東吳證券維持中手遊(00302.HK)買入評級 IP儲備夯實是長期增長動力
東吳證券(國際)於9月28日發佈一份關於中手遊(00302.HK)的研究報告，報告指出中手遊的重磅遊戲將陸續上線，下半年業績可期；以及擁有行業最大IP儲備，長期可挖掘價值大。因此維持中手遊的買入評級和2020年4.3港元的目標價。
報告稱以當前4.3港元的目標價衡量，中手遊2020財年和2021財年的市盈率將分別為9.4倍和6.8倍，估值具有吸引力。下半年中手遊還有多個具有爆款潛力的產品發佈，業績增速較有保證。長期來看，中手遊擁有豐富的 IP 儲備及強大的發行能力，已經具備發展護城河。
報告預測中手遊2020財年~2022財年收入將分別達到人民幣45.17億元、57.07億元、66.69億元，同比增長48.8%、26.3%以及16.8%；同期的經調整淨利潤預計將分別達到人民幣7.80億元、10.75億元、12.18億元，同比增長27.7%、37.8%和13.3%。
分析師稱，中手遊作為“IP之王”掌握行業最大遊戲IP儲備，而近期中手遊的半年報也披露目前擁有39項授權IP和68項自有IP。過去推出的IP 遊戲“擇天記”、“傳奇世界之雷霆霸業”及“航海王強者之路”等都取得了優秀的流水成績，平均付費轉化率也高於行業平均值，其長期可挖掘價值大。2020年上半年，在遊戲發行業務的推動下，中手遊的收入和淨利潤都保持了穩定增長，月活用户數、月付費用户數、ARPPU以及新註冊用户總數有明顯增幅，運營數據向好。下半年還將陸續上線重磅新遊，為其業績發展提供了保障。據研報披露，中手遊於8月20日新上線的《新射鵰羣俠傳之鐵血丹心》，在上線近一個月後一直穩定在iOS卡牌遊戲免費榜前10名；自主發行的《斗羅大陸：鬥神再臨》手遊的原 IP動畫播放量已破百億次，粉絲基數龐大，有望成為人氣產品。而由騰訊和今日頭條分別獨代發行的《妖怪名單之前世今生》、《真·三國無雙 霸》以及《航海王熱血航線》、《全明星激鬥》等遊戲也有望於下半年上線，持續為業績保駕護航。
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