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《大行報告》大摩下調閱文(00772.HK)目標價至34元 評級「與大市同步」
阿思達克 08-16 16:10
摩根士丹利發表研究報告指,受在線業務及版權營運(IP)業務下跌拖累,閱文(00772.HK)今年上半年收入按年下跌6%,較該行預測低14%。管理層將在線業務的下跌歸因於期內營銷減少,同時將發展重點轉移到效率上。 期內調整後淨利潤按年持平,高於該行預期16%。大摩指,付費閱讀業務表現穩定,好於預期,由於版權保護力度加大,部分抵銷了宏觀環境疲軟及競爭壓力,預期將繼續利好下半年業務增長。 大摩指,撇除新麗傳媒的IP業務下滑主要反映2021年以來公司戰略轉變,相信增長壓力可會在下半年得以改善,憧憬閱文有積壓的新作品庫存,相信各細分市場下半年會錄得連續改善;而新麗傳媒則有望於今年實現淨利潤5億元人民幣。 鑑於近期盈利壓力及IP業務長期發展可見性有限,大摩將2022至2024年收入預測下調2%至3%,淨利潤預測下調5%至8%,目標價由37元降至34元,維持「與大市同步」評級。
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