心動公司(02400.HK)：獨家內容提升用户規模，重點關注TapTap版本迭代，維持“增持”評級
機構：國信證券
評級：增持
20H1 業績符合預期，收入平穩增長
2020 年上半年實現營收 14.40 億（+10.0%），歸母淨利潤 2.08 億 （-12.5%)。遊戲營收 11.88 億（+8.1%），毛利率 51.3%（-11.3pct），總額基準收入佔比提升導致渠道佣金、研發分成提升。信息服務營收2.53 億（+19.9%），毛利率 85.5%（-4.2pct），月活用户數增加推動TapTap 營收增長。
獨佔內容推動 TapTap MAUs 高增長
2020 年上半年 TapTap 平均月活用户 2480 萬，較年底增長 690 萬；TapTap 遊戲下載量達 2.2 億（+26.4%）。公司通過遊戲研發和發行為TapTap 提供最優質的獨家內容，靠獨家內容驅動 TapTap 用户增長，靠 TapTap 自身的產品及運營優勢留下用户，然後再通過 TapTap 反哺第三方內容創作，產生更多優質內容，繼續驅動 TapTap 進一步成長。2020 年上半年，公司為 TapTap 玩家提供數十款獨佔遊戲（安卓平台獨佔或限時獨佔），包括《帕斯卡契約》、《江南百景圖》等爆款遊戲。
TapTap 渠道正當時，持續優化後勁足
TapTap 作為新興渠道，不僅不聯運、讓利渠道方，還代表了年輕用户的遊戲玩法和品類風向標，未來潛力巨大。通過高質量遊戲推薦吸引核心玩家羣體，再通過聚攏核心玩家羣體輸出海量精品 PGC 與 UGC內容，吸引更多高質量遊戲，是 TapTap 自身運作的良性循環。公司計劃集中在 TapTap 社區運營，完成社區動態和遊戲論壇整合，改善社區內容推薦算法及增加社區熱門排行等功能。
風險提示
TapTap 用户增長不及預期、海外發行競爭加劇等。
投資建議：看好 TapTap 長期發展，維持“增持”評級
下調盈利預測。我們預計公司 20-22 年每股收益 1.05/1.28/1.56 元 （-9%/-10%/-10%）。我們給予 20 年 35-38 倍 PE，得出公司合理估值區間 40.98-44.50 港幣。維持“增持”評級。
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