創夢天地(01119.HK)重大事件快評:擬發行7.75億港元可轉債,夯實研發實力,給予“增持”評級
機構:國信證券
評級:增持
事項:
創夢天地公告:公司擬發行於 2025 年到期 7.75 億港元 3.125%有擔保可換股債券。本次擬發行債券所得款項淨額將用於公司自有遊戲及產品的研發以及日後的戰略機會補充資金。
觀點:創夢天地是中國最大的獨立遊戲發行商,先後發行了《神廟逃亡》、《地鐵跑酷》等全球知名休閒遊戲;還自研和代理了《五行天》、《魔力寶貝》、《決戰瑪法》等 MMO 類型遊戲。基於海外遊戲 IP 和源代碼合作模式幫助創夢天地頻頻打造爆款遊戲。隨着“內容為王”趨勢日盛,研發商地位持續提升,“好產品”的爭奪也日益激烈,發行商加大自研端投入。本次擬發行可轉債主要用於加強自研實力以及投資潛在研發商合作伙伴,有利於提升公司長期競爭力和盈利能力。公司持續性研發投入逐步展現效果,其中《魔力寶貝》首月暢銷榜位列 TOP 10、《全民冠軍足球》持續保持體育類遊戲暢銷榜 TOP 10,自研產品儲備充足,業績穩定增長可期。根據可比公司市盈率,我們給予 20 年 17-19 倍 PE,得出公司合理估值區間 4.98-5.57 港幣,相對目前股價有 25%-39%的溢價空間。我們預計公司 20-22 年每股收益0.26/0.34/0.44 元(未考慮可轉債轉股影響),增速分別為-7.1%/30.6%/28.4%,首次覆蓋,給予“增持”評級。
評論:
擬發行 7.75 億港元可轉債,用於加強自研實力以及投資潛在研發商合作伙伴
10 月 6 日,公司公告 DHL(公司全資子公司)及經辦人已簽署認購協議,該協議經辦人將有條件同意認購 DHL 發行總額 7.75 億港元的債券。本次擬發行債券為於 2025 年到期本金總額 7.75 億港元的以港元計值的 3.125%可換股債券,初始轉換價格為 4.99 港元/股,若全部轉換,最多轉換成 1.55 億股的新股,佔本公告日已發行股本約 12.23%。公司擬將發行債券所得款淨額用於自有遊戲及產品的研發以及日後的戰略機會補充資金。對於傳統發行商來説,夯實自研實力和投資外部優質研發商(獲取獨代產品資格)已經成為必然選擇。隨着渠道集中度提升以及平台數據優化能力提升,越來越多的新鋭研發商選擇自主發行,比如角鷹網絡的《明日方舟》、青瓷數碼的《最強蝸牛》都取得了不錯的成績。一方面,從創夢天地財報來看,其獨代遊戲前期許可費(計入無形資產)持續提升,通過版權金綁定更多優質產品,保障持續發行產品數量。另一方面,公司不斷加大自研投入力度,擴充研發團隊(20H1 接近 600 人),通過自研能力提升減少對外部產品依賴,提升長期競爭力和盈利能力,其中《魔力寶貝》、《全民冠軍足球》等自研產品均表現亮眼,自研戰略逐步見效。
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