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《大行報告》華興證券降閱文(00772.HK)目標價至35元 料去年下半年經調整純利跌25%
阿思達克 02-08 10:18
華興證券發表研究報告指,閱文(00772.HK)主要作品發行延期、AI投入預期增長及線上閱讀表現稍顯疲弱,因此下調其2023年下半年收入及利潤預測。該行預料集團期內收入按年增6%至37.7億元人民幣,當中,線上業務收入按年下降7%至19.2億元人民幣。期內,經調整純利按年減25%至5.14億元人民幣,經調整純利率為13.6%。 該行考慮到集團線上閱讀表現趨穩及強大的作品儲備支撐版權收入強勁增長,預計2024年收入將按年增11%至78.1億元人民幣,又預期新麗傳媒將於今年發行八部電視劇。該行對非新麗傳媒的版權收入亦持樂觀展望,主要是基於其豐富的授權遊戲儲備,預計今年經調整純利為14.9億元人民幣,經調整純利率為19%。 該行將集團2023至25年的收入預測下調8至12%,重申「買入」評級,目標價由45元下調至35元。
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