《大行》華興資本升心動公司(02400.HK)目標價至80元 評級「持有」
華興資本發表研究報告指,心動公司(02400.HK)上半年收入按年升39%,經調整後純利按年急升235%,受惠遊戲及平台TapTap業務增長,符合早前盈喜預告。該行認為其中績穩固,主要是其行銷費用增長不大,並實現遊戲業務按年增長39%,而TapTap業務則憑藉轉換效率改善和更高的用戶參與度實現增長。
該行對其2025年至2027年收入預測上調介乎23%至25%,上調經調整後淨利潤預測介乎83%至86%,並提升估值基礎並延展至2026年,以預測明年市盈率18倍(原先為預測今年市盈率15倍)計,其目標價上調至80元,其評級為「持有」。
該行解釋,其目標市盈率低於網易-S(09999.HK)的20倍,因心動遊戲組合規模較小,以及今年以後的增長可見度有限。
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