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《大行》花旗升心動(02400.HK)目標價至73元評級「中性」 上調收入及盈利預測
阿思達克 08-06 10:35
花旗研究報告指出,心動公司(02400.HK)發布盈喜,預計上半年收入及利潤分別按年增37%、215%,至超過30.5億及約7.9億元人民幣,較市場預期分別高出15%及85%。花旗認為其超預期的收入和利潤可歸因於自家開發遊戲《仙境傳說M》、《心動小鎮》、《火炬之光》表現強勁、《出發吧麥芬》的下滑幅度好於預期,以及廣告貨幣化優化表現良好,儘管TapTap月活躍用戶增長溫和。 進入2025年下半年,花旗看到《伊瑟-重啟日》於今年9月在中國、日本、韓國成功推出的潛力,以及《心動小鎮》的海外首發帶來上行機會。然而,隨著散戶和南向資金流增加,花旗也警告可能導致顯著調整的風險因素,包括《出發吧麥芬》可能快速下滑、《伊瑟》生命週期預期不確定性,從而影響流水。經修訂盈測後,以預測2026年市盈率22倍不變計,花旗將心動公司目標價從52港元上調至73港元,維持「中性」評級。 花旗將心動公司2025至2027財年收入預測分別升13.9%、8.3%及7.5%,經調整純利預測分別升79%、42%及22%,以反映盈喜和遊戲預測修訂。
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