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《大行報告》瑞信首予閱文(00772.HK)「跑贏大市」評級 目標價98元
阿思達克 04-22 10:35
瑞信發表研究報告,考慮強勁盈利增長及高可見度,首予閱文集團(00772.HK)「跑贏大市」評級,目標價98元,相當於明年預測市盈率43倍。報告稱,閱文是內地領先線上內容供應商及營運商。公司累積龐大用戶基礎,內容接觸面廣,提供頂級文學IP。該行料閱文線上閱讀收入年均複合增長達13%,反映月度活躍用戶溫和增長,付費比率穩定,及廣告收入的潛在提升。

報告料閱文正邁向IP生產基地的建設。去年上半年轉換管理層及騰訊(00700.HK)重整娛樂分支,進一步穩固集團內IP變現的戰略重要性;考慮新麗傳媒持續帶來強勁產品線,及手遊及動畫作為核心品種有龐大機遇,該行料IP業務年均複合增長達30%,成為主要增長動力;帶動閱文2020至2023年收入年均複合增長達20%。

該行料閱文2021至2023年各年每股盈測分別1.14元、1.6元及2.12元人民幣。

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