研報掘金丨浙商證券:三七互娛估值有望修復,新遊表現可期、新品儲備豐富
浙商證券日前研報指出,公司頭部遊戲《尋道大千》、《Puzzles & Survival》等業績確定性高,重點新品《斗羅大陸:獵魂世界》上線在即,有望超越前作《斗羅大陸:魂師對決》,帶來業績及估值修復。25Q2起公司業績持續向上,《時光大爆炸》《英雄沒有閃》等進入利潤回收週期。根據可比公司估值法,我們採用愷英網絡、巨人網絡、神州泰嶽、完美世界、吉比特作為可比公司,25E/26E平均P/E估值分別為26.6X/20.5X。認為公司新遊表現可期、新品儲備豐富,2025-2026年業績有望持續增長,給予公司2026年20X目標P/E估值,目標市值656億元,對應29.7元。
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