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法巴:中手遊(0302.HK)長期收入增長穩健,予“買入”評級目標價5.7港元

法國巴黎銀行發表研究報吿,予中手遊(0302.HK)買入評級,目標價5.7港元。該行指,中手遊受到版號停發影響,導致下半年業績低於此前預期。同時,由於其加大遊戲研發投入,導致淨利潤率對比去年同期有所下降。但積極信號在於,中手遊正將更多資源轉向海外市場並開發遊戲,長遠來看,中手遊能夠憑藉中式遊戲獲得亞洲市場份額,海外業務佔比也將提高30%左右。

該行認為中手遊有能力實現持久的長期收入增長,包括中手遊持續轉向長生命週期遊戲產品,這類產品能夠提供相對穩定的收入,以消除傳統產品中的不確定性。與朝夕光年聯合出品的《航海王熱血航線》就證明了這一點。此外,今年測試預計明年上線的《仙劍奇俠傳:世界》也有潛力成為收入榜TOP20遊戲。而中手遊的股東嗶哩嗶哩,已授予其基於嗶哩嗶哩旗下IP的遊戲改編優先權,並幫助中手遊進一步挖掘年輕用户。

據中手遊2021年業績報吿顯示,公司總營收達到39.57億元,同比增長3.6%;受部分產品未能如期取得版號及加大研發投入影響,公司經調整後的淨利潤為6.3億元;毛利率由32%增至37.2%;海外業務收入表現強勁,營收達4.59億,同比增長7260%。

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