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《大行报告》中金升心动(02400.HK)目标价至96元 加码研发助力TapTap社区发展
阿思达克 02-09 14:20
中金发表研究报告指,心动公司(02400.HK)近期股价表现出色,反映出市场对其长期布局及TapTap内容社区商业模式的认可。

报告指出,心动公司目前不计成本地提升自研能力,以及通过改版迭代提升TapTap社区的用户体验,将可积累优质的独家内容及增加外部合作夥伴,令TapTap游戏社区用户忠诚度提升,规模扩大,从而增加商业化潜力。另外,公司拟加大研发人员招聘,该行预计2020年研发人员数量将由2019年底的约800人提升至约1,200人,加上采用高薪奖金制度以增强游戏研发能力。

中金认为,心动公司的布局短期对利润有一定影响,但发展方向具备前瞻性,符合当下游戏行业趋势,预计2020至2021年将为成本高速增长的投入期,下调去年及今年净利润预测56.8%及65%,至分别2.17亿及2.24亿元人民币,并估计2022年净利润将升至4.44亿元,以远期折现估值方法,将目标价上调127.1%至96元,并重申「跑赢行业」评级。

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