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中手遊(00302.HK)再獲法巴研報“買入”評級,維持7港元目標價,預計《仙劍:世界》可長居收入榜TOP20
格隆匯 01-05 17:51

法國巴黎銀行發表研究報吿,予中手遊(00302.HK)買入評級,維持7港元目標價。該行指出,隨着中手遊在研發上進行加倍投入,包括收購北京軟星所有股權、獲得仙劍IP大陸地區權益並進行開發,投資多家業績良好的開發商如樂府遊戲、寰宇九州、易帆互動,研發人員從400人增加至800人等,能夠支持其未來幾年更高質量、更頻繁的內容推出。而對比行業內手遊競爭情況,中手遊利用現有IP打造手遊的戰略也能夠降低用户獲得成本。預計2021年全年,中手遊營收將達50億(人民幣,下同),同比增長30.9%。

該行認為中手遊能夠實現可持續的長期收入增長,包括受中手遊持續轉向長生命週期遊戲影響,通過長期穩定的收入來源,能夠消除傳統爆款遊戲帶來的業績不確定性。中手遊與朝夕光年聯合出品的《航海王熱血航線》已經證明了這一點。同時,該行認為中手遊旗下新品《仙劍:世界》在未來上線時,也有望成為長期盤踞收入榜TOP20的遊戲。

該行同時指出,預計進入2022年,行業監管環境會趨於穩定,甚至可能得到改善。必須瞭解最近的互聯網法規並非旨在消滅互聯網行業或私營公司,也不會削弱其競爭優勢。

據中手遊中期業績報吿顯示,公司總營收達到21.8億元,同比增長27.2%;歸屬母公司所有者淨利潤3.94億,同比增長36.8%;毛利率也由去年同期的31%增加至今年上半年的38.5%。海外市場收入表現強勁,營收達2.197億,同比增長6250.4%。

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