招商證券:豐富遊戲儲備有望大幅提升23-24財年收入 首次覆蓋青瓷遊戲並給予“增持”評級
格隆匯4月4日丨招商證券發研報指,青瓷遊戲(6633.HK)2022財年收入達6.3億元人民幣,調整後淨利潤為5100萬元人民幣,符合先前業績指引,22年下半年實現轉虧為盈。得益於版號審批常態化及公司穩健運營,豐富的遊戲儲備有望大幅提升23-24財年收入。
截至目前,《最強蝸牛》已經上線日本(2022年6月)和泰國(2023年1月),並計劃在23年上線歐美,以及在23年下半年在國內推出H5版本。自版號審批恢復以來,青瓷已經獲得了6個新遊戲版號。其中一款遊戲(《使魔計劃》)已經在2023年1月上線,預計其他5款遊戲將於2023年內推出,其中預計《新仙劍奇俠傳》和《時光旅行社》將有不錯表現。更長期來看,在即將推出的遊戲中,自研SLG遊戲《項目E》備受期待。
招商證券看好青瓷的獨特設計和內容、高度粘性的用户社區以及不斷提高的研發能力/運營經驗,在穩定的政策背景下,預計青瓷遊戲表現將得以提升。基於當前遊戲計劃,該行預計青瓷23/24財年收入將達到22億元/24億元人民幣,調整後淨利潤將達到4.21億元/6.08億元人民幣。
該行首次覆蓋並給予”增持“評級,及目標價為8.3港元(基於未來12個月的盈利和10倍目標市盈率)。
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