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《大行》中金:心動(02400.HK)業績預告超預期 上調目標至82.5元 升今明兩年盈測
阿思達克 08-05 15:40
心動公司(02400.HK)發盈喜,預計6月止六個月淨利潤不少於7.9億人民幣,較去年同期增長215%。該股今早高開8.5後抽高,盤中曾見71.9元一度飆升26.7%,最新報70.5元抽上24.2%,成交額18.1億元。 中金髮表報告表示,心動公司預告今年上半年收入按年增長超過37%、淨利潤按年增長超過215%,公司業績預告好於該行及市場預期(淨利潤5億人民幣),該行認爲主要因:1)《仙境傳說RO:初心服》流水及淨利潤率水平均好於預期;2)TapTap收入及利潤率表現好於預期。 該行指,心動公司遊戲利潤盤堅實,下半年關注《伊瑟》9月25日上線、《小鎮》海外及2026年核心產品《RO2》首測。今年上半年遊戲利潤盤?實表現,公司表示上半年增量主要因《仙境傳說M:初心服》、《心動小鎮》及《火炬之光》推動收入增長、改善毛利率水平。 中金指TapTap收入穩健增長,下半年關注算法升級、 功能疊代及PC版發展。上半年受廣告算法改進及用戶參與度提升帶動 Tap收入及利潤上半年實現按年增長。該行認爲,受廣告效率、平臺用戶價值提升影響,Tap市場份額持續提升,在App遊戲首發買量推廣渠道選擇的重要性持續提升。 考慮TapTap盈利水平提升、遊戲表現好於預期,中金分別上調心動今明兩年歸母淨利潤預期66%及81%至16.5億及19.5億人民幣,對應當前股價今明兩年預測市盈率15倍及13倍,維持「跑贏行業」評級, 綜合考慮盈利預測調整和新遊預期逐步消化 上調目標價49%至82.5元(相當今明兩年預測市盈率22倍及18倍)。
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