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AI S0850518080001 S0850517080001 S0850519070002 S0850523030003 2023 6 27 1 23 6 21 97%51%36.9%17.4%17%-12.5%2 2023 6 21 PE TTM 151 68 56 47 43 21 wind 2 23 6 21%23 6 21 wind PE TTM 020406080100120140160180200-40-20020406080100120140 1ZAZwPqNpMoPoQmPtOpQpO8OaO9PmOpPmOoNjMmMpRiNsQwO6MoOuMMYrNnNMYrRqN450500550600650700750800850900+AIGC 2023 1 3 2023 6 13 554.78 842.42 52%3 wind OpenAI IT 2022.11.1-2023.6.13 ChatGPT OpenAI ChatGPT Plus Copilot OpenAI GPT4 ACE for Games AI MOSS AI ai+ai+ai+ai+IP ai+ai+ai AI 4 IXDC theverge Hager ZAKER HRSalon AI-20246810121426272829303132332017 2018 2019 2020 2021 2022%2022 4594.6 8%91.4 75.7%2023 1076.4 0.7%103.34 19.5%Q1 5 wind 17Q1-23Q1 17Q1-23Q1-20-15-10-50510152025300200400600800100012001400160017Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1 YOY%-800-600-400-20002004006008001000-500-400-300-200-1000100200300 YOY%2017-2022 020040060080010001200140016002017 2018 2019 2020 2021 2022 2017-2022 23Q1 A 1.11%1.18 20Q4 A 310.27 Q1 6 wind 16Q1-23Q1 A-4-2024681016Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1(%)(%)%1 37.53 2 34.74 3 30.05 4 28.09 5 24.94 6 23.10 7 13.19 8 12.99 9 11.08 10 10.24 23Q1 23Q1()1 18513.49 2 14269.27 3 10383.46 4 8163.84 5 7467.73 6 4601.67 7 3237.08 8 2977.74 9 2843.88 10 2629.49-30%-20%-10%0%10%20%30%050100150200250%275 515 819 1161 1340 1581 2097 2255 1931-40%0%40%80%120%160%05001000150020002500%3.58 4.55 5.28 5.54 6.05 6.24 6.54 6.56 6.54-10%0%10%20%30%02468%2022 2023 2023 22 7 2023 5 2023 460 86 2023 3 4 8 2022 2022 1 2022 3 2022 4 2022 5 2022 7 2022 8 2022 9 2022 10 2022 11 2023 1 2023 2 2023 3 2023 4 1 5+5+2+2+9+2+9+1+1+1-3+4+12+2 1+3+1+1-5+1-5+1+1+1-1-3+5+3 1+1+1-1-3+1-3+1-1-1-1-3+2+4 1-1+1-1-1+1-2+1-1-1-1-2+1+5 1-1+1-1-1-1-1+1-1-1-1-1-1-97 104 128 107 108 54 168 85 186 66 160 128 81 116 164 86 86 129 86 45 60 67 69 73 70 128 88 87 113 86 86 0204060801001201401601802001 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023 1 demo 2 demo 3 ChatGPT+AIGC 2022 A I“9 3A:2 28 NPC 1000 1000 8 3000 1200 8 10 2021 2022/MMO MMO MMO MMO MMO MMO SLG SLG Roguelike BUG M66)MMORPG MA RPG JRPG 2 MMORPG/2 MMORPG MMO pipeline 11 wind 12 2023 6 15()()%PE 2022 2023E 2024E 2022 2023E 2024E 2022 2023E 2024E 154.8 45.9 2.18 5.9 67.6-25.4 10.32 17.30 12.90 15 9 12 214.2 138.6 4.74-5.5 11.2 6.6 19.30 21.47 22.89 11 10 9 153.4 80.2 2.08-3.1 18.6 6.7 12.65 15.01 16.02 12 10 10 218.1 74.3 3.35 9.6 7.4 5.8 16.80 18.04 19.09 13 12 11 348.4 22.5 3.65-15.3 8.6 11.1 20.82 22.62 25.13 17 15 14 237.6 94.7 4.91-23.1 39.3 9.2 11.65 16.23 17.72 20 15 13 221.7 34.3 1.31 16.7 23.4 9.8 9.43 11.65 12.79 24 19 17 61.6 10.6 2.14 20.6-10.7 48.7 3.36 3.00 4.46 18 21 14 36.2 1.8 3.50 4.8 26.5 19.9 1.37 1.73 2.08 26 21 17 211.3 101.4 1.60 97.8-36.2 14.3 12.65 8.07 9.23 17 26 23 73.8 15.9 1.31-47.8 76.7 18.4 1.26 2.23 2.64 59 33 28 40.0 2.4 0.13-28.1 101.0 36.0 0.41 0.82 1.12 98 49 36 319.4 16.4 0.63-3.6 12.9 8.7 4.69 5.29 5.75 68 60 56 AIGC IP AIGC IP 2B AI+AIGC AI AI+IP AI+12 2022 E ECO 1195 921 334 APP 333 1300 1.6 345 21 K12 AI 14 2000 1600 13 1 22 2 22 6 1 3 2022 22 18.6%5.8%2022 wind 33 56 38 020406022 6-8 22 9-12 23 1-3 33 38 47 42 33 0102030405022Q1 22Q2 22Q3 22Q4 23Q1 22 140 120 90 56 0 20 40 60 80 100 120 140 160 TV 22-16.7%-10.3%-24.3%-17.4%050100150200250300350400450 19%01020304050%-120%-100%-80%-60%-40%-20%0%20%40%19Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q1%14 1 2 5 1 10 31 3 23 1-5 200.9+44.2%21 13.2%4.99+44.5%21 19.8%21 APP wind 21-23 1-5 30.4 112.1 22.6 22.5 43.8 24.6 95.0 8.3 5.1 6.4 92.4 35.3 17.1 25.6 30.5 0204060801001201 2 3 4 5 21 22 23 010020030040050060020Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 19%-1400%-1200%-1000%-800%-600%-400%-200%0%200%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 2019 2020 2021 2022 2023 1-5 2023 5 TOP10 19.5%18.6%18.5%19.2%19.3%13.7%15.1%15.2%16.9%16.8%7.9%7.6%7.7%7.3%8.1%3 4.8%4.1%4.3%4.3%4.0%8 4.2%4.3%4.2%4.2%4.3%6 4.0%4.0%4.1%4.4%4.2%7 0.8%1.6%1.7%2.1%2.3%12 15 AI IP AIGC AIGC 2D AI AIGC/IP IP AI IP ChatGPT IP C AI AI IT 2023 1 Netflix WIT STUDIO AIGC 2022 2022 43.83 3.5%2022 3.5 48.21%25.3%2022 15.7 10.56%16 2018-2022 2022 2018-2022 2018-2022 2012-2022 0%10%20%30%40%50%60%05101520 YoY%电商各环节示意图 AI为各环节赋能 7*24 7*24 17/店家 MCN 仓库 商品上架 商品推广 仓储管理 物流发货 智能选品 直播带货（真人/虚 拟人）官方客服 客服服务 直 播电商 各环节示 意图 货架/跨境电 商各环 节示意 图 AI MCN AI AIOS AI 2023 5 19 5 22 直播前 直播中 直播后 18 AIGC/AI 19 AI CTR 23 1-3-2.3%-11.9%+0.2%23Q1 4.5%23 4 15.1%2.9%Q2-Q4 CTR 22.01-23.04 2.8%-7.0%-12.6%-19.5%-24.1%-9.2%-8.7%-6.2%-11.5%-15.6%-10.5%-18.0%-2.5%-11.9%0.2%15.1%-13.2%-14.7%-1.7%-9.4%9.5%6.9%-0.8%4.3%3.3%-1.2%-5.8%6.4%4.5%-23.3%11.7%2.9%-30%-25%-20%-15%-10%-5%0%5%10%15%20%22.01 22.02 22.03 22.04 22.05 22.06 22.07 22.08 22.09 22.10 22.11 22.12 23.01 23.02 23.03 23.04%22.01-23.04 LCD 20.9%30.2%-20%-15%-10%-5%0%5%10%15%20%25%30%35%22.01 22.02 22.03 22.04 22.05 22.06 22.07 22.08 22.09 22.10 22.11 22.12 23.01 23.02 23.03 23.04 LCD%20 AI AI 1 OpenAI New Bing Edge New Bing DAU Bing Chat 2 AI 3 36 TechWeb wind 19%05010015020025030035040045020Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 01020304050607080-100%-50%0%50%100%New Bing Bing Chat 51 2022 12 10.67 23Q1 APP 5.4 23Q1 31.7%CNNIC 21 APP 4.2 4.3 4.7 4.9 5.1 6.7 6 5.4 5.0 5.3 5.4 5.5 5.1 5.4 5.4 5.4 5.2 5.4 012345678 APP%0%20%40%60%80%100%2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 7.7 8.3 8.9 9.9 10.3 10.7 7.3%7.1%11.5%4.3%5.6%0%2%4%6%8%10%12%14%0246810122017.12 2018.12 2019.12 2020.12 2021.12 2022.12%23Q1 22-20%-10%0%10%20%30%40%50%60%70%0200400600800100012001400 QQ TME-TME-BOSS 22Q1 22Q4 23Q1 23Q1%23Q1%Wind 23Q1 23 23Q1 22Q3 22Q4 23Q1 23Q1 E 22Q3 22Q4 23Q1 23Q1 E 1401 1450 1500 1463 2.5%323 297 325 332-2.1%yoy-1.6%0.5%10.7%1.6%19.4%27.4%-S 244 254 250 248 1.0%75 48 76 57 32.8%yoy 10.1%4.0%6.3%93.6%-27.1%47.8%-SW 325 331 311 300 3.8%59 54 57 43 32.0%yoy 1.9%0.0%9.6%-8%32%48%-W 231 283 252 245 2.9%-6.7-0.5 0.4-4.6 109.2%yoy 12.9%15.8%19.7%-86%-99%-101%-SW 74 74 70 68 2.3%14 14 15 13 15.2%yoy-5.6%-2.4%5.4%79%65%56%BOSS 12 11 13 13 1.1%3.8-1.8 2.4 1.8 35.3%yoy-2.7%-0.8%12.3%0-153%-2112%-W 58 61 51 51-0.6%-17.6-13.1-10.3-11.4 9.9%yoy 11.3%6.3%0.3%-34%-21%-38%-SW 32 31 28 29-0.9%8 13 8 7 11.9%yoy-18.3%-20.6%-7.6%-30%-34%-10%75 76 83 80 4.6%1.9 3.0 9.4 5 82.3%yoy-1.6%2.8%14.7%-111%-117%479%24 21 19 18 5.4%1.1-4.4 0.9 0.0 4959.1%yoy-20.1%-25.2%-20.9%-78%41%84%-SW 2072 2478 2082 2092-0.5%338 499 274 254.0 7.9%yoy 3.0%2.1%2.0%16%20%13%-W 626 601 586 575 2.0%35.26579 8.29145 54.91441 19.5 181.9%yoy 28%21%27%-163.8%-121.1%-253.1%355 398 376 323 16.5%124 121 81 60.0 35.0%yoy 65%46%58%619.4%43.4%92.9%-SW 2435 2954 2430 2406 1.0%100 77 76 53.4 42.1%yoy 11%7%1%553%115%88%Non-GAAP Wind CME 24 kweb 4 PCE%5.86.06.26.46.66.87.07.27.4:7 5 6 16-25%-20%-15%-10%-5%0%5%10%15%20%0510152025303540kweb%012345678:PCE:PCE:Open AI 2022 11 ChatGPT 5 Open AI 100 1 ChatGPT Twitter 25 NLP CV-M6-Alicemind-DA-Transformer Pico VR XR K-PLUG 23Q1 AI-W-S-W Wind 26 Non-GAAP PS（）PE（）2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 2023E 2024E 29391 6247 6984 7741 1463 1747 1959 4.7 4.2 20 17-W 7122 2774 3413 4087 25 184 314 2.6 2.1 290 39-W 2170 1136 1307 1471-62 33 109 1.9 1.7/66-S 4319 1052 1159 1266 228 255 278 4.1 3.7 19 17-SW 451 245 287 326-70-35-11 1.8 1.6/52 18 25 34 0.6 1.3 2.3 2.9 2.1 82 40 327 83 92 99 15.4 17.6 19.9 3.9 3.6 21 19 75 37 45 50 2.7 6.1 8.1 2.0 1.7 28 12 99 23 29 34-9.4-4.0-0.2 4.4 3.5/2023/6/26 AI TMT AI C AI 1 AI 2 AI+3 IP IP 4 5 6 7-W-S-W AI 27 S0850518080001(010)58067907 Email:S0850517080001(021)23154120 Email:S0850519070002 021-23219104 Email S0850523030003(021)23212208 Email:(021)23219774 Email:28 29 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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