20240324_兴业证券_传媒行业：派对游戏激战正酣AI游戏应用未来可期_24页.pdf

请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion relatedReport 2023-11-08 2023-09-06 emailAuthor S0190518080004 S0190521030003 assAuthor summary DAU 1 2 3 AI AIGC Roblox AIGC UGC AIGC Code Assist Material Generator AI Roblox AIGC AIGC AI AIGC AI AI AIGC AI A AIGC title AI createTime1 2024 03 24 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-2.-6-3 AI.-12-4 AI.-19-5.-22-6.-23-1.-4-2.-5-3 Fall Guys.-6-4 Fall Guys.-6-5 Fall Guys.-7-6.-7-7.-8-8.-8-9.-9-10.-9-11.-10-12.-10-13 2023.1-2024.2.-10-14.-11-15.-11-16.-11-17.-11-18 ARPU/2022 1-2023 11.-12-19 Roblox TOP50.-13-20 Roblox.-13-21 Roblox.-13-22 2019Q1-2023Q4 Roblox.-14-23 2018-2023 Roblox.-14-24 2020-2023 Roblox.-14-25 2023 Roblox.-15-26 2020-2023 Roblox.-16-27 Roblox AI Material Generator.-17-28 Roblox AI.-17-29 Roblox.-17-30.-18-31.-18-32“”.-18-33“”.-18-34.-19-35.-19-36 AI.-19-1ZEVzQqNsRpOrPsRqNoRoP9PdN9PtRmMsQrNlOnNoNlOmOnQ9PpPzRNZmQtOxNnPnM 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-37 AI.-20-38.-22-1.-5-2 Roblox.-15-3 AI.-20-4 2024 3 22.-22-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 Party Game 2023 1 Gang Beasts Fall Guys Among Us Goose Goose Duck Kitka Games Stumble Guys m21AcsWXWL/VFQ1micLeI7zkDSe1RnSOm2svFrHBRVlKLv03zPEbUco/9gJ+shPy 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-2 Ste a m Ep i c A p p Sto re 1 human fall flat 2016 7 23 Double Fine 58 3D PC/PS/Steam/Android/IOS Gang Beasts 2017 12 31 No Brakes Games 70 PC Steam Among Us 2018 6 15 Mediatonic 25 4-15 PC/PS/Steam/Android/IOS/Epic Fall Guys 2020 8 4 Kitka Games 58 60 4 1 PC/PS Switch/PlayStation/Epic Steam Stumble Guys 2020 9 23 Innersloth PC/PS/Steam/PlayStaion/Android/IOS Goose Goose Duck 2021 10 4 Gaggle Studios PC/Steam/Android/IOS 2022 5 27 Android/IOS 2022 12 16 Among US Goose Goose Duck Android/IOS Party Animals 2023 9 20 Recreate Games 98 PC Steam/Playstation/Epic 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-2023 12 15 Android/IOS Ste a m Ep i c A p p Sto re 2 Fall Guys 2020 8 4 Mediatonic Devolver Digital Fall Guys Steam PS4 24 150 Steam 200 700 Mediatonic 1100 3 Fall Guys 4 Fall Guys Fall Guys Fall Guys+Fall Guys 60 4 6 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-5 Fall Guys Fall Guys Fall Guys 6 2023 11 Fall Guys Fall Guys 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-7/FPS/8 Ste a m CSO L 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-2024 31-40 29.39%18-23 27.56%31-40 43.94%24-30 61.0%51.3%9 10 2024 2024 1 1-2024 2 29 14.57%25.77%43.94%11.4.38%27.56%14.15%29.39%9.78%19.12%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%1823 2430 3140 4150 50 51.3%48.7%39.0%61.0%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%请 务必阅读 正文之 后的信 息披露 和重要声 明-10-11 12 dataeye SensorTower 13 2023.1-2024.2 1 Q 0500001000001500002000002500003000003500002024/1/12024/1/42024/1/72024/1/102024/1/132024/1/162024/1/192024/1/222024/1/252024/1/282024/1/312024/2/32024/2/62024/2/92024/2/122024/2/152024/2/182024/2/212024/2/242024/2/27 0500,0001,000,0001,500,0002,000,0002,500,0003,000,0002024/1/12024/1/42024/1/72024/1/102024/1/132024/1/162024/1/192024/1/222024/1/252024/1/282024/1/312024/2/32024/2/62024/2/92024/2/122024/2/152024/2/182024/2/212024/2/242024/2/27 661798921830886908 909937 950 966 9811,4861,5491,5738351,0401,07002004006008001,0001,2001,4001,6001,800 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-14 15 2 QQ QQ QQ 16 17 3 SensorTower 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-QuestMobile ARPU UGC 18 ARPU/2022 1-2023 11 QuestMobile SensorTower SLG/;RPG/:/2/1999/2 MOBA/FPS/Super Sus/3 AI Roblox Roblox 3D Roblox Roblox Roblox MMORPG 352.08348.04229.7892.878.2153.631.64 31.637.62050100150200250300350400SLG RPG MOBA FPS 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-ARPG 19 Roblox TOP50 20 Roblox Rob l o x IT Ro b l o x Roblox Roblox+21 Roblox 36 Al l m e ta v e rs e Rob l o x Roblox DAU Roblox 2019 Q4 1910 2023 Q4 7180 2019-2023 DAU 39.24%30%,1522%,1120%,108%,46%,36%,34%,2 4%,2MMORPG ARPG TD AVG 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-Roblox 2018 94 2023 600 44.88%2020 Roblox 100/1000 1500/270 2023 3000/500 22 2019Q1-2023Q4 Roblox Rob l o x 23 2018-2023 Roblox 24 2020-2023 Roblox Rob l o x Rob l o x Roblox Roblox 2023 Roblox 17-24 23%16 58%9 12 9 21%158017101840 191023603340362037104210432047304950541052205880 58806610 65507020718049%95%97%94%78%29%31%33%29%21%24%19%22%25%19%22%0%20%40%60%80%100%120%010002000300040005000600070008000%9413730640449360046%123%32%22%22%0%20%40%60%80%100%120%140%01002003004005006007002018 2019 2020 2021 2022 2023%150019002400300027035045050005001000150020002500300035002020 2021 2022 2023 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-25 2023 Roblox Rob l o x Roblox Immersive Ads Subscriptions Developer Products Passes Paid Access Engagement-Based Payouts Avatar Items Private Servers Plugins 2 Roblox Immersive Ads Image Ads 3D Portal Ads 3D Subscriptions Auto-renewal Roblox Passes Passes Developer Products Developer Products/Avatar Items Avatar Items 3D Avatar Roblox Roblox Engagement-Based Payouts Engagement-Based Payouts Robux Paid Access Paid Access 25-1000Robux Robux 7 Private Servers Private Servers Robux Under 9,21%9-12,21%13-15,16%17-24,23%25+,18%,1%Under 9 9-12 13-15 17-24 25+请 务必阅读 正文之 后的信 息披露 和重要声 明-16-Plug ins Plug ins Studio Robux Rob l o x Roblox 2023 Q4 2.22 26 2020-2023 Roblox Rob l o x AIGC Roblox AIGC UGC 2023 1 Roblox AIGC Code Assist Material Generator AIGC Roblox RDC AI AI$44.50$85.10$85.50$113.70$118.90$129.70$130.00$159.70$147.10$143.10$151.50$182.10$182.40$165.80$170.70$221.80 0501001502002502020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-27 Roblox AI Material Generator 28 Roblox AI VR AIGC Roblox 29 Roblox Rob l o x 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-Roblox AIGC UGC/30 31/32 33 AIGC“”请 务必阅读 正文之 后的信 息披露 和重要声 明-19-34 35 Roblox AIGC AIGC 4 AI AI 2018 GPT-1 ChatGPT GPT-4 DALL.E GEN2 2024 SORA 36 AI AI AIG C AI T e c h Fl o w,请 务必阅读 正文之 后的信 息披露 和重要声 明-20-AI AI NPC PV NPC AI 37 AI AIGC AIGC 3 AI AI OPENAI CHATGPT3 OPENAI GPT-4 AI Microsoft NewBing InstaNovel AI GPT-3 Dall-E 2 Midjourney Midjourney AI 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-OPENAI DALLE Stability AI Stable Diffusion txt2img img2img ControlNet Stable Diffusion Style3Paints PSD Unity Sentis AI Unity Unity Muse AI Unity Atlas 3D AI 3D Unity Convai AI NPC Unity Inworld AI AI Unity Layer AI Unity Leonardo AI 2D 3D Unity 3D Unity LMNT AI NPC Unity Modl.ai AI AI Unity Polyhive Unity Replica Studios 3D Unity Zibra AI 3D Runway Gen-2 4 Topazlabs Topaz Video AI,GameLook app GameRes New being Style3Paints Topaz Video AI InstaNovel AI x AI 2024 2 22 1500 Steam roguelite 2024 3 18 40 Evony 2019 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-SLG Top3 2 TD+SLG Like+SLG 38 5 A AI AIGC 4 2024 3 24 PE 2024E 2025E 2024E 2025E 002517 270.79 18.85 22.54 14.37 12.01 12.58 002555 420.51 38.01 42.94 11.06 9.79 18.96 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-002558-273.14 15.24 17.27 17.93 15.82 13.84 603444 156.93 15.07 17.47 10.41 8.98 217.83 300494 81.10 3.05 3.74 26.59 21.68 16.56 002624 235.90 13.12 16.48 17.98 14.32 12.16 300002-212.58 9.88 11.75 21.51 18.09 10.84 IFind IFind 6 1 2 3 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 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