心動公司(02400.HK)上半年收入平穩增長，TapTap規模快速提升，維持“買入”評級，目標價50.4 港元
格隆匯 09-22 14:52
機構：國元證券
評級：買入
目標價：50.4 港元
投資要點
公司收入平穩增長，略低於預期：
公司上半年實現收入 14.40 億元，同比增長 10.0%；實現毛利 8.26 億元，同比下降 5.9%；實現期內利潤 2.60 億元，同比下降 20.5%。分業務來看，公司收入主要由遊戲業務和信息服務業務，其中游戲業務實現收入為 11.88 億元，同比增長 8.1%，佔總營收比重為 82.4%；信息服務實現收入為 2.53 億元，該業務收入主要來自 Taptap 的廣告收入，同比增長 19.9%。
部分核心遊戲進入生命尾期，新遊戲上線節奏稍慢：
上半年平均遊戲月活躍用户及平均付費用户數量分別同比上升 65.4%及 52.2%，該上升主要由於《香腸派對》在疫情期間有所爆發。目前公司有 880 名員工從事遊戲研發工作，共有 11 款遊戲處於在研階段，其中三款預計下半年進入量產階段：分別是《火炬之光：無限》、《心動小鎮》、《項目 A》。
TapTap 月活保持高增長，商業化潛力初現：
上半年 Taptap 平台用户規模繼續高速增長，Taptap 的平均月活躍人數同比增長 51.9%至 2480 萬人，安卓用户通過 Taptap 平台進行遊戲下載次數為 2.2 億次，同比增長 26.4%，平台論壇新增發帖數量為 340萬貼，同比增長 143.0%，新增發帖數量的增速高於活躍人數增速，反映出 TapTap 平台在用户數高增長的同時，用户的活躍度也在提升。
維持“買入”評級：
公司未來遊戲業務及信息服務業務有較強的業務協同性，業務發展值得長期看好，我們將採用分佈估值法。得到公司合理估值為 229 億港元，對應2020 年 56 倍 PE，給予公司 50.4 港元的目標價，維持“買入”評級。
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