《大行報告》瑞信下調閱文(00772.HK)目標價至38元 評級「跑贏大市」
瑞信發表報告指,閱文(00772.HK)上半年業績有好有壞。收入下跌6%,較市場預期落後3%。但由於成本控制,經調整淨利潤持平,好過預期。
瑞信指,閱文的在線閱讀業務由於用戶獲取規模縮減,前景不樂觀。而知識產權(IP)業務交付穩定,預測旗下新麗傳媒(NCM)下半年利潤約3億。IP衍生品新舉措和整合騰訊影業的商業項目需時完成。
該行對閱文2022至2024財年收入和盈利預測降低1%至4%,以反映近期增長乏力,被成本控制部分抵銷。目標價由45元降至38元,對公司在內容產業的主要IP供應商定位持積極看法,保持「跑贏大市」評級。
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