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中手遊(00302.HK):2020H1營收同增12.1%,下半年重磅產品上線業績可期,維持”推薦“評級,目標價4.0~4.4元
格隆匯 09-01 11:42

機構:新時代證券

評級:推薦

目標價:4.0~4.4元 

事件:2020年8月25日,公司披露2020年年中報告

2020年8月25日,公司發佈2020年半年報,上半年實現營收17.14億元,同比增長12.1%,實現歸母淨利2.88億元,同比增長10.5%,經調整淨利3.42億元,同比增長27.6%。2020H1遊戲發行業務及IP授權業務收入持續增長,自主研發業務收入基本持平去年同期,費用控制良好。

公司新註冊用户數、IP儲備等經營數據快速增長

2020上半年公司新增註冊用户5435.8萬人,同比大幅增加36.4%;月活躍用户數、月付費用户、ARPPU值分別為1505.3萬人、113.5萬人和251.7元,同比分別增長7.6%、11.6%和0.4%。截至2020年6月,公司在運營的產品有80款,擁有39個授權IP和68個自有IP,共計107個,比2019年末增加8個,IP儲備保持行業領先。

公司2020H1上線產品爆款頻出,下半年再添多款大作,全年業績可期

公司產品運營能力突出,老牌遊戲《龍珠覺醒》、《航海王強者之路》、《凡人飛仙傳H5》等仍持續為公司提供穩定的流水,新遊《家庭教師》、《軒轅劍-劍之源》上線首月均位於iOS免費榜第二,《新射鵰羣俠傳之鐵血丹心》自8月20日上線以來連續6天位列iOS免費榜第一,頁遊《魔域覺醒》躋身360頁遊平台新遊推薦排名第一,爆款頻出。在遊戲出版方面,公司下半年預計上線自研大作《仙劍奇俠傳7》、由字節跳動旗下朝夕光年獨代發行的《航海王熱血航線》和《全明星激鬥》,以及由騰訊獨代發行的《真〃三國無雙霸》和《妖怪名單之前世今生》等。其中,《航海王熱血航線》、《全明星激鬥》和《真〃三國無雙霸》TapTap評分分別為8.6、8.4和9分,《真〃三國無雙霸》預約人數已超過40萬人,關注度和口碑極高,下半年有望繼續湧現爆款。

公司以IP為核心不斷豐富遊戲矩陣,下半年重磅產品上線業績可期,維持“推薦”評級

公司積極探索多種玩法與IP內容結合,強化自研能力同時佈局雲遊戲,與頂流平台合作下半年有望持續湧現爆款。我們維持2020-2022年淨利潤預測為7.34/10.56/12.82億元,同增195.4%/43.9%/21.4%,當前股價對應PE分別為11/8/6倍,公司2018-2022年調整淨利潤為3.36/6.11/8.30/10.56/12.82億元,維持“推薦”評級。

風險提示:上線遊戲進度與質量不及預期風險,政策管控風險等。

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