provider; Heilongjiang Unicom cloud game service was officially launched; China Telecom [Weibo] Cooperate with Korean IEF to promote the construction of "cloud games".

Event comment:

The continuous warming of cloud games proves once again that no matter what the future game form, cloud games must be the carrier: cloud games are groundless, inclusive of terminals and operating systems, high-tech barriers, platformization and clear profit models, which are in line with the development idea of lightweight and diversified terminals in the future, no matter what the future game form and interaction mode, Cloud games will be the technology carrier of future games. With the continuous improvement of the bandwidth environment in the future, the situation of "everything is ready and only bandwidth is needed" for cloud games will be alleviated, and the opportunity of accelerating the penetration of the industry as a whole will gradually approach.

Shun Wang is the cloud game manufacturer with the most platform potential in China, and its future valuation is expected to gradually increase: Shun Wang is the only neutral platform provider in China that has publicly independently developed cloud games. The company has strong platform based product operation capability in the game industry and has accumulated more than 50 million user bases through Internet cafe channels, It is currently the most potential enterprise to operate cloud game platforms in China. The company released the cloud game solution technology at the launch conference at the beginning of the month. It is expected to carry out preliminary cooperation with some regional operators on TV and mobile terminals in the future. In the process of maturing and platformizing the cloud game industry, the company's valuation is also expected to be gradually recognized by the market.

The Internet cafe Yunhai platform and browser will enter the performance contribution period: the platform and browser will start to be fully upgraded at the Internet cafe terminal after the press conference. After the upgrade is completed, the value and number of advertising spaces will be effectively improved, and the access to user traffic and applications will be controlled, which will help significantly improve the flow realization of future products and the profitability of advertising business. At the same time, innovative services such as 3D games, video desktops, LAN video cache acceleration, and data roaming provided by the new products are expected to increase user stickiness and Internet cafe reputation, help increase the market share of products, and lay a foundation for moving to the whole network.

Maintain the "recommended" rating: we are optimistic about the future performance contribution of the new webgame, Yunhai and browser to the company, as well as the unprecedented industrial opportunities brought by cloud game technology. Considering the possible increase in R&D and operation investment in future cloud games and Yunhai to obtain user experience, it is estimated that the company's EPS in 2012 and 2013 will be 0.73 yuan and 1.12 yuan respectively, At present, the share price corresponds to 33 times of PE in 2012 and 21 times of PE in 2013, maintaining the "recommended" rating.

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