智通财经APP获悉，晨星发布研报称，苹果(AAPL.US)已将在中国大陆App Store向游戏开发者收取的佣金从30%下调至25%，同时将小程序合作伙伴计划的费用从15%下调至12%。先前谷歌(GOOGL.US)与Epic Games达成和解，将Google Play的服务费从30%下调至20%。
这些进展再次印证晨星对中国游戏公司利润率扩张的预期，并可能加速这一预期。晨星通常预测，未来十年中国游戏公司的毛利率将增长5个百分点。据该行估计，仅苹果和谷歌的佣金下调就能为腾讯控股(00700)和网易-S(09999)带来低单位数的营业利润增长，而进一步的佣金下调将带来类似幅度的额外收益。更重要的是，iOS仅占内地游戏收入的30%左右，其余则由华为、小米集团-W(01810)等安卓App商店占据。如果这些平台也采取类似措施，腾讯和网易的经营利润增长幅度可望达到中至高单位数。
该行维持对拥有宽护城河的腾讯800港元和拥有窄护城河的网易(NTES.US)200美元的公允价值估计，因为该行的长期预测已经考虑到App费用降低和相应的利润率提升。认为这两只股票都被严重低估。
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