中手遊(00302.HK)再獲新時代推薦評級 與字節跳動首款合作產品開啟測試預約
新時代證券近日發佈一份關於中手遊(00302.HK)的研報，維持該公司的“推薦”評級，目標價調升為4.0-4.4元。
研報稱，以當前的目標價衡量，預測2020至2022財年中手遊的平均市盈率將分別為10.5倍、7.3倍和6.0倍，估值仍處於低位。有四個因素將給中手遊股價帶來短期催化效應：(1)遊戲IP航母，自有IP數量約70款；(2)公司註冊用户數 、ARPPU值等經營數據快速增長；(3)2020年下半年上線產品豐富， 與騰訊和頭條強強聯合，爆款可期；(4)公司IP遊戲改編及運營經驗豐富，與頭部大廠合作將進一步釋放IP變現潛力。
報告預期中手遊2020至2022年的營收將分別達到人民幣47.36億元、人民幣61.04億元、人民幣75.72億元，同比增長56.0%、28.9%、24.0%；淨利潤分別達到人民幣7.34億元、人民幣10.56億元、人民幣12.82億元，同比增長195.4%、43.9%、21.4%。
此前，新時代證券就曾發佈關於中手遊的首次覆蓋報告，首次給予“推薦”評級，目標價為3.65-3.85元。報告認為，中手遊入港股通後交易將會活躍；穿山甲及IOS平台買量需要提供版號；疫情期間在線娛樂需求增加，遊戲行業整體受益等因素將會刺激股價上漲。
報告指出，中手遊作為國內首家登陸美國市場的手遊公司，一直深耕IP遊戲發行，不斷投資IP的同時強化自研，現旗下擁有99款IP，粉絲廣泛且粘性大，變現潛力巨大，營收增長明顯。報告還指出，中國移動遊戲仍處於增長期，其中TOP級遊戲7成以上擁有IP，收入佔比達到總數的6成以上。而中手遊的IP儲備豐富，囊括中外，遊戲發行業務穩定，開發及IP授權變現初顯成效，2020年由騰訊頭條獨家代理的遊戲有望出現爆款。
另有公開信息顯示，中手遊與字節跳動旗下游戲品牌朝夕光年聯合發行的首款產品《航海王熱血航線》，現已在TapTap等熱門渠道及官網開啟首次刪檔測試預約。
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