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招商證券國際:維持閲文集團(0772.HK)“買入”評級 目標價38港元
格隆匯 01-14 17:45

招商證券國際發佈報告稱,維持閲文集團(0772.HK)“買入”評級,目標價38港元,對應20E財年市盈率為26倍,目前市盈率為24倍。

該行稱,相信公司將通過聯合知識產權開發將其覆蓋範圍擴大到整個價值鏈,此外,公司進一步調整不同媒體、平台、垂直領域的知識產權,以充分利用它們的價值。該行表示,對公司的知識產權方面的領導地位和知識產權適應市場的巨大潛力保持樂觀態度。

該行表示,2019年11月26日,一部改編自同名小説的古裝劇——《慶餘年》,由騰訊視頻和愛奇藝首播,在豆瓣上獲得了超過20萬用户的7.9/10的評分,《慶餘年》的成功對公司來説是一個重要的里程碑,也為公司在IP改編方面的努力指明瞭方向。該行認為,《慶餘年》之所以能夠取得如此優異的成績,原因在於以下幾點:IP價值巨大;合理的情節改編;高標準鑄造及公司、NCM與騰訊影業在整個製作過程的深度合作,確保全方位的內容質量。

該行還稱,雖然《慶餘年》在騰訊視頻和愛奇藝上採用了超高級的VVIP格式觀看引起了爭議,但仍然認為這是一個正確的方向。隨着長期視頻平台逐漸瞭解用户的差異化支付意願,並通過更好的設置支付選項培養用户的接受度,該行認為爭議最終會消失,盈利機會也可以來自支付更多的結局選擇,更多的會員等級。

展望未來,招商證券國際認為,隨着盈利機會出現在更多的場景中,內容成本合理化,長格式視頻平台的盈利能力將變得更加明顯,閲文在未來也將能夠享受到更多的收入共享。

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