《大行报告》大摩上调阅文(00772.HK)目标价至45元 评级「与大市同步」
大摩发表研究报告指,阅文(00772.HK)股价自4月27日上升超过40%,主因管理层的转变,以及腾讯(00700.HK)探索免费阅读模式。大摩信策略合适,目标价由33元升至45元,但由於上行空间有限,维持「与大市同步」评级。
该行指,公司用户已经超过2亿,市场占比逾50%,但付费用户不足1,000万人(付费率约4.5%),认为原因与其单一收费模式有关,目前公司文学作品收费为每1,000字0.05元人民币,而按平均一部作品700万字计算,收费较昂费,在腾讯免费模式下,相信有助公司用户增长。
该行又预期阅文旗下新丽传媒市场份额会继续增长,而且与腾讯的协同效应会持续加强,包括降低风险和现金压力。
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