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法巴:上調中手遊(0302.HK)目標價為7港元,盈利增長確定性高
格隆匯 07-22 13:21

格隆匯7月22日丨法國巴黎銀行7月21日發佈報吿稱,通過研究中手遊新推出的遊戲及未來產品線後,該行認為中手遊具備高確定性的可持續盈利增長,並將目標價從4.55港元上調為7港元,相當於2021年市盈率的16倍左右。中手遊目前估值為2021年市盈率的10倍,行業頭部為25倍。

該行指出三個原因説明中手遊正持續轉向長生命週期產品的打造,在消除業務不確定性同時獲得相對穩定的收入來源。首先,新品《航海王熱血航線》的表現了這一點,該產品亦有望成功運營超過5年以上。另預計2022/23年推出的MMORPG手遊《仙劍零》也有望成為營收前20的產品之一,即將推出的《仙劍奇俠傳七》可能會大幅提升玩家對《仙劍零》期待度。此外,近期中手遊與股東嗶哩嗶哩達成的IP遊戲改編優先權合作,能夠幫助它進一步挖掘年輕用户羣體,以增強長期收入預期。

法國巴黎銀行預計中手遊2021年度收入將達到50.09億元,對應增速為31.1%。經調整後淨利潤為10.26億,對應增速26.5%。

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