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1、NIP Group Inc.(NIPG)Equity ResearchCompany ResearchGame 1/24 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分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 2024E 2025E 2026E Revenue(USD mn)83.7 90.8 104.6 133.5 Growth(YoY%)27.0%8.5%1

2、5.2%27.6%Net profit(USD mn)-13.3 0.2 7.2 11.9 Growth(YoY%)110.2%-101.3%4210.3%64.6%Adjusted EBITDA(USD mn)-1.7 7.2 14.0 22.0 Growth(YoY%)110.2%-484.4%68.8%22.8%Investment Thesis Diversified business development with esports as the core.NIP Group boasts well-known esports club brands,eStar Gaming and

3、 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 t

4、he 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 ma

5、jor 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/consol

6、e 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 compan