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《大行報告》美銀證券恢復覆蓋心動公司(02400.HK)予「中性」評級 目標價50元
阿思達克 12-09 11:28
美銀證券發表報告,恢復覆蓋心動公司(02400.HK),予「中性」評級,目標價50元。 報告指,內地收緊遊戲監管影響公司短期增長,包括自7月底以來沒有新遊戲獲批,將導致集團新遊戲延遲推出,心動有兩款關鍵遊戲,包括Flash Party和T3,原預計在今年第四季推出,可能會推遲到明年上半年甚至更遲。當局亦自今年9月起對未成年人遊戲時間有新的限制,心動來自未成年人的收入少於1%,及其第三方遊戲推薦平台TapTap月活躍用戶有10%是未成年人;至於廣告需求下降亦可能影響TapTap平台廣告銷售。 基於缺乏新遊戲推出,及現有遊戲受到監管影響,該行預測,心動在2021年、2022年、2023年的收入增長分別為4%、27%、29%。同時,因預期收入下跌,以及對自主開發的遊戲、海外及研發的投資,將令毛利率受壓。該行預期,隨著新遊戲面世及經營槓桿改善,集團於2023年上半年業績才會見起色。
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