中手游 (302 HK) 中期業績符合預期 下半年將上線多款大作 September 15, 2020 506

PSR Recommendation: BUY Status: Maintained
Target Price: HKDHKD4.70

投資概要
中期業績概況
中手游1H20收入為17.14億元人民幣(+12.1% yoy);期內毛利為5.31億元人民幣(+0.5% yoy);期內歸母淨利潤/經調整歸母淨利潤分別為2.88億/3.41億元人民幣(+10.5% yoy /+27.6% yoy)。分業務來看,遊戲發行收入/遊戲開發收入/知識產權授權收入分別為14.89億/2.21億/416萬元人民幣(+13.9% yoy/+1.1% yoy/+15.0% yoy)。如我們預測,公司上半年業績增長相對緩慢,主要原因為公司今年的重磅遊戲將均於下半年發行,預計公司業績將於下半年及明年實現爆發式增長。綜合而言,公司上半年業績符合我們預期。
公司下半年將上線多款遊戲,2020全年業績可期
公司上半年僅上線低單位數的新款遊戲,如《軒轅劍-劍之源》、《家庭教師》、《魔域覺醒》等遊戲。其中《軒轅劍-劍之源》及《家庭教師》亦取得不錯的成績,遊戲上線首月即躋身蘋果商店免費榜第二。與此同時,公司自研的頁遊《魔域覺醒》上線後也躋身 360頁游平台新遊推薦排名第一。我們預計這數款新遊戲將會為公司於今明年帶來穩定的收入貢獻。
我們認為未來一年將會是公司自成立以來其中最重要的一年,不少備受市場期待的遊戲將會於2020下半年至2021年上半年期間推出。其中,公司預計將自主發行包括《射鵰群俠傳之鐵血丹心》、《生死狙擊之殭屍前線》、《凡人修仙傳》、《畫江湖之杯莫停》、《斗羅大陸:鬥神再臨》、《星辰變:共攬蒼穹》等多款新遊。《射鵰群俠傳之鐵血丹心》是一款卡牌+SLG遊戲。遊戲已於8月20日上線蘋果IOS平台,憑藉遊戲的優異品質以及公司的買量運營策略(包括於多渠道的針對性廣告資源投放以及流量明星營銷策略),《射鵰群俠傳之鐵血丹心》上線後穩居App Store免費榜第一名6天,而在暢銷榜上亦一直穩定位居前十,截止九月一日,《射鵰群俠傳之鐵血丹心》於暢銷榜上排名第七位。根據管理層透露,該遊戲的營業指標(包括用戶留存率、DAU等指標)均高於管理層於遊戲上線前對該遊戲的預測。對比過往同類遊戲,該遊戲為首部獲得「射鵰三部曲」完整授權的武俠手遊,更新增了多種玩法(包括「城戰」玩法),該遊戲將給予射雕類IP粉絲玩家耳目一新的遊戲體驗。我們預計該款遊戲將會成為今年其中一款爆款遊戲,遊戲下半年流水可期。

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Kevin Chiu

Kevin Chiu
Analyst
Research

Kevin Chiu received Bachelor`s Degree from University of Bristol and obtained Master`s Degree with distinction in Accounting and Finance from Warwick Business School. Kevin once worked as an analyst in the Equity Capital Market department of China Securities International, and he is familiar with the operation of Hong Kong`s capital market. Kevin is currently a licensed research analyst at Phillip Securities and covers TMT / Education sectors.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!