《大行報告》中金升心動(02400.HK)目標價至96元 加碼研發助力TapTap社區發展
中金發表研究報告指,心動公司(02400.HK)近期股價表現出色,反映出市場對其長期佈局及TapTap內容社區商業模式的認可。
報告指出,心動公司目前不計成本地提升自研能力,以及通過改版迭代提升TapTap社區的用戶體驗,將可積累優質的獨家內容及增加外部合作夥伴,令TapTap遊戲社區用戶忠誠度提升,規模擴大,從而增加商業化潛力。另外,公司擬加大研發人員招聘,該行預計2020年研發人員數量將由2019年底的約800人提升至約1,200人,加上採用高薪獎金制度以增強遊戲研發能力。
中金認為,心動公司的佈局短期對利潤有一定影響,但發展方向具備前瞻性,符合當下遊戲行業趨勢,預計2020至2021年將為成本高速增長的投入期,下調去年及今年淨利潤預測56.8%及65%,至分別2.17億及2.24億元人民幣,並估計2022年淨利潤將升至4.44億元,以遠期折現估值方法,將目標價上調127.1%至96元,並重申「跑贏行業」評級。
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