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天風證券:維持中手遊(0302.HK)“買入”,佈局數字藝術及元宇宙,目標價3.46港元

昨日,天風證券發佈研報,維持中手遊(0302.HK)“買入”評級,給予中手遊22年12x目標估值,目標價3.46港元。同時預計中手遊 22-23 年營收為44.49億元/58.59 億元,yoy+24.12%/21.35%;歸母淨利潤預計為6.82億元/8.66億元,同比增長 11.57%/26.81%。

研報稱,中手遊21年新遊表現亮眼,出海已取得階段性成效。國內方面,21年其與字節跳動旗下朝夕光年聯合出品的《航海王熱血航線》上線首月獲中國大陸 iOS 免費榜第一名、iOS 暢銷榜第三名;中手遊投資的易帆互動研發、騰訊獨家代理髮行的《真·三國無雙 霸》上線首月獲得中國大陸 iOS免費榜第一名、iOS 暢銷榜第八名。海外方面,21年公司海外業務收入 4.59 億元,yoy+7,260%;海外業務收入佔比11.6%,yoy+11.4pct,《家庭教師》《新射鵰羣俠傳之鐵血丹心》《斗羅大陸-鬥神再臨》等出海成績亮眼。

天風預計,隨着國內版號正常化,遊戲行業受益版號復發,遊戲運營、上線排期趨於穩定,中手遊新游上線進程有望進一步推進。而中手遊2022年下半年產品儲備豐富,有望貢獻國內外業績增量。H2 將上線 IP 大作《全明星激鬥》、《奧特曼:集結》等重點產品,其中《全明星激鬥》是由 SNK正版授權、中手遊和朝夕光年聯合開發的策略卡牌手遊,預計8月30日上線,《奧特曼:集結》是由中手遊自主發行、由日本圓谷株式會社授權的奧特曼系列 IP 正版授權改編手遊,兩款遊戲均已獲版號。此外,中手遊儲備自研《新三國大赤壁》、《召喚先鋒》《代號:M》等多款 全球題材融合性策略遊戲,22H1開始陸續全球化發行。國內外新遊有望貢獻利潤增量,預計22H2實現營收增速回升。同時,23年重磅國風元宇宙遊戲《仙劍世界》預計22H2進入測試階段,上線後有望提供持續穩定的營收增長。

研報同時指出,有魚藝術平台將持續深化中手遊在數字藝術品版權分發方面的積累,有望與後期發掘仙劍 IP 元宇宙價值形成協同。

“有魚藝術”於6月13日上線,其是由中手遊控股子公司海南古茗科技有限公司和北京市版權保護中心、版權鏈全國運營中心、黑龍江北方文化產權交易所無形資產交易中心戰略合作並打造的可信數字藝術品版權分發平台,是版權鏈數字藝術超級節點。該平台架構於國內首個由版權管理部門主導推出的行業公鏈“版權鏈”和數字版權證書系統,為數字藝術品提供版權合法化確權、存儲、首發銷售和保護服務,支持用户之間自由交易。

中手遊曾於1月21日、4月26日、5月13日公司分三期推出共14萬+仙劍數字藏品, 仙劍IP備受數字藝術市場歡迎。以IP為基礎的數字藏品將在有魚藝術平台銷售,而通過有魚藝術發售的數字藝術品亦將在仙劍元宇宙中呈現,中手遊佈局數字藝術品版權分發平台在拓展平台型業務領域的同時,有助於進一步釋放IP價值。

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