港股異動 | 心動公司漲超24%創新高，TapTap有望進一步動搖傳統渠道話語權
uSMART盈立智投1月4日消息，2021年的第一個交易日，心動公司漲勢如虹，午後漲幅進一步擴大，盤中漲超24%，股價最高觸及58.5港元，續創新高。
心動公司現在主要兩大塊業務，一個是遊戲研發發行，還有一個是TapTap遊戲社區信息服務。
新時代證券發表研報稱，2020年遊戲內容方與渠道方矛盾日益凸顯，重要事件包括EpicGames挑戰蘋果30%抽成，《原神》、《萬國覺醒》缺席華爲、小米渠道等。未來隨着遊戲精品化趨勢持續，遊戲內容重要性逐漸超過遊戲渠道，分成比例等相關合作有望迎來變革，持續看好遊戲板塊的成長性和確定性，受益標的包括：三七互娛、吉比特、完美世界、掌趣科技；海外騰訊、網易、心動等。
方正證券發表研報稱，TapTap渠道以廣告變現爲核心盈利模式，不向CP方抽取分成，具備大量優質核心用戶，最大限度地保障玩家體驗，受到玩家及CP雙方青睞。2020年7月，模擬經營放置遊戲《江南百景圖》上線，安卓渠道由TapTap獨家發佈，遊戲上線一個月內數次登上熱搜，微博話題閱讀量超10億，在TapTap上的下載量超322萬次，並多次登上App Store免費遊戲榜榜首。青瓷網絡自研自發的爆款放置遊戲《最強蝸牛》2020年6月上線時在安卓端同樣僅選擇垂直渠道TapTap及Bilibili，至2020年10月才上線小米等傳統安卓渠道。TapTap、Bilibili等垂直渠道擁有高質量、高粘性的優質羣體，對CP方吸引力較強，有望進一步動搖傳統渠道話語權。
方正證券表示，渠道與CP博弈尚未徹底終止，現有的利益分配模式將面臨重構，長期來看，具備精品化內容產出能力的廠商話語權將進一步提升，構築良性、可持續的遊戲市場生態。建議關注研運一體化能力出色、21年儲備多款重磅產品待上線的優質標的：騰訊控股、網易、三七互娛、完美世界、吉比特、祖龍娛樂、心動公司。
風險提示：重點產品上線進度及市場表現不及預期、市場競爭加劇、公司治理風險、政策監管趨嚴、市場風格切換等。
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