《大行報告》瑞信下調閱文(00772.HK)目標價至45元 評級「跑贏大市」
瑞信發表報告,預計閱文(00772.HK)上半年總收入將保持疲軟,按年下跌23%,按半年下跌11%,至31.5億元人民幣。該行預計在線業務收入為20.4億人民幣,按年下跌12%,按半年下跌1%。至於IP營運收入為10.7億人民幣,按年下跌38%,按半年下跌25%,因為內容發布集中在下半年。
瑞信指,由於專注於優質內容的在線閱讀戰略、自有渠道和反盜版措施取得成效,加上下半年更好的內容發行,包括新麗傳媒下半年有4部電視劇,預計公司下半年將恢復增長。
為反映近期收入疲軟和下半年恢復增長,瑞信將閱文上半年收入預期下調30%,但將下半年收入預期上調24%,全年收入預測下降5%,明年收入下調1%。今明兩年經調整淨利潤分別下調4%和2%。目標價由47元下調至45元,維持「跑贏大市」評級。
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