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研報掘金丨東吳證券:維持巨人網絡“買入”評級 《超自然行動組》流水超預期
格隆匯 07-07 14:20
東吳證券研報指出,巨人網絡《超自然行動組》流水超預期,看好新遊週期帶來戴維斯雙擊。2025年7月4日,公司多人組隊休閒摸金遊戲《超自然行動組》iOS遊戲暢銷榜排名躍升至第10名,創新高,產品表現超預期。公司重點遊戲流水總體穩定,對應2025Q1公司營收7.24億元,同比增長3.94%,同時合同負債同環比增加2.90、1.28億元至2.90億元。利潤率方面,當前《超自然》並未上線安卓渠道服,同時通過主播直播等內容營銷進行獲客,我們預計產品渠道成本、銷售費用率均處低位,預計產品利潤率顯著高於存量老遊,因此看好《超自然》自2025年起帶來顯著業績彈性。認為若《超自然》成為公司又一長青遊戲,一方面將顯著增厚業績基本盤、增強業績穩定性,另一方面將驗證公司品類擴張及研發能力,將為公司估值帶來一定溢價。看好公司賽道品類突破,持續關注《超自然》長線表現,有望帶來公司戴維斯雙擊,維持“買入”評級。
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