百奧家庭互動(02100.HK)公司公告點評：運營數據大幅提升，新遊儲備豐厚，維持“優於大市”評級
機構：海通證券
評級：優於大市
投資要點：
公司公告2020年上半年業績。2020H1，公司營收6.6億元，同比增長337.0%；毛利 2.5 億元，同比增長 132.4%；經調整淨利潤 1.6 億元，同比增長 658.4%。 ? 食物語等手遊收入貢獻較大。以項目來分類，2020 年上半年食物語佔比50.3%，為最大收入來源；奧拉星手遊佔比 18.8%，奧奇傳説佔比 10.5%，其他佔比 20.4%。手遊收入貢獻持續擴大。
季度付費賬户及付費賬户平均收入大幅增長。2020 年上半年，運營數據表現優異，公司平均季度活躍賬户數達到 1530 萬户，同比增長 33.0%；平均季 度付費賬户 190 萬户，同比大幅增長 72.7%；平均每季度付費賬户平均收入達到 175.3 元，同比大幅增長 147.2%，主要源於新推出的手遊助用户擴大至支付能力更強的更年長人羣等因素。
海外市場打開。2020 年上半年，海外市場收入達到 1.1 億元，同比接近翻倍增長。公司手遊成功在中國港澳台及日本地區推出，未來將在韓國及歐美地 區發行。海外市場打開，有望助力公司運營效率的進一步提升。? 新遊儲備豐厚，未來增長可期。2020 年 7 月，公司於日本地區發佈《命運的法則：無限交錯》，該遊戲預計將在 9 月於韓國發行；10 月，《食物語》將在日本地區發行，下半年預計還會發行《奧奇傳説》、《奧比島》、《拂曉勝利之刻》、《SLG》等。新遊戲儲備豐厚，未來增長可期。
盈利預測與投資建議。我們預計 2020-2022 年實現歸母淨利潤 4.94、5.65和 6.37 億元；每股收益 0.18、0.20 和 0.23 元。給予 2020 年 7-8X PE，對 應合理價值區間 1.26-1.44 元/股，按照 1 港元=0.90 元人民幣估算，對應合理價值區間 1.40-1.60 港元/股，給予優於大市評級。
風險提示。新遊戲發行受版號影響不及預期。
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