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研報掘金|申萬宏源:維持閱文集團“買入”評級 IP業務進展積極
格隆匯 08-18 14:09
申萬宏源發表報告表示,短期方面,閱文集團下半年IP項目更豐富。1)流水分成形式的授權遊戲三七互娛《鬥羅大陸: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。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。該行對閱文維持“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爲13.76億元、14.95億元及17.02億元,原預測爲12.8億元、14.16億元及15.56億元。
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