法巴提高中手遊(00302.HK)目標價至4.64港元 多款遊戲發行支撐收入高增長
法國巴黎銀行於近日發佈一份關於中手遊(00302.HK)的研究報告。
該報告維持中手遊買入評級,並將中手遊的目標價格由此前研報的4.20港元提高10.5%至4.64港元。報告認為,以4.64港元的目標價衡量,預計中手遊2020年及2021財年的市盈率將分別為12.6倍和10.4倍,而這意味着中手遊目前的股價仍是被市場低估的。
報告預期中手遊2020~2021財年的收入將分別達到人民幣42.53億元、50.54億元,同比增長40.1%和18.8%;而同期的經調整淨利潤將分別達到人民幣9.01億元、10.45億元,同比增長47.5%和16.0%。
報告稱,中手遊在今年下半年和明年推出的重要遊戲和全資子公司文脈互動創造高收益的遊戲歷史記錄,將能夠支撐2021年和2022年的收入增長。其中,2020年第三季度發行3款重要遊戲,第四季度發行8款重要遊戲,到2021年還將推出10款重要遊戲。而在今年三季度推出的新遊《新射鵰羣俠傳之鐵血丹心》在上線後的第一個月就創造了超過3億元的收入。據App Annie報道,按收入計算,中手遊今年9月已成為中國排名第十的遊戲公司。
該機構還認為,中手遊的全資子公司文脈互動自2014年以來一直專注於開發傳奇遊戲,並擁有良好的業績記錄,尤其是在2019年自主研發的《傳奇世界之雷霆霸業》月流水超過1億元。基於文脈互動在傳奇領域的深耕和對傳奇類玩家的理解,其有望每年推出至少兩款重要遊戲,而這也將成為中手遊收入增長的重要驅動因素。
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