艾媒报告：斗鱼-(DOYU.US)：运营成本难降低-电竞迎来新机遇

艾媒咨询iiMediaResearch斗鱼(DOYU.US)核心观点：1.公司概况：（1）公司简介：斗鱼于2014年成立，从事视频直播和赛事直播服务，以游戏直播为主，涵盖了体育、综艺、娱乐、户外等多种直播内容。（2）股东情况：斗鱼5年融资70亿元，其中腾讯贡献了主要力量，成为斗鱼目前最大股东，持股比例高达40.10%。（3）上市历程：斗鱼2018年开启上市计划，在香港遇阻后转至美股市场，2019年4月22日正式向美国纽交所递交招股书，预计融资规模5亿美元，款项主要用于引入优质电竞内容、加强技术实力以及提升品牌效应。2.行业情况：（1）产业链：游戏直播行业上游是内容提供方具备较强的议价能力，主要包括游戏厂商、主播等；游戏直播平台位于产业链中游，属于内容分发方；下游是用户。（2）市场规模：2018年中国游戏直播用户规模为3亿，增速达38.5%；中国游戏直播市场实际销售收入增长迅猛，2018年实际销售收入达74.4亿元，同比增长107.20%。（3）竞争格局：目前以虎牙、斗鱼为首的双寡头格局较为稳定。艾媒北极星数据显示，2019年3月虎牙和斗鱼APP月活用户数分别达1681.40万人、1524.65万人。3.公司业务：（1）主营业务：公司主营业务为游戏直播，2018年公司与国内top100游戏主播中的50位签订了独家直播合同，包括8为TOP10主播。人才抢夺策略虽然为平台增加了不少用户，但高昂签约费用增添了公司的成本负担。（2）发展战略：公司致力于“直播+”多元化发展战略，通过跨界玩法向泛娱乐领域拓展，与对手形成差异化竞争。（3）监管风险：2018年斗鱼在内容方面多次遭遇监管部门的整顿，极大的影响了平台的发展，而多元化内容战略在监管常态化的趋势下，势必会增加平台监管风险。4.财务分析：（1）盈利能力：2018年度斗鱼营收为36.54亿元，同比增长93.74%，归母净利润-8.83亿元，毛利润1.51亿元首次转正。（2）期间费用：2018年度公司期间费用为10.10亿元，占营收的比重下降至27.64%。（3）偿债能力：公司在2018年度的流动比率增加至2.14，产权比例由2017年的545.99%降至2018年的78.88%，偿债能力增强。5.机遇与挑战挑战篇：（1）营收模式单一，付费观赛遇挫；（2）内容同质化严重，竞争壁垒有待提升；（3）对主播依赖性强，运营成本难降低；（4）政策监管力度不断，平台仍面临不确定性风险。机遇篇：（1）行业加速出清，资源向头部倾斜；（2）电竞职业化，将为斗鱼注入发展红利。公公司研究报告1CorepointofviewCompanyProfile:(1)DouYuisestablishedin2014,engagedinlivevideoandlivebroadcastservices,mainlybasedonlivegames,coveringsports,variety,entertainment,outdoorandotherlivecontent.(2)Shareholders'situation:DouYuraised7billionyuanin5years,amongwhichTencentcontributedthemainforceandbecamethelargestshareholderofBetta,withashareholdingratioof40.10%.(3)Listingprocess:DouYustarteditslistingplanin2018.AfterbeingblockedinHongKong,itwastransferredtotheUSstockmarket.OnApril22,2019,itofficiallysubmittedaprospectustotheUSNewYorkStockExchange.Theestimatedfinancingscaleis500millionUSdollarsandthefundsaremainlyusedtointroducequalityeSportscontent,strengthentechnologiesandenhancebrandeffects.Industrysituation:(1)Industrychain:Theupstreamofthegamelivebroadcastindustryisacontentproviderwithstrongbargainingpower,mainlyincludinggamemanufacturers,anchors,etc.;thegamelivebroadcastplatformislocatedinthemiddleoftheindustrychain,belongingtothecontentdistributor;downstreamistheuser.(2)Marketsize:In2018,thenumberofChinesegamelivebroadcastuserswas300million,withagrowthrateof38.5%;theactualsalesrevenueofChina'sgamelivebroadcastmarketgrewrapidly,andtheactualsalesrevenuein2018reached7.44billionyuan,anincreaseof107.20%.(3)Competitivepattern:Atpresent,theduopolypatternheadedbyHUYAandDouYuisrelativelystable.iiMediaPolarisdatashowsthatthenumberofmonthlyusersofHUYAandDouYuAPPinMarch2019reached16.81millionand15.246millionrespectively.Companybusiness:(1)Mainbusiness:Thecompany'smainbusinessislivegame.In2018,thecompanysignedanexclusivelivebroadcastcontractwith50ofthetop100gameanchorsinChina,including8forTOP10anchor.Althoughthetalentrobbingstrategyhasaddedalotofuserstotheplatform,thehighcontractingcosthasincreasedthecostburdenofthecompany.(2)Developmentstrategy:Thecompanyiscommittedtothe“live+”diversifieddevelopmentstrategy,expandingintothepan-entertainmentfieldthroughcross-bordergameplay,andformingdifferentiatedcompetitionwithitsrivals.(3)Regulatoryrisk:In2018,DouYuhasrepeatedlyencounteredtherectificationoftheregulatoryauthorities,whichgreatlyaffectedthedevelopmentoftheplatform.Underthetrendofregulatorynormalization,thediversifiedcontentstrategywillinevitablyincreasetheplatformsupervisionrisk.Financialanalysis:(1)Profitability:2018annualDouYurevenuewas3.654billionyuan,anincreaseof93.74%year-on-year,netprofitof-88.3millionyuan,andgrossprofitof151millionyuanforthefirsttime.(2)Periodexpenses:Thecompany'speriodexpensein2018is1.010billionyuan,accountingfor27.64%oftherevenue.(3)Solvency:Thecompany'scurrentratioincreasedto2.14in2018,andtheproportionofpropertyrightsdecreasedfrom54.59%in2017to78.88%in2018,anditssolvencyincreased.OpportunitiesandChallenges:Challenges:(1)Thesinglemodeofrevenue,thepayinggameisfrustrated;(2)thecontenthomogenizationisserious,thecompetitionbarrierneedstobeimproved;(3)thedependenceontheanchorisstrong,theoperatingcostisdifficulttoreduce;(4)policysupervisionWithconstantstrength,theplatformstillfacesuncertaintyrisks.Opportunityarticles:(1)Theindustryacceleratesclearing,resourcesaretiltedtothehead;(2)E-sportsprofessionalization,willinjectadevelopmentbonusfortheDouYu.2...........................................................................................................................5...........................................................................................................................5...........................................................................................................................6...........................................................................................................................6.................................................................................................81-1................................................................................................................81-2............................81...........................................................82................