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FRIENDTIMES(06820.HK):領先的女性移動遊戲公司,首予“買入“評級,目標價3.20港元
格隆匯 03-13 14:51

機構:國泰君安

評級:買入

目標價:3.20港元

根據弗若斯特沙利文的報告,在大型手遊公司進入女性移動遊戲市場下,女性手遊市場的收入預計於2023年達到人民幣958億元,2018年至2023年期間的複合年增長率將達18.4%。此外,預計中國女性移動遊戲玩家的數量將從2018年開始以9.1%的複合年增長率增長,到2023年將達到396.1百萬。

玩友時代(06820HK,“公司”)是中國領先的女性向移動遊戲公司。按2018年女性向手機遊戲收入計算,公司排名第三。在其高知名度存量遊戲如《熹妃傳》與《熹妃Q傳》的推動下,公司在2016-2018財年實現收入強勁增長。此外,隨着1)預計玩家羣增長,2)每付費用户平均收入的預期增加和3)預計新遊戲帶動的強勁收入增長,公司的總收入預計將在2018年至2021年以38.1%的複合年增長率增長。

我們預測公司2019財年至2021財年股東淨利分別為人民幣379.3百萬元、人民幣575.3百萬元和人民幣754.1百萬元。股東利潤的持續增長主要受到以下因素的推動:1)預計2020年新主打遊戲的強勁表現;2)由於預期的海外擴張,毛利率有望提高。

我們首次覆蓋玩友時代並給予3.20港元的目標價以及“買入”的投資評級。目標價分別對應16.5倍、10.8倍和8.3倍2019-2021財年市盈率。

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