20230605-交银国际证券-互联网行业周报_618平台重点投入性价比渠道；1季度大部分公司业绩超预期_15页

Summary of Internet Industry Report

The report provides an overview of the internet industry as of June 5, 2023, focusing on Q1 2023 performance, key trends, and investment implications. It emphasizes reading the analyst disclosures, business relationships, and disclaimer sections.

618 Shopping Festival Insights

• E-commerce grew robustly, with platforms like Taobao/Tmall seeing a 40%+ increase in members with billion-yuan sales. Key trends include:
  • Mobile commerce: Domestic beauty brands performed well, with companies like Perella and YouNow reporting strong sales.
  • JD.com: New user growth in the first four hours exceeded 30%, with growth in categories like appliances, 3C products, and fashion.
  • Kuaishou: Big-ticket items surpassed 100% growth.
• Investment in high-subsidy, price-sensitive channels is driving industry growth, with estimated Q2 and full-year growth rates of 11% and 12% respectively.

Game Industry Update

• In May 2023, 86 domestic games received approval, with companies like NetEase and Bilibili launching new titles. Version numbers are issued monthly, and new games, expected to launch from April 2023 onwards, could drive sequential revenue improvement in the mobile gaming sector.

Q1 2023 Financial Performance

• Multiple companies exceeded market expectations:
  • Meituan: Core business growth continued, with improved operational efficiency.
  • Pinduodoo: E-commerce and ad revenues surged, indicating better monetization.
  • NetEase: Gaming revenue from "P3" contributed to surpassing forecasts.
  • Kuaishou: Recorded its first profit due to strong live streaming and e-commerce.
  • Bilibili: Effects of advertising and live streaming drove moderate sales.
  • Tongcheng: Travel demand supported higher revenues.
  • Huanju: Adjusted due to voice stream business consolidation.
• Other performances, like Kingsoft, showed mixed results with inventory carryover.

Investment Recommendations

• The industry exhibits high growth potential, with 61 companies analyzed. Key recommendations:
  -买入 (Buy): Meituan, Pinduodoo, NetEase, Kuaishou, Bilibili, Tongcheng.
  • Neutral: Huanju, Kingsoft.
• Target prices and valuations highlight growth prospects, with companies offering stable dividends and high potential.

Valuation Analysis

• Current valuations show internet sub-sectors in the historical low range, with most companies trading below long-term averages, suggesting undervaluation for growth-oriented firms.

Analyst Comments

• Analysts note industry resilience amid competitive pressures, while bullish on long-term opportunities. Specific events, such as 618 data and game approvals, reinforce positive sentiment.

Analyst Disclosure Summary

• Analysts disclose potential interests and business relationships. Interests or research incentives do not influence ratings. Evidence suggests potential biases in some cases, such as one analyst holding stock. Disclosure focuses on ensuring independence in recommendations.

Disclaimer

• Reports are not investment advice, may lack full information, and could be outdated. Any actions are at the user's own risk, with potential legal restrictions based on jurisdiction or investor status.