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法巴:給予中手遊“買入”評級 目標價4.55港元
格隆匯 03-30 17:39
格隆匯3月30日丨3月25日,法國巴黎銀行發佈報吿稱,由於疫情等綜合影響,中手遊(0302.HK)多款重要遊戲上線時間推遲,2020下半年營業收入低於預期。但法巴認為中手遊股價頗具吸引力,基於閲文集團強大IP的遊戲《斗羅大陸:鬥神再臨》發佈,字節跳動獨家代理的《全明星激鬥》和《航海王熱血航線》、騰訊獨家代理的《真三國無雙霸》2021年上線,新遊表現將抵消老遊戲增長乏力局面。此外,《新射鵰羣俠傳之鐵血丹心》去年表現不俗,該行預計此勢頭將在2021和2022財年延續。隨着重點遊戲於2021年上線,法巴預計中手遊2021年度收入將達到50.09億元,同比增長31.1%;經調整後淨利潤料為10.21億,同比增長26.5%。 法巴還稱,中手遊是中國最早專注於遊戲的公司之一,2019年上半年,基於IP的遊戲收入佔公司總收入的66.6%。擁有知名IP的遊戲或能更容易獲得玩家,特別是IP的粉絲。此外,為加強公司的生態系統,中手遊與遊戲開發商保持合作,並投資開發商和IP公司。從2016年到2019年10月9日,該公司已與105名遊戲開發商合作,其中67名的合同期限至少為三年。 法巴給予中手遊4.55港元的目標價,基於股價便宜且具吸引力,予其“買入”評級。
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