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《大行報告》瑞銀下調閱文(00772.HK)目標價至72元 評級「中性」
阿思達克 03-24 10:00
瑞銀發表的研究報告指,閱文集團(00772.HK)去年下半年收入按年跌2.1%至53億元人民幣(下同),主要因為來自新麗傳媒的IP營運收入下降,按非通用會計準則計算,淨利為8.95億元,較該行早前預測高52%,主要因為銷售、一般及行政成本減省。按業務劃分,線上閱讀收入按年升19%,主要受惠付費用戶ARPU提升及免費閱讀廣告收入增加,隨著公司進一步豐富高質素內容,改善介面及社交功能,並加強與騰訊渠道合作,認為線上閱讀收入可達持續增長,料2021至2024年將按年增長12%至18%。

管理層在業績電話會議中指出,IP營運是公司長期的增長引擎,強調已積極重整業務架構,並且與騰訊影業等建立合作,同時已設計出一個更成熟的內容開發系統,雖然轉型僅在初步階段,對短期收入及盈利的貢獻有限,但該行相信對公司長遠的IP價值鏈開發有利好。

該行將公司2021/22年收入預測降0.4%及4.2%,以反映廣告收入預測趨保守,而公司短期將聚焦於用戶增長及利用騰訊的渠道,在利潤方面該行估計銷售及營銷開支將下降,目標價由73.8元降至72元,評級維持「中性」。

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