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尚乘研究發佈中手遊(0302.HK)首次覆蓋報告:給予“買入”評級 目標價4.4港元
格隆匯 05-08 17:58
格隆匯5月8日丨尚乘研究近日發佈中手遊(0302.HK)首次覆蓋報告,給予該公司“買入”評級,目標價為4.4港元,其中游戲發行業務估值4.1港元、戰略投資估值0.3港元。發行業務的4.1港元對應11.0x FY20E P/E,與中型同業公司估值水平一致。

報告稱,以4.4港元的目標價格衡量,預測中手遊2020財年的收入和核心淨利潤將分別同比增長44%,分別達到人民幣44億元和8.01億元。有三個因素將會帶動股價的提升:

1)5G科技的發展將為手遊帶來更多新體驗;2)手遊是遊戲行業中最有前景的細分市場,未來幾年會繼續保持高速增長;3)中手遊的熱門IP儲備及優質新遊戲(截至2020年第一季度已獲得28個遊戲版號)的加持。

報告指出,自成立起,中手遊專注手遊領域,FY17-19收入複合增長率為73%,遠高於行業平均水平。而目前股價對應6.8x FY20E P/E,遠低於11.0x的中型同業公司和18.3x的大型同業公司的估值水平。尚乘認為中手遊的IP戰略在遊戲變現上十分具有優勢,其所運營遊戲的生命週期高於目前手遊市場平均遊戲生命週期,其發行的遊戲中有11款生命週期超過3年。截至2019年底,中手遊有31個授權IP和68個自有IP,以IP數量計在中國手遊發行商中排在第二位,僅次於騰訊。基於其強大的IP儲備,報告預期中手遊的經營利潤率和核心淨利率將在FY20E分別達到21.7%和18.3%,並於FY22E擴大至23.6%和20.0%。

該機構認為中手遊是高增長的手遊運營商,為充分挖掘IP潛力,中手遊致力於藉助其豐富的遊戲運營經驗建立自研團隊、向上遊擴張。截至2019年底,中手遊已經收購了兩家子公司,並投資了14家手遊研發公司和3家創新遊戲開發公司。而子公司的自研遊戲《傳奇世界之雷霆霸業》在FY19取得了巨大成功,

今年計劃推出的9款新的自研遊戲,預計將在FY20E遊戲流水同比增長45%至55億元人民幣。

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