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《大行》瑞銀升閱文集團(00772.HK)目標價至33元 中期業績或遜預期
阿思達克 07-21 10:22
瑞銀發表研究報告指,預期閱文集團(00772.HK)上半年收入或按年減少25%至32億元人民幣,遜於市場預期15%。按業務來看,該行估計集團的線上業務收入將基本持平,料業務已經走出策略調整期,並將重點轉向高消費的高質量用戶,因此能夠實現穩定的表現。在IP業務方面,預計集團的自有IP業務(撇除新麗傳媒(NCM))的收入將下降4%。此外,該行表示,由於期內集團未有發行劇集,估計NCM的收入或顯著下降97%至3,200萬元人民幣。 盈利方面,該行估計閱文集團的非IFRS純利按年減少31%至4.85億元人民幣,或低於市場預測19%。根據該行估計,由於期內NCM業務的收入微薄,該業務或由盈轉虧,蝕1,500萬元人民幣。然而,撇除NCM業務後,集團賺取的淨利潤或按年上升25%至5億元人民幣。 該行下調集團2025及26財年收入預測10%和8%,續予「中性」評級,目標價由28.5港元上調至33港元。
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