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《大行》華泰證券:赤子城(09911.HK)上半年盈喜增長強勁 升目標價至14.6元 維持「買入」評級
阿思達克 08-08 10:15
華泰證券研究報告指出,赤子城科技(09911.HK)發布業績盈喜,預期今年上半年取得收入約為31.35至32.15億元人民幣,按年增長約38%至41.5%;歸屬母公司股東的淨利潤約為4.7億至5.1億元人民幣,按年增長108.9%至126.7%;經調整EBITDA約為6.3至6.7億元人民幣,按年增長約40.6%至49.6%。 華泰證券認為公司業績高增原因為:SUGO及TopTop等後發產品繼續高速增長;AI技術提升產品矩陣社交匹配效率;創新業務協同發展,精品遊戲不斷貢獻收入;去年12月公司完成對NBT Social Networking Inc.非控股權益收購後,其財務業績實現併表。 考慮公司社交產品收入表現優異,AI 賦能亦將帶動未來社交產品收入增長,且新產品有望提供新增量,該行維持公司2025至2027年歸母淨利潤預測為9.49億、12.25億、14.61億元人民幣。參考可比公司2025年平均市盈率14倍(前值12倍),上調公司2025年市盈率估值至20倍,上調目標價至14.6元港元(前值12.24港元),維持「買入」評級。
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