《大行報告》中金料金山軟件(03888.HK)遊戲業務短期承壓 管理層指短期不考慮回購政策
中金發表報告,金山軟件(03888.HK)今年第二季收入按年升4.2%至14.8億人民幣,基本符合市場預期,營業利潤按年下滑58.1%至2.3億人民幣低於市場預期5%,主要因研發支出高於預期‧
該行指,金山軟件遊戲業務短期承壓,受上年同期《劍網3》資料片成功發布及疫情基數影響,二季度遊戲業務收入按年下滑20%。展望下半年,公司管理層估計《劍俠世界3》手遊或將於9月上線,但原計劃於4季度上線的《臥龍吟2》及《魔域3D》等遊戲或策略調整至明年上線。管理層預計全年遊戲業務存在較大的不確定性,將全年遊戲收入指引,由原來按年增長15%,下調至按年下滑5%至10%,考慮到遊戲業務研發人員支出增長,料其遊戲業務運營利潤率短期內將承壓。
辦公業務表現亮眼,中金指第二季辦公業務收入按年增長47%,得益於政企授權業務的強勁增長、訂閱服務業務的穩健增長。該行指,截至今年6月底止金山軟件擁手頭現金152億人民幣,管理層表示考慮到不確定性,將保持充裕現金儲備以支持中長期雲業務發展,短期不會考慮進行回購或調整分紅政策。該行下調對金山軟件目標價5%至60元,維持「跑贏行業」評級,降其今明兩年營運利潤預測各39%及15%。
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