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　　 Changjiang Securities Ma Xianwen

The company tested the unique generation game, and the traffic increased significantly: the three-end game "Enduring Dragon" operated by the exclusive agent was the first time to try a more radical operation mode after the company's tadpole platform and game manufacturers achieved significant results in large-scale joint operation. Different from the sharing mode of joint operation, the exclusive agent is usually the platform provider who buys out the operation right of a single game from the game manufacturer, bears the hardware and promotion costs alone, and gains in game value-added service revenue by introducing its own platform users to the game, that is, the "buy copyright self marketing" mode. As a powerful media in the industry, it has entered the sole generation game market, and the industry's attention has suddenly increased.

Alexa showed that the average daily PV of Tadpole increased by 330%, the average daily IP increased by 510%, and the global average daily ranking rose by 316600. The promotion of awareness of this game has achieved initial results.

The micro end online game industry has begun to show its strength, and the company's forward-looking entry is easy to reap a bumper harvest: the low threshold, short cycle, homogenization and other characteristics of web games have led to more than half of the industry's profits being intercepted by platform providers and traffic providers, and therefore the page game industry has changed from "content industry" to "flow washing" industry. In this context, micro end games, whose game acquisition cost is close to that of large end games, and user experience is close to that of large end games, have become the transformation direction of many excellent page game manufacturers. This time, the company's exclusive "Enduring Dragon" supports three ways of login: web page, micro end and client end, becoming the company's first product to enter the micro end online game market. On the eve of taking off in the micro end era, such forward-looking attempts and explorations are also expected to lay a strong first mover advantage for the company.

Online games are still a powerful tool to maximize user value in many Internet applications: users and profit model are two essential conditions for a successful Internet platform, and user stickiness and profit model determine the ARPU upper limit of platform users. Tencent, NetEase, Xunlei [Weibo] Such mature Internet platforms still regard online games as the most important way and destination to realize user value. The company's platform has covered more than 50 million users, and the corresponding revenue ARPU in 2011 was only 3.4 yuan, far lower than that of online game manufacturers. Whether successful or not, the company will accumulate data and experience for the way of realizing value realization through online games in the future, and accelerate the process of maximizing the value of platform users.

Maintain the "recommended" rating: We are firmly optimistic about the future performance contribution of the new webinar, Yunhai and browser, as well as the unprecedented industrial opportunities brought by cloud game technology. It is estimated that the company's EPS in 2012 and 2013 will be 0.73 and 1.12 yuan respectively, and the current stock price will correspond to 34 times and 22 times of PE in 2012 and 2013 respectively, reiterating the "recommended" rating.

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