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西南證券研報覆蓋中手遊,首予“買入”評級目標價3.47港元
格隆匯11月14日丨11月11日,西南證券研究報吿首次覆蓋中手遊,報吿首予中手遊“買入”評級,目標價3.47港元,預計中手遊2022-24年歸母淨利潤1.8/5.8/8.6億元。西南證券指,中手遊為國內領先的IP遊戲發行商,截至2021年末擁有123個IP,為騰訊遊戲外擁有IP數量最多的中國遊戲公司;並持續加碼研發,2019-2021 年研發支出CAGR達118%;多款儲備新遊已獲版號,後續上線排期緊湊,測試數據均高於預期,中長期增長潛力已現。 報吿中稱,今年新獲夢工場動畫旗下全系列IP授權,同時自身IP授權收入因收購《仙劍奇俠傳》IP版權而增長106.9%至2.3億元。11月1日,SNK正版授權的《全明星激鬥》正式上線,並登iOS免費榜榜首,暢銷榜穩定在前20,首周流水突破5000萬。另有多款新遊已公佈上線日期,如12月上線的《鎮魂街:天生為王》和《召喚先鋒》,即將全球發行的《奧特曼:集結》,明年3月上線的《我的御劍日記》等。此外,中手遊打造的仙劍元宇宙是國內首個國風元宇宙,其未來想象空間可期。同時,中手遊11日與字節跳動旗下的XR品牌PICO達成合作,報吿預計《仙劍世界》VR遊戲將登陸PICO VR平台,中手遊元宇宙生態體系已趨成熟。
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