报告名称：Liaison Interactive(002280)First mobile game on WeChat to drive visible earnings
报告类型：点评报告
报告日期：2016-01-13
研究机构：中金公司
股票名称：联络互动
股票代码：002280
页数：4
简介：What happened
The Doraemon Street Race, developed by Liaison and another game developer, entered exclusive agent agreement withTencent. According to the agreement, Tencent will exclusively launch and operate the game in Mainland China for threeyears; Liaison will share 10% of the game’s revenue from Tencent Game (including WeChat, QQ, and Myapp).
Comments
First mobile game on WeChat to greatly boost earnings. As a leisure sports game, Doraemon Street Race wasdeveloped on the popular IP and is also Liaison’s first mobile game launched on Tencent Games, indicating Liaison’sstrength in game development & operation. The launch on WeChat platform could secure high monthly gross billing,thus driving visible earnings growth. Our view that Lianluo OS and mobile games can significantly improve monetizationefficiency has been confirmed.
Platform-based screening mechanism to cultivate more quality games. The platform-based operations andunique screening mechanism allowed Liaison to precisely grasp users’ taste, greatly enhancing the success rate afterbeing launched. As more quality games will likely come online through this mechanism, Liaison’s game launch onplatforms like WeChat should drive up the blended gross margin.
External expansion to consolidate smart hardware ecosystem. The company consolidated its smart hardwareecosystem via external expansion and promoted deployment in smart wearable devices, smart home and IOV withLianluo OS’ large user base. 1) Liaison recently invested in eSmart Tech, whose advanced technology in IOT interactiveplatform should help build the interactive access among smart home products. 2) It plans to acquire a 63% stake inDehaier Medical to explore the smart medical market; 3) The Glyph (VR headset), developed by 21%-owned US VRcompany Avegant, adopts innovative retinal imaging technology and was awarded as 2016 Best CES Product; theshipment merits attention.
Considering the mobile game’s launch on WeChat will likely drive earnings growth, we lift 2016/17e EPSforecast by 19%/22% to Rmb0.82/Rmb1.08, implying a YoY growth of 78%/31%. The stock is tradingat

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