東吳證券(國際):中手遊(0302.HK)自研業務增長強勁,予目標價4.1港元
格隆匯3月31日丨今日,東吳證券(國際)發佈報吿稱,中手遊2020年度自研業務增長強勁,研發投入進一步提升。自研遊戲《傳奇世界之雷霆霸業》手遊於2020年內實現最高月流水1.077億元,年收入8800萬元,遊戲推出兩年仍有百萬級月活用户規模,證明了IP遊戲強大的生命力與公司專業的運營能力。短期來看,中手遊受新冠疫情延後的三款遊戲將延期至2021年推出。目前,三款遊戲均以進入最終測試,數據亮眼。其中《航海王熱血航線》於2020年11月付費刪檔測試中錄得次日留存超過70%、七日留存達到40%。《航海王熱血航線》和《全明星激鬥》將於2021年上半年由字節跳動旗下朝夕光年獨家代理髮行。另外,騰訊遊戲獨家代理的《真·三國無雙霸》已在騰訊平台獲得超400萬玩家預約,預期年內上線。東吳證券(國際)認為,由於2020年新游上線延後,收入低於原預期,並考慮進配售股本擴大影響,預測中手遊2021年度收入達到56億元,經調淨利9.63億元,經調整後每股盈利達到0.38元。假設2021年目標市盈率8-10倍,目標價4.1港元。
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