《大行》申萬宏源:閱文(00772.HK)《詭秘之主》與《王者榮耀》聯動上線 進行更多授權衍生變現
申萬宏源發表報告表示,短期方面,閱文(00772.HK)下半年IP項目更豐富。1)流水分成形式的授權遊戲三七互娛《斗羅大陸:獵魂世界》7月10日已上線。後續儲備騰訊《異人之下》,已有版號。2)與《王者榮耀》8月14日達成國創內容戰略合作計劃,「與更多IP角色相遇峽谷」;與《詭祕之主》的聯動「皮膚」(角色外觀的裝飾)已上線,聯動專屬周邊已經在閱文好物官方旗艦店、王者榮耀官方商城陸續開售,這是王者榮耀新皮膚上線時,同步推出周邊數量最多、豐富度最高的一次。3)新麗傳媒影視項目陸續上線。4)起點IP《凡人修仙傳》改編的動畫及真人電視劇暑期火爆,可視化成功將有效擴大IP影響力,閱文進行更多授權衍生變現。
根據公司財報,閱文在線業務今年上半年收入19.9億元人民幣,按年增長2%。其中自有產品+騰訊渠道付費收入按年增長3%,MPU為920萬(按年增長4.5%),月ARPPU為31.3元人民幣(按年下降0.4元人民幣),免費模式廣告收入同環比仍在收縮。毛利率按年穩定,為50%。IP商業化+網文出海成為長期看點。
申萬宏源對閱文維持「買入」評級。考慮到公司IP業務進展積極,該行上調2025至2027年調整後歸母淨利潤為13.76億元、14.95億元及17.02億元人民幣(原預測為12.8億元、14.16億元及15.56 億元人民幣)。
閱文今早高開近4.6%後升幅擴大,最新報45.1元彈高20.6%,成交額12.68億元。(wl/u)
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