Roblox深度报告：Metaverse第一股，元宇宙引领者

风研海外2021-05-25

核心观点Roblox:游戏UGC平台的先驱者和领头人：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想象、创造以及与朋友同乐的空间。高活跃度+高沉浸时长+稳定付费率提升：Roblox如何做到？UGC内容生态+社交属性构筑双飞轮效应成长逻辑：●DAU增长，1）核心用户5-24岁渗透率持续增长；2）欧美...

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wky
2021-05-25
wky
ppt做的不错
jjt
2021-05-25
jjt
RBLX[财迷] [财迷] [财迷]
- KHOO:
  [财迷] [财迷] [财迷]

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21:43","market":"us","language":"zh","title":"Roblox深度报告：Metaverse第一股，元宇宙引领者","url":"https://stock-news.laohu8.com/highlight/detail?id=1199482586","media":" 风研海外","summary":"核心观点Roblox:游戏UGC平台的先驱者和领头人：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想","content":"<p><b>核心观点</b></p><p><b>Roblox:游戏UGC平台的先驱者和领头人</b>：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想象、创造以及与朋友同乐的空间。</p><p><b>高活跃度+高沉浸时长+稳定付费率提升</b>：Roblox如何做到？</p><p><b>UGC内容生态+社交属性构筑双飞轮效应</b></p><p>成长逻辑：</p><p><b>●DAU增长</b>，1）核心用户5-24岁渗透率持续增长；2）欧美以外的市场渗透率持续提升；<b>ARPU增长</b>，1）时间黏性+优质内容生态扩张驱动单用户收益提升；2）平均年龄提升提高付费水平</p><p><b>●DAU/流水预测：</b>保守预期下，25E DAU 8910万，同比增速15.3%，20-25E年CAGR 22.4%；25E 流水71.6亿美金，同比增长17.6%，20-25E年CAGR 30.6%；25E ABPDAU 80.3美金，同比增长2%。</p><p>第二增长曲线：</p><p>●1）<b>中国市场开发，25E有2.5亿-7.4亿Ebitda空间</b>。25E在核心用户TAM渗透率达到5%，对应1200万DAU，和$80.3 ABPDAU，对应9.7亿美金收入。</p><p>●2）<b>广告空间</b>，保守预期下，Roblox每小时广告收入$0.03，为社交媒体平均的1/5，对应<b>22亿广告收入，8.9亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为2289，增长幅度63.2%，利润率为24.4%。中性预期下，Roblox每小时广告收入$0.05，为社交媒体平均40%，对应<b>44亿广告收入，17.7亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为3175，增长幅度126.3%，利润率为33.9%。</p><p>●<b>以CPM验证广告空间</b>：保守预期下，Roblox CPM平均收费为$4.24，为社交媒体平均60% （考虑到使用时长和用户黏性，我们认为真实CPM收费会高于社交媒体平均），对应<b>21.7亿广告收入，8.7亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为22.7，增长幅度61.9%，利润率为24.2%。</p><p><b><i>风险提示：内容生态构筑风险；未来UGC游戏平台面临竞争风险；测算DAU或ABPDAU增长不及预期- 1）变现能力提升不及预期2）用户扩张不及预期；第二增长曲线不及预期– 1）中国市场发展缓慢2）广告商业化进度缓慢</i></b><img src=\"https://static.tigerbbs.com/aaa2c8053a9ecb678f3a58c338dc50b9\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/1752f87b813ecdc11e16caede086abfb\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4ff2e3bca2bf7ef8f115bf1c93452047\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a014dbd744e7db4af8375a141182bb9f\" tg-width=\"1021\" 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3D游戏，提供一个想象、创造以及与朋友同乐的空间。高活跃度+高沉浸时长+稳定付费率提升：Roblox如何做到？UGC内容生态+社交属性构筑双飞轮效应成长逻辑：●DAU增长，1）核心用户5-24岁渗透率持续增长；2）欧美...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/MOwtFbDJfT4yEVjyVQcvSQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/140fc6c1463a498e65d516de4ff7fe68","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://mp.weixin.qq.com/s/MOwtFbDJfT4yEVjyVQcvSQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199482586","content_text":"核心观点Roblox:游戏UGC平台的先驱者和领头人：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想象、创造以及与朋友同乐的空间。高活跃度+高沉浸时长+稳定付费率提升：Roblox如何做到？UGC内容生态+社交属性构筑双飞轮效应成长逻辑：●DAU增长，1）核心用户5-24岁渗透率持续增长；2）欧美以外的市场渗透率持续提升；ARPU增长，1）时间黏性+优质内容生态扩张驱动单用户收益提升；2）平均年龄提升提高付费水平●DAU/流水预测：保守预期下，25E DAU 8910万，同比增速15.3%，20-25E年CAGR 22.4%；25E 流水71.6亿美金，同比增长17.6%，20-25E年CAGR 30.6%；25E ABPDAU 80.3美金，同比增长2%。第二增长曲线：●1）中国市场开发，25E有2.5亿-7.4亿Ebitda空间。25E在核心用户TAM渗透率达到5%，对应1200万DAU，和$80.3 ABPDAU，对应9.7亿美金收入。●2）广告空间，保守预期下，Roblox每小时广告收入$0.03，为社交媒体平均的1/5，对应22亿广告收入，8.9亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为2289，增长幅度63.2%，利润率为24.4%。中性预期下，Roblox每小时广告收入$0.05，为社交媒体平均40%，对应44亿广告收入，17.7亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为3175，增长幅度126.3%，利润率为33.9%。●以CPM验证广告空间：保守预期下，Roblox CPM平均收费为$4.24，为社交媒体平均60% （考虑到使用时长和用户黏性，我们认为真实CPM收费会高于社交媒体平均），对应21.7亿广告收入，8.7亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为22.7，增长幅度61.9%，利润率为24.2%。风险提示：内容生态构筑风险；未来UGC游戏平台面临竞争风险；测算DAU或ABPDAU增长不及预期- 1）变现能力提升不及预期2）用户扩张不及预期；第二增长曲线不及预期– 1）中国市场发展缓慢2）广告商业化进度缓慢","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":138490678,"gmtCreate":1621952186494,"gmtModify":1621952186494,"author":{"id":"3436263988533594","authorId":"3436263988533594","name":"jjt","avatar":"https://static.laohu8.com/a75b3f451d2b0bcf24d17379274fe5eb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3436263988533594","authorIdStr":"3436263988533594"},"htmlText":"RBLX[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"RBLX[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"RBLX[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/138490678","repostId":1199482586,"repostType":4,"repost":{"id":"1199482586","kind":"news","pubTimestamp":1621950223,"share":"https://www.laohu8.com/m/news/1199482586?lang=&edition=full","pubTime":"2021-05-25 21:43","market":"us","language":"zh","title":"Roblox深度报告：Metaverse第一股，元宇宙引领者","url":"https://stock-news.laohu8.com/highlight/detail?id=1199482586","media":" 风研海外","summary":"核心观点Roblox:游戏UGC平台的先驱者和领头人：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想","content":"<p><b>核心观点</b></p><p><b>Roblox:游戏UGC平台的先驱者和领头人</b>：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想象、创造以及与朋友同乐的空间。</p><p><b>高活跃度+高沉浸时长+稳定付费率提升</b>：Roblox如何做到？</p><p><b>UGC内容生态+社交属性构筑双飞轮效应</b></p><p>成长逻辑：</p><p><b>●DAU增长</b>，1）核心用户5-24岁渗透率持续增长；2）欧美以外的市场渗透率持续提升；<b>ARPU增长</b>，1）时间黏性+优质内容生态扩张驱动单用户收益提升；2）平均年龄提升提高付费水平</p><p><b>●DAU/流水预测：</b>保守预期下，25E DAU 8910万，同比增速15.3%，20-25E年CAGR 22.4%；25E 流水71.6亿美金，同比增长17.6%，20-25E年CAGR 30.6%；25E ABPDAU 80.3美金，同比增长2%。</p><p>第二增长曲线：</p><p>●1）<b>中国市场开发，25E有2.5亿-7.4亿Ebitda空间</b>。25E在核心用户TAM渗透率达到5%，对应1200万DAU，和$80.3 ABPDAU，对应9.7亿美金收入。</p><p>●2）<b>广告空间</b>，保守预期下，Roblox每小时广告收入$0.03，为社交媒体平均的1/5，对应<b>22亿广告收入，8.9亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为2289，增长幅度63.2%，利润率为24.4%。中性预期下，Roblox每小时广告收入$0.05，为社交媒体平均40%，对应<b>44亿广告收入，17.7亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为3175，增长幅度126.3%，利润率为33.9%。</p><p>●<b>以CPM验证广告空间</b>：保守预期下，Roblox CPM平均收费为$4.24，为社交媒体平均60% （考虑到使用时长和用户黏性，我们认为真实CPM收费会高于社交媒体平均），对应<b>21.7亿广告收入，8.7亿广告Ebitda</b>；算上广告第二增长曲线后，25E Ebitda为22.7，增长幅度61.9%，利润率为24.2%。</p><p><b><i>风险提示：内容生态构筑风险；未来UGC游戏平台面临竞争风险；测算DAU或ABPDAU增长不及预期- 1）变现能力提升不及预期2）用户扩张不及预期；第二增长曲线不及预期– 1）中国市场发展缓慢2）广告商业化进度缓慢</i></b><img src=\"https://static.tigerbbs.com/aaa2c8053a9ecb678f3a58c338dc50b9\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/1752f87b813ecdc11e16caede086abfb\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4ff2e3bca2bf7ef8f115bf1c93452047\" tg-width=\"1021\" tg-height=\"680\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a014dbd744e7db4af8375a141182bb9f\" tg-width=\"1021\" 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3D游戏，提供一个想象、创造以及与朋友同乐的空间。高活跃度+高沉浸时长+稳定付费率提升：Roblox如何做到？UGC内容生态+社交属性构筑双飞轮效应成长逻辑：●DAU增长，1）核心用户5-24岁渗透率持续增长；2）欧美...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/MOwtFbDJfT4yEVjyVQcvSQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/140fc6c1463a498e65d516de4ff7fe68","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://mp.weixin.qq.com/s/MOwtFbDJfT4yEVjyVQcvSQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199482586","content_text":"核心观点Roblox:游戏UGC平台的先驱者和领头人：全球最大的互动社区之一及大型多人游戏创作平台。通过游戏将全世界连接在一起，让任何人都能探索全球社区开发者建立的数千万个沉浸式 3D游戏，提供一个想象、创造以及与朋友同乐的空间。高活跃度+高沉浸时长+稳定付费率提升：Roblox如何做到？UGC内容生态+社交属性构筑双飞轮效应成长逻辑：●DAU增长，1）核心用户5-24岁渗透率持续增长；2）欧美以外的市场渗透率持续提升；ARPU增长，1）时间黏性+优质内容生态扩张驱动单用户收益提升；2）平均年龄提升提高付费水平●DAU/流水预测：保守预期下，25E DAU 8910万，同比增速15.3%，20-25E年CAGR 22.4%；25E 流水71.6亿美金，同比增长17.6%，20-25E年CAGR 30.6%；25E ABPDAU 80.3美金，同比增长2%。第二增长曲线：●1）中国市场开发，25E有2.5亿-7.4亿Ebitda空间。25E在核心用户TAM渗透率达到5%，对应1200万DAU，和$80.3 ABPDAU，对应9.7亿美金收入。●2）广告空间，保守预期下，Roblox每小时广告收入$0.03，为社交媒体平均的1/5，对应22亿广告收入，8.9亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为2289，增长幅度63.2%，利润率为24.4%。中性预期下，Roblox每小时广告收入$0.05，为社交媒体平均40%，对应44亿广告收入，17.7亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为3175，增长幅度126.3%，利润率为33.9%。●以CPM验证广告空间：保守预期下，Roblox CPM平均收费为$4.24，为社交媒体平均60% （考虑到使用时长和用户黏性，我们认为真实CPM收费会高于社交媒体平均），对应21.7亿广告收入，8.7亿广告Ebitda；算上广告第二增长曲线后，25E Ebitda为22.7，增长幅度61.9%，利润率为24.2%。风险提示：内容生态构筑风险；未来UGC游戏平台面临竞争风险；测算DAU或ABPDAU增长不及预期- 1）变现能力提升不及预期2）用户扩张不及预期；第二增长曲线不及预期– 1）中国市场发展缓慢2）广告商业化进度缓慢","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4450538,"gmtCreate":1621992623367,"gmtModify":1635399141376,"authorId":3583569788107101,"author":{"id":3583569788107101,"idStr":"3583569788107101","authorId":3583569788107101,"name":"KHOO","avatar":"https://static.tigerbbs.com/d7ad8e0b2070e8af7d8dcb3116251b19","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":138490678,"type":1,"supId":0,"prevId":0,"content":"[财迷] [财迷] [财迷]","text":"[财迷] [财迷] [财迷]","html":"[财迷] [财迷] [财迷]"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":20,"commentSize":2,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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