網龍(00777.HK)：遊戲強勁，在線教育迎風起航，維持“買入”評級
機構：廣發證券
評級：買入
核心觀點：
遊戲強勁增長。核心IP《魔域》系列遊戲19H1收入同比+56.5%，預計端遊（含互通版）19H2到目前流水維持穩定略增，12月新資料片“御劍天下”上線及王力宏代言驅動用户活躍度提升。儲備多款有版號手遊，《終焉誓約》由B站獨代，預計20H1上線，《魔域傳説》H5、《英魂王座》、《英魂之刃戰略版》預計於20H2上線；另外，《魔域2》、《決戰巨神峯》等手遊在版號審批中。
教育：蓄勢多年，國內+海外、產品+內容+平台多方佈局、多點推進，疊加疫情驅動在線教育需求激增，預計2020年國內、海外教育業務均有不錯增長。海外：普米在歐美等發達國家收入保持增長，新興市場如埃及、俄羅斯、土耳其有項目在落地中或有招標機會，預計19H2收入好於上半年，2020年收入回升。國內2020年收入有望提速：SaaS業務落地教育部學校規建中心項目，與北師大簽約智慧校園建設項目，福州智慧教育項目累計中標近6千萬元人民幣。疫情驅動需求增長，旗下網教通、101PPT、Edmodo加快落地。?近期貝斯特教育融資、上市公司融資，旨在為教育板塊新項目落地及潛在收購投資提供彈藥；向副董事長樑念堅博士授出購股權，旨在激勵高管並推動教育板塊增長。
維持“買入”評級。預計19~20年歸母淨利分別為人民幣7.83億元、9.91億元，當前股價對應PE分別為13.4倍、10.6倍。根據SoTP，遊戲業務給予20年10倍PE，國內教育給予2020年10倍PE，普米給予2020年15倍PE，Edmodo按此前收購估值，得到合理價值36.9港元/股。核心遊戲仍增長，多款新遊待上線，在線教育行業需求激增，公司教育開始多點變現，融資為新項目落地及潛在投資併購提供彈藥。
風險提示：老遊戲收入增長放緩，新遊表現不達預期；普米新項目落地及收入確認時間導致收入波動，國內教育業務進展不達預期，虧損擴大。
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