瑞士信贷--中国网络游戏行业研究报告2007

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The China online game compass
China’s online game market in 2007 is expected to reach US$1.3 bn, up
35% YoY, making it the largest Internet segment in China. Our new
product, the Credit Suisse China Online Game League Table, ranks the top
three game operators as The9, Tiancity and a leading game operator. We
reiterate our OUTPERFORM ratings for The9 (15% upside) and Sohu (18%).
■  Online game – the single largest Internet segment. China’s online game
market in 2007 is expected to reach US$1.3 bn, up 35% YoY, due to:
1) 23% YoY growth in Internet users, 2) the launch of high-quality new
games and 3) renminbi appreciation. In 2007, online games are the single
largest Internet segment in China.
■  Credit Suisse China Online Game League Table. We are launching the
Credit Suisse China Online Game League Table for comprehensive and
timely analysis of game market. As of 22 June, the champion is ‘Kart Rider’,
followed by ‘Audition’ and TLBB. In the game operator league table, The9 is
ranked number one, followed by Tiancity and a leading domestic game
developer. We reiterate our OUTPERFORM ratings on both The9 (15%
upside) and Sohu (18% upside).
■  Credit Suisse China consumer survey. In the survey, 18.3% chose
Tencent’s QQ gamezone as the most favourite online game, down 20.2% in
2005, and The9’s WoW was voted favourite MMOG in 2006, with 14.8%
votes, up from 9.3% in 2005.

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