东吴证券国际经纪-多元布局电竞，开创数字体育新时代

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3.0 蕉下梦 2024-07-27 132 2.36MB 24 页 免费
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NIP Group Inc. (NIPG)
Equity Research·Company Research·Game
1 / 24
东吴证券（香港）
请务必阅读正文之后的免责声明部分
Diversified esports layout, pioneering a new
era in digital sports
Investment Rating (N/A)
Forecast & Valuation
2023A
2025E
Revenue (USD mn)
83.7
104.6
Growth (YoY %)
27.0%
15.2%
Net profit (USD mn)
-13.3
7.2
Growth (YoY %)
110.2%
4210.3%
Adjusted EBITDA (USD mn)
-1.7
14.0
Growth (YoY %)
110.2%
68.8%
Investment Thesis
◼ Diversified business development with esports as the core. NIP Group boasts well-
known esports club brands, eStar Gaming and Ninjas in Pyjamas (NIP), and is involved in
various mainstream esports. As of the end of 2023, NIPG had 125 professional players,
participating in 13 major global esports leagues and winning a total of 117 championships.
While deeply cultivated in the esports sector, the company also focuses on building the
digital sports industry chain and exploring diversified business layouts. Its subsidiaries,
MAG Studio and Dragon V, are leading event operation and content service providers in
China. Additionally, eStar Entertainment, a digital sports talent brokerage agency, has
signed 10,000+ broadcasters, covering major streaming platforms. Through horizontal
expansion and vertical resource integration, NIPG aims to become a global comprehensive
digital sports group.
◼ Esports team operation: multiple brand operation flourishes with more monetization
opportunities. The company operates two esports brands: the PC/console esports club
Ninjas in Pyjamas and the mobile esports club eStar Gaming. By managing multiple
brands, the company can cover more game tracks, obtain more event revenue shares, and
mitigate the risk of underperformance by any single team in a season, ensuring long-term
stability. Looking ahead, the company plans to maintain its top-tier esports organization
status through organic growth and acquisitions of esports teams. It also aims to expand
commercial opportunities, including brand merchandise sales and IP licensing.
◼ Talent management service: growing brand influence and fanbase. In 2021, the
company launched its talent management service business under the eStar Entertainment
brand. Its main business activities include live streaming brokerage and professional
content production, covering mainstream platforms including Huya and TikTok. The
company has signed over 36,000 KOLs, with a total audience and fanbase exceeding 33
million and 66 million, respectively.
◼ Event production: boosting industry vitality and brand awareness. Since 2020, the
company has hosted over 400 events in more than 70 cities, providing event production
services for game developers, publishers, streaming platforms, and other organizations. By
offering customized solutions and optimizing viewer experiences, the company has
enhanced its brand recognition and industry status.
◼ "Esports+" model: enhancing revenue stability and sustainability. The company has
entered 2.0 stage of the "esports+" model, generating talent management income through
advertising, sponsorship agreements, live streaming, and events. It also offers
entertainment marketing and consulting services to global corporate brands. Beyond
traditional esports business, the company is exploring opportunities in esports education
and training, digital collectibles, IP licensing, esports hotels, and esports industry parks.
These efforts aim to demonstrate the brand's value over longer competition cycles and
improve its revenue stability and sustainability.
◼ Earnings Forecast & Rating: We expect the company's revenue for 2024-2026 to be
USD90.8/104.6/133.5mn, with year-over-year growth of 8.5%/15.2%/27.6%, and adjusted
EBITDA of USD7.2/14.0/22.0mn. We are bullish on its long-term prospects and profit
resilience, recommending investors to pay close attention.
◼ Risks: Lower-than-expected brand recognition or strength, lower-than-expected business
integration, intensified competition.
[Table_PicQuote]
[Table_Base]
[Table_Author]
24 July 2024
Research Analyst
Ruibin Chen
(852) 3982 3212
chenrobin@dwzq.com.hk
星竞威武（NIPG）
证券研究报告·公司研究·游戏
2 / 24
东吴证券（香港）
请务必阅读正文之后的免责声明部分
[Table_Main]
多元布局电竞，开创数字体育新时代
投资评级（暂无）
盈利预测与估值
2023A
2024E
2025E
2026E
营业总收入（百万美元）
83.7
90.8
104.6
133.5
同比（%）
27.0%
8.5%
15.2%
27.6%
归母净利润（百万美元）
-13.3
0.2
7.2
11.9
同比（%）
110.2%
-101.3%
4210.3%
64.6%
经调整 EBITDA（百万美元）
-1.7
7.2
14.0
22.0
同比（%）
110.2%
-484.4%
68.8%
22.8%
投资要点
◼ 电子竞技业务为核心，多元化业务并行发展。星竞威武集团（NIP Group）
拥有知名电子竞技俱乐部品牌 eStar Gaming 与Ninjas in Pyjamas（NIP），
布局多个主流电竞项目；截至 2023 年底，集团拥有 125 名职业选手，参与
全球 13 个主流电竞联赛，共收获 117 个赛事冠军。在深耕电子竞技赛道的
同时，公司聚焦数字体育产业链建设，持续探索多元化业务布局。集团旗下
子公司 MAG 红鲤文化、大威翔龙是国内领先的赛事运营机构和内容服务
商，数字体育人才经纪机构 eStar 娱乐累计签约主播超万名、覆盖多个主流
直播平台。横向扩张业务、纵向整合资源，星竞威武致力于成为全球性综合
数字体育集团。
◼ 电竞俱乐部：多品牌运作渐入佳境，商业化空间不断提升。公司旗下经营
两个电子竞技品牌：PC/主机电竞俱乐部 Ninjas in Pyjamas 和移动电竞俱乐
部eStar Gaming。通过多品牌运作，公司不仅可以覆盖更多游戏赛道、取得
更多赛事分成，同时也可以分散单只队伍在单一赛季成绩不及预期的风险、
形成中长期的稳定预期。展望未来，公司将继续通过自然发展及收购电竞
团队，保持顶级电竞组织的地位；同时，持续拓展商业化空间，将收入来源
扩展至品牌商品销售以及 IP 许可等领域。
◼ 数字人才体育经纪：品牌影响力及粉丝数持续提升。公司于 2021 年以 eStar
娱乐为品牌基础、启动了数字人才体育经纪业务；目前主要业务以直播经
纪和直播专业内容生产为基础，覆盖虎牙、抖音等主流直播平台，累计签约
艺人超 36,000 人，观众数和全网粉丝量超 3,300/6,600 万。
◼ 赛事活动：提升行业活力，增强品牌认知度。自2020 年以来，公司已在 70
多个城市举办超 400 场活动，为游戏开发及发行商、直播平台和其他机构
提供活动制作服务。公司在提供定制解决方案、优化观众观看体验的同时，
增强了自身的品牌认知和行业地位。
◼ “esports+”模式：增强收入增长稳定性和可持续性。公司已进入“esports+”模
式2.0 阶段，通过广告、赞助协议、直播及活动获得人才管理收入，并为全
球企业品牌提供娱乐营销和咨询服务。除传统电竞业务外，公司正积极探
索电竞教育培训、数字收藏品、IP 许可、电竞酒店和电竞产业园等领域的
机会，将在更长赛事周期中证明其品牌价值并提升收入增长稳定性和可持
续性。
◼ 盈利预测与投资评级：总体来看，星竞威武在电竞赛道深耕多年、布局多
个主流电竞项目，多次在全球性职业电竞赛事中斩获佳绩；同时，公司坚持
“esports+”策略，通过人才管理、活动制作和广告业务等补充传统电竞业
务，并提供多种创新业务以创造多元化和可持续的收入来源，推动公司规
模持续增长。我们预计，2024-2026 年公司收入为 0.91/1.05/1.34 亿美元，同
比+8.5%/+15.2%/+27.6%，经调整 EBITDA 为721/1,403/2,198 万美元，我们
认为公司长期发展空间和盈利弹性较大，建议投资者积极关注。
◼ 风险提示：品牌认知及实力风险、业务整合风险、市场竞争加剧风险。
[Table_PicQuote]
[Table_Base]
[Table_Report]
[Table_Author]
2024 年7月24 日
分析师
陈睿彬
(852) 3982 3212
chenrobin@dwzq.com.hk
3 / 24
东吴证券（香港）
请务必阅读正文之后的免责声明部分
[Table_Yemei]
公司深度研究
F
内容目录
1. 以电竞为核心，打造综合性数字体育集团 .................................................................................. 5
2. 电竞行业发展迅速、商业化潜力可期 .......................................................................................... 8
3. 电竞为基，积极拓展“esports+”业务 .......................................................................................... 12
3.1. 电竞俱乐部：多品牌运作渐入佳境，商业化空间不断提升........................................... 12
3.2. 数字人才体育经纪：品牌影响力及粉丝数持续提升....................................................... 15
3.3. 赛事活动：提升行业活力，增强品牌认知度................................................................... 16
3.4. “esports+”模式：增强收入增长稳定性和可持续性 .......................................................... 18
4. 盈利预测与投资建议 .................................................................................................................... 20
5. 风险提示 ........................................................................................................................................ 21

标签： #体育 #电竞

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