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招銀國際:給予中手遊(0302.HK)“買入”評級 目標價4.39港元
格隆匯 02-24 21:29

招商銀行國際證券於2月24日發佈一份關於中手遊(0302.HK)的研報,給予該公司“買入”評級,目標價為4.39港元。截止2月24日當天,中手遊收盤價為3.45港元。

研報稱,以4.39港元的目標價衡量,2020年中手遊的平均市盈率將為11.4倍,仍低於行業平均22倍的市盈率水平,估值極具吸引力。而有四個因素將給中手遊股價帶來積極的價格驅動因素和催化劑:(1)豐富的遊戲儲備;(2)受益於疫情影響,2020年一季度的吸金效果明顯;(3)未來年度業績可能帶來驚喜;(4)即將登陸港股通帶來的收益效果。

研報指出,中手遊在2018—2021財年的收入預計將以每年112%、28%和19%的速度增長,其中游戲發行業務仍將佔總收入的大部分。在豐富的IP儲備和成熟的遊戲發行業務協調作用下,預計中手遊在2018~2021財年屬於開發的收入將以63%的年複合增長率增長,而在2019財年中收入組合中佔比將達到14%。中手遊作為國內最大的IP遊戲運營商及發行商,憑藉豐富的IP儲備和知名IP資源,獲得豐富的改編遊戲,並吸引忠實的遊戲玩家,擁有更長的生命週期。

該機構認為,中手遊的MAU和ARPU也將繼續增長,主要得益於《全明星激鬥》《真·三國無雙》和《航海王熱血航線》等2020年度推出的熱門遊戲的貢獻。同時該機構預期中手遊在2018~2021財年的收入和淨利潤將分別以48%和46%的年複合增長率增長。

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