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火巖控股(01909.HK)2021年中報點評:業績保持高增長,積極探索區塊鏈與遊戲結合
格隆匯 09-06 14:26

火巖控股(01909.HK)

【投資要點】

◆ 收購德成國際,利潤保持高增長。2021年上半年,公司實現收入4.97億港元,同比增長58.1%;公司利潤2.73億港元,同比增長28.4%。利潤增長主要來自於公司於2021年2月收購德成國際100%股權,德成國際為公司授權運營商,分銷公司自主研發多款遊戲作品。

◆ 老遊戲表現穩定,遊戲儲備充足。公司多款暢銷遊戲保持穩定,《捕魚大亂鬥》上線3年,上半年實現收入2.66億港元,佔總收入的53.5%;《零食大亂鬥》上線4年,上半年實現收入0.54億港元,佔總收入的10.9%。截至6月31日,公司儲備9款自主研發遊戲,包括《智力彈珠》、《東海降魔》、《風凌天下之武林盟主》均有望於今年推出。

◆ 積極探索區塊鏈與遊戲結合。公司在泰國推出“獎賞積分平台測試”,旨在連接公司泰國遊戲,遊戲用户可以通過算力和互動活動獲取獎勵積分,積分可以用於換取遊戲中的NFT道具或者泰國電話卡(類似於“八達通”),目前已經吸引超過20萬玩家參與。NFT與積分結合的方式,可以起到以下作用:1)獎勵積分,提高用户在線時長;2)引流激勵,積分可以在多款遊戲中流通,通過一定激勵機制,實現不同遊戲羣內引流,從而實現低成本獲客;3)豐富使用場景,積分也可以拓展到遊戲以外的現實場景,起到類似“信用卡”的功能。

【投資建議】

◆ 我們預計公司2021-2023年營業收入8.33/10.83/14.08億,歸母淨利潤4.50/5.84/7.57億,EPS分別對應0.12/0.15/0.20元/股,PE分別為16/13/10倍。首次覆蓋,給予“增持”評級。

【風險提示】:行業競爭加劇風險,海外拓展不及預期。

來源:東方財富證券

原標題:2021年中報點評:業績保持高增長,積極探索區塊鏈與遊戲結合

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