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《大行》華泰證券升心動公司(02400.HK)目標價至93.09元 看好自研遊戲產品中長期表現
阿思達克 09-01 11:16
華泰證券研究報告指出,心動公司(02400.HK)今年上半年業績實現收入30.82億元人民幣,按年增長38.8%;歸母淨利7.55億元人民幣,按年增長268%;中長期看好公司Taptap平臺的商業化空間,以及自研遊戲的產品表現,維持「買入」評級。 該行表示,《心動小鎮》定位長線高DAU(日活躍用戶數)的產品,預計流水將保持穩定,同時預計明年首季有望上線國際服;公司在研項目《RO2》預計有望2026年上線;並認爲公司自研項目能力顯着提升,期待後續新品表現。 華泰證券預計,公司2025至2027年經調整歸母淨利潤分別爲16.7億、20.2億、22.2億元人民幣,歸母淨利潤15.9億、19.4億、21.4億元人民幣。該行基於分部估值,TapTap平臺可比公司2025年每股盈利均值爲14倍,考慮平臺用戶規模較小,但商業化加速,給予TapTap平臺業務2025年10倍市盈率;遊戲業務可比公司2025年市盈率均值爲26倍,給予2025年遊戲業務26倍市盈率,上調公司目標價,從81.69港元升至93.09港元(基於2025年TapTap平臺9倍市盈率,遊戲業務24倍市盈率)。
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