摩通：中手遊已形成完善的IP遊戲生態系統 上調目標價至7港元 評級“增持”
摩根大通發研報指，給予中手遊(0302.HK)“增持“評級，目標價由4.3港元上調至7港元，較8月17日的收盤價3.83港元有83%的潛在升幅。中手遊是一家擁有最大的IP遊戲生態體系的中國遊戲開發商，摩通對其未來發展持樂觀態度，主要原因如下：1)其完善的IP遊戲生態體系使其能夠研發基於自身的IP資源的遊戲，並能夠與不同的戰略伙伴如騰訊，字節跳動(均有遊戲授權業務的夥伴關係)、嗶哩嗶哩(持有中手遊7%的股份)和華為(最近達成了遊戲業務戰略合作)開展合作；2)中手遊在過去的一到兩年成功地從單純的IP遊戲發行商轉型為具備核心競爭力的遊戲開發者(摩通估計中手遊2020年30-40%的收入來自身的遊戲)。受益於其全新的遊戲如《海賊王》、《斗羅大陸》，中手遊的股價從年初至今上漲了50% (對比：中概互聯網指數為-37%)。2021年中手遊利潤收益率為10倍市盈率，對比22-23財年19%的利潤複合增長率，股價依然具備吸引力。
摩通預測中手遊2021財年的收入和利潤將會分別同比增長41%和24%，主要來自:1)遊戲大片《射鵰英雄傳3D》(在2H20發行)的全年貢獻；2)新手遊《斗羅大陸》、《海賊王》、《全明星激鬥》和《王朝勇士》。
此外，摩通認為中手遊的股價關鍵促進因素有：(一)成功於2021年發行的手機遊戲，包括:1）《王朝勇士》是騰訊發行(3Q21)的基於光榮特庫摩著名IP的手遊，該遊戲在8月10日的iOS營收排行榜上排名第8；2）《Cultivation Fantasy》，一款由投資方Love Games公司(騰訊是第一大股東) (3Q21)開發的中國古色古香的閒牌遊戲；3）《全明星激鬥》，一款基於株式會社SNK的著名紙牌RPG遊戲，由Bytedance(4Q21)在中國獨家發行；4）《仙劍奇俠傳之揮劍問情》手遊，由字節跳動發佈(4Q21)。及(二)與嗶哩嗶哩、騰訊、字節跳動、華為更多的合作。
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