招銀國際維持中手遊(00302.HK)買入評級 與騰訊和頭條合作的產品備受期待
招商銀行國際證券於9月14日發佈一份關於中手遊(00302.HK)的研究報告，報告預期中手遊將在豐富的IP儲備和強大的發行渠道支持下，實現長期穩定增長，維持該公司的買入評級和4.39港元的目標價。
研報稱，以4.39港元的目標價衡量，2020年中手遊的平均市盈率將為11.4倍，仍低於行業平均15倍的市盈率，估值具有吸引力。有兩個因素將給中手遊股價帶來積極的價格驅動因素和催化劑：(1)在九月即將上線的《妖怪名單之前世今生》；(2)2020年第四季度由今日頭條獨代發行的兩款重要IP遊戲。
報告預期中手遊2020財年~2022財年收入將分別達到人民幣43.70億元、51.92億元、59.38億元，同比增長44%、19%以及14%；同期淨利潤分別達到人民幣8.02億元、9.60億元、10.91億元，同比增長31%、20%和14%。報告指出，得益於長線產品的穩定流水和《軒轅劍：劍之源》等新遊的突出表現，2020年上半年實現了穩定增長，預計下半年會繼續保持良好的表現，並預測2020下半年的收入和淨利潤將分別同比增長28%和31%，尤其是與騰訊和今日頭條合作的遊戲產品備受期待。
報告稱，看好中手遊在2020年下半年的發展勢頭，三款重要IP產品正在籌備上線。其中，8月20日上線的熱門IP遊戲《新射鵰羣俠傳之鐵血丹心》在iOS總收入排名前8位,用户留存率超50%，預計長期淨利潤率為20%。此前，伽馬數據發佈的《2020年8月移動遊戲報告》顯示，《新射鵰羣俠傳之鐵血丹心》上線僅12天便衝到8月新遊榜第一，並位居伽馬數據新遊測算榜的榜首，預測該產品的首月流水將超過3億人民幣。除此之外，2020年下半年中手遊還將推出12款重要IP遊戲。預計由字節跳動獨代發行的《全明星激鬥》、《航海王熱血航線》和由騰訊獨代發行的《妖怪名單之前世今生》、《真·三國無雙 霸》也都將在2020財年及2021財年貢獻重要的流水。
該機構還持續看好中手遊2021財年的增長，主要是由於有大約20個正在籌備中的重要IP遊戲的支持。
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