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網龍( 777.HK ) :新遊戲儲備豐富,深挖中國教育市場,維持“買入”評級,目標價26.55港元
格隆匯 09-30 09:10

機構:國元證券

評級:買入

目標價:26.55港元

投資要點

遊戲業務超預期,教育核心業務保持穩定增長:

2019年上半年公司實現收入26.7億元人民幣,同比增長8.2%,實現淨利潤4.21億元,同比增長109.7%。分開業務來看,公司遊戲收入15.76億元,同比增長51.6%,其中端遊收入同比增長52.1%,手遊收入同比增長76.2%;教育業務收入10.49億元,同比減少24.2%,如果剔除俄羅斯訂單影響業務收入則同比增長4.7%。公司整體毛利率大幅提升至69.8%,淨利率則恢復至14%,盈利情況較去年有較大改善。

遊戲IIPP持續貢獻收入,產品儲備豐富:

上半年《魔域》《英魂之刃》和《征服》三款核心IP價值繼續為公司貢獻價值,去年底公司更新了幾個大版本後,《魔域》玩家迴歸趨勢明顯,同時也吸引部分新玩家進入,產品月流水創新高。未來公司預計持續推出新遊戲和更新玩法深挖IP價值,目前公司共有10多款新遊戲處於開發或測算階段,預計中國遊戲版號審批將逐步恢復常態,公司下半年及2020年有望推出多款新遊戲,業務基本面已經改善。

買入評級,目標價526.55港元:

公司遊戲業務高速增長超出預期,老玩家迴歸明顯,預計下半年遊戲業務總體保持平穩,隨着新遊戲陸續上線,公司收入規模將提升;教育業務主要有兩個趨勢,一是普米開始在中國國內佈局,市場潛力較大,另一個是EDMODO開始佈局在線教育業務,提升商業化水平。考慮到非核心區域的海外訂單有不確定性影響,我們調低整原先海外教育業務預測增速,預計2019-2021年收入整體增速分別為13.1%/22.1%/13.7%元,採取分佈估值法,給予目標價26.55港元,對應2019年1倍教育PS及10倍遊戲業務PE,買入評級。

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