交銀國際:金山軟件(3888.HK)次季業績勝預期 升目標價至45港元
交銀國際發表報告表示,金山軟件(3888.HK)2020年度第二季業績勝預期,遊戲收入按年增長53%,超出該行預期13%,主要因為端遊《劍網3》的表現好於預期,在新資料片的帶動下,其收入及DAU按年增120%及39%,創歷史新高。該行將其目標價由由40.46港元,上調至45港元,維持“中性”評級。
報告指,金山軟件期內WPS收入按年增長43%,主要受73%的訂閲收入增長帶動。毛利率按年提升4個百分點,受益於《劍網3》收入貢獻提高,以及WPS訂閲業務的毛利率改善。
報告預計,2020年遊戲和WPS均可實現30%以上的年增長。其中,遊戲受《劍網3》端遊以及下半年即將推出的新手遊推動,WPS將繼續受益於軟件國產化趨勢。

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