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《大行报告》瑞信首予阅文(00772.HK)「跑赢大市」评级 目标价98元
阿思达克 04-22 10:35
瑞信发表研究报告,考虑强劲盈利增长及高可见度,首予阅文集团(00772.HK)「跑赢大市」评级,目标价98元,相当於明年预测市盈率43倍。报告称,阅文是内地领先线上内容供应商及营运商。公司累积庞大用户基础,内容接触面广,提供顶级文学IP。该行料阅文线上阅读收入年均复合增长达13%,反映月度活跃用户温和增长,付费比率稳定,及广告收入的潜在提升。

报告料阅文正迈向IP生产基地的建设。去年上半年转换管理层及腾讯(00700.HK)重整娱乐分支,进一步稳固集团内IP变现的战略重要性;考虑新丽传媒持续带来强劲产品线,及手游及动画作为核心品种有庞大机遇,该行料IP业务年均复合增长达30%,成为主要增长动力;带动阅文2020至2023年收入年均复合增长达20%。

该行料阅文2021至2023年各年每股盈测分别1.14元、1.6元及2.12元人民币。

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