法巴:維持中手遊(00302.HK)買入評級 目標價調升至4.20港元
法國巴黎銀行於近日發佈一份中手遊(00302.HK)的研究報告,維持該公司的“買入”評級,目標價由原來的3.95港元調升至4.20港元。
研報稱,以當前4.20港元的目標價衡量,預測2019至2021財年中手遊的平均市盈率將分別為8.7倍、8.8倍和9.7倍,估值仍處於低位。有兩個因素將會促進中手遊股價的提升:(1)更多確定發行的遊戲;(2)2021年盈利的增長。
報告預期中手遊2018至2020財年的營收將分別達到人民幣15.96億元、人民幣30.36億元、人民幣42.54億元,同比增長依次為57.6%、90.2%、40.1%;同期的淨利潤預計將分別達到人民幣3.35億元、人民幣6.11億元、人民幣7.90億元,同比增長26.6%、82.1%、29.3%。
研報認為,受新冠病毒疫情的影響,玩家玩遊戲的時間增加帶來了積極影響,抵消了一些關鍵遊戲發行超出預期的影響,中手遊在2020年有望實現40%的收入增長預期。由中手遊全資子公司文脈互動自主研發的大型傳奇遊戲《傳奇世界之雷霆霸業》將繼續為中手遊的收入提供一定的穩定性。由字節跳動和騰訊獨家授權發行的四款遊戲將在2021年對利潤做出實質性貢獻,其中一款遊戲將在今年第三季度推出,另外三款遊戲將在今年第四季度推出。
報告指出,按照2019年10月招股書中披露的遊戲發行計劃,中手遊在2020年底可能發行29款遊戲,而今年已成功發行38款新遊戲,預計到2021年將增加到43款。值得注意的是,計劃推出的新款IP遊戲《新射鵰羣俠傳之鐵血丹心》,同時包含了《射鵰英雄傳》、《神鵰俠侶》、《倚天屠龍記》等三個金庸熱門IP,因為最初的內部測試數據可能比較強勁,將成為推動公司2021年盈利的關鍵遊戲。該遊戲計劃在今年9月正式發行。
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