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中手遊(0302.HK)獲天風證券首次覆蓋 目標價6.97港元“買入”評級
格隆匯 07-12 13:34

7月11日,中手遊(0302.HK)獲天風證券研報首次覆蓋,報吿給予中手遊目標價6.97港元,給予“買入”評級。報吿指出中手遊自研能力不斷提升,研發團隊持續擴充;後續遊戲儲備豐富,手游出海表現亮眼,將穩定貢獻流水增量;海外頂級IP獲取能力突出,IP遊戲生態進一步深化。預計21-23年公司淨利分別為10.72/13.20/15.86億元,根據可比公司PE估值法,當前21年行業估值中樞為17.2x,因此我們給予中手遊21年目標估值15.0x,對應目標價6.97港元,中手遊首次覆蓋給予“買入”評級。

據悉,截至報吿發布,中手遊旗下研發子公司包括北京軟星、上海軟星、文脈互動等,已投資外部研發團隊超過30家,如樂府互娛、易帆互動、寰宇九州等。旗下金牌製作人包括樊英傑、姚壯憲、程良奇等。預計21年公司研發人數將比20年增加近一倍,達到800人左右。

產品方面,由中手遊與字節跳動旗下朝夕光年聯合推出的《航海王熱血航線》已於4月22日上線,繼首日登頂AppStore免費榜、暢銷榜排名進入Top5後,其上線5日獲得超1億元流水成績。中手遊與頂級流量平台的後續其它合作產品《全明星激鬥》預計21H2推出,《真·三國無雙 霸》已獲版號,並獲400萬玩家預約,預計8月正式上線。此外,中手遊自主發行的爆款遊戲《新射鵰羣俠傳之鐵血丹心》新馬地區於6月16日上線,在登頂兩地AppStore免費榜榜首同時,首周流水亦進入兩地Top5。

中手遊今日股價繼續上漲。截至發稿時間,中手遊盤中股價最高觸及3.92港元,市值達107億港元。

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