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研報掘金|中信建投:心動公司《鈴蘭之劍》國服上線表現超預期 明年業績或迎來修復

中信建投海外團隊發佈研報稱,《鈴蘭之劍》國服上線表現超預期,11.23日心動公司旗下像素風戰棋類遊戲《鈴蘭之劍》國服版本上線,上線表現優秀:截止到11.24日,《鈴蘭之劍》在TapTap上面已經有超過67萬下載,超過138萬人關注,並獲得7.4評分,位居TapTap熱門榜第二;根據七麥數據,截止11.24日,《鈴蘭之劍》位居IOS免費榜第二,暢銷榜第十(排名尚在不斷上升)。

公司業績目前處於承壓觸底階段,明年或迎來修復。23H1公司歸母淨利潤0.9億元,利潤主要由TapTap貢獻,公司H1業績處於承壓觸底階段,該行認為明年利潤或有望迎來修復。遊戲方面,老遊戲流水有所下滑但整體可控,新遊戲如《鈴蘭之劍》、《心動小鎮》等有望帶來全新增量;如果《鈴蘭之劍》國服表現超預期,或能帶動遊戲業務整體盈利。TapTap方面,TapTap下半年營收與MAU環比有所提升,預計明年在新遊與營銷費用增長的前提下MAU與利潤有望實現穩健增長。

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