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廣發證券:中手遊(0302.HK)上半年將迎產品密集兑現期,給予“買入”評級,目標價5.61港元
格隆匯 03-29 13:36

格隆匯3月29日丨廣發證券發佈報吿稱,中手遊(0302.HK)2020年8月上線的卡牌遊戲《新射鵰》21年1月在港澳台地區上線後,2月實現流水破億,讓中手遊在2月躍居港澳台地區中國遊戲發行商第一名。國內其他長線運營老遊戲也在貢獻穩定流水,如《航海王強者之路》、《雷霆霸業》等。字節代理的CCG手遊《全明星激鬥》、《航海王熱血航線》,騰訊代理的無雙ARPG《真三國無雙 霸》,中手遊自主發行的RPG卡牌手遊《斗羅大陸-鬥神再臨》預計將於2021年Q2上線,2021年上半年將迎來產品的密集兑現期。

短期來看,長線運營的老遊戲和即將上線的新遊將帶來基本盤的穩健增長。長期來看,公司將更加積極地實施IP開發策略,打造IP生態平台,圍繞IP賦能,構築研運新生態。目前公司已經擁有68個自有IP,42項授權IP,IP儲備將更加豐富。公司21年繼續積極地尋求與優質遊戲開發商合作,發揮卡牌類、MMO品類的領先優勢,不斷髮掘爆款遊戲。預計公司21~23年調整後歸母淨利潤為9.87、11.36、12.85億元,根據可比估值給予2021年12xPE估值,算得每股合理價值為5.61港元/股,給予“買入”評級。

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