传媒 | 证券研究报告 — 调整盈利预测 2024 年 6 月 26 日 02400.HK 买入 原评级:买入 市场价格:港币 19.08 板块评级:强于大市 股价表现 心动公司 (64%) (50%) (35%) (21%) (7%) 8% Jun-23Jul-23Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24 心动公司 恒生指数 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 92.5 (7.2) 13.4 (10.0) 相对恒生指数 85.2 (4.0) 4.2 8.3 | 发行股数 ( 百万 ) | 480.64 | |-----------------------------------------------|----------| | 流通股 ( 百万 ) | 480.64 | | 总市值 ( 港币 百万 ) | 9,170.59 | | 3 个月日均交易额 ( 港币 百万 ) | 75.96 | | 主要股东 | | | Happy Today Holding Limited | 32.8 | | 资料来源:公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][33]. Core Views - The performance of the self-developed game "Let's Go Muffin" is impressive and is expected to drive rapid growth in the company's performance. The game has maintained a position in the top 10 of the iOS bestseller list in Hong Kong and Taiwan since its launch on January 24, 2024, with revenue reaching 460 million RMB by the end of May. The game also ranked 4th in the iOS bestseller list in China after its launch on May 15, 2024, with an estimated revenue of 300 million RMB in May [3][12][34]. Summary by Sections 1. Performance of "Let's Go Muffin" - "Let's Go Muffin" has shown strong performance in both Hong Kong and Taiwan, consistently ranking in the top 10 of the iOS bestseller list. The game generated 460 million RMB in revenue in the region by the end of May 2024 [11][12]. - The game achieved a peak ranking of 4th in the iOS bestseller list in China, only behind major titles like "DNF Mobile," "Honor of Kings," and "Peacekeeper Elite" [3][12]. 2. R&D and Publishing Capabilities - The company has improved its R&D and publishing capabilities, which may enhance the success rate of its products. The return of Huang Xiwei, the original co-founder of TapTap, is expected to further strengthen the company's publishing capabilities [4][21]. 3. Growth of TapTap - TapTap's traffic and user base continue to grow, with several exclusive and major games driving further increases. The platform achieved a historical high ranking of 13 in the iOS free app list in April 2024 [5][26]. - The unique zero-revenue-sharing model of TapTap is expected to enhance its position in game publishing, leading to rapid revenue growth and accelerated profit release [5][28]. 4. Financial Forecasts and Investment Recommendations - The company is expected to see significant revenue growth driven by "Let's Go Muffin" and other reserve games, with projected net profits of 783 million, 1.137 billion, and 1.246 billion RMB for 2024-2026, respectively [3][34]. - The estimated earnings per share (EPS) for the same period are projected to be 1.6, 2.4, and 2.6 RMB, with corresponding price-to-earnings (P/E) ratios of 11.6, 8.0, and 7.3 times [3][34].

2024 年 06 月 13 日 公司研究 研究所： [Table_Title] 《出发吧麦芬》表现亮眼， 平台重回 TAPTAP 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 增长，有望推动公司 年业绩增长 2024 ——心动公司（2400.HK）公司研究（无评级） 最近一年走势 事件: 《出发吧麦芬》国服表现亮眼：2024年5月15日，公司自研休闲题材 放置挂机游戏《出发吧麦芬》国服公测。据七麦数据，《出发吧麦芬》在 iOS畅销榜排名稳中有升，截至6月11日畅销榜排名Top10。 投资要点:  5月15日《出发吧麦芬》国服上线，延续在港澳台地区优异表现， 有望推动公司2024年业绩增长。 相对恒生指数表现 2024/06/13 表现 1M 3M 12M （1）公司自研休闲题材放置挂机游戏《出发吧麦芬》国服于5月15日 心动公司 9.6% 24.0% -12.3% 正式上线。据七麦数据，《出发吧麦芬》在5月14日预下载阶段即 恒生指数 -5.2% 6.0% -7.2% 排名iOS免费榜（总榜）和免费榜（游戏）第1名；5月15日上线 后《出发吧麦芬》在iOS畅销榜排 ...

各位投资者下午好我是广发证券传媒互联网分析师张驰下面我为各位投资者汇报一下我们心动公司的深度报告 首先我们觉得心动的投资逻辑包含两个层面第一个层面是产品的一个突破第二个层面是在产品突破之上它带动的它平台端的一个进一步的一个变化这两个结合构成了我们觉得心动它投资的一个两段逻辑第一段逻辑其实是公司资源产品的这样一个驱动这里面最核心的产品就是出发法麦芬这样一个放置类的一个新产品 那作为一个放置类的MMO,它的整个的产品体验,我们来看是非常优质的。那如果我们从玩法上来讲,它其实是非常传统的一个MMO的一个体验。 基本上包含传统游戏基本上都有的这样几大职业体系然后在数值上有武器和技能两大系统去通过数值的强化提供游戏的一个付费点然后使得玩家这样一个充值的流水的比重应该是比较高的尤其是对于一些大额的用户他的这样一个充值的一个数额是可以有比较高的一个数值的 所以整体来看呢,它是一个相对比较轻松休闲上的,但依然是一个付费体验相对比较重的一个放置品类的一个游戏。那从它的这样一个游戏情况来看,我们觉得整体是类似于像《剑与野争》,包括像《最强蜗牛》这样一些放置品的一些RPG的游戏。 如果从产品的一个表现来看的话,它的畅销榜的排名是非 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 19.58 HKD and a fair value of 29.88 HKD per share [4]. Core Insights - The company's newly launched self-developed game "Let's Go Muffin" has shown excellent performance, significantly boosting the company's revenue. The game entered the top 10 best-selling list in its first week and reached the fourth position by May 28, 2024 [2][10]. - The self-developed games are expected to enhance user activity on the TapTap platform, with increased advertising revenue driven by intensified competition for user acquisition [2][28]. - Cost reduction and efficiency improvements are evident, with a decrease in overall expenses and a reduction in employee numbers from 2,327 in 2021 to 1,452 in 2023, leading to an expected improvement in profitability [2][38]. Summary by Sections 1. Breakthrough in Self-Developed Games - The self-developed game "Let's Go Muffin" launched in January 2024 in the Hong Kong, Macau, and Taiwan markets and in May 2024 in mainland China, achieving a top 10 position in sales shortly after launch [10]. - The game is expected to have a strong revenue performance, contributing positively to the company's overall financial results [10][13]. 2. Increased Activity on TapTap and Advertising Revenue Growth - The launch of "Let's Go Muffin" is anticipated to drive user growth on the TapTap platform, as the game requires a TapTap account for login, which may lead to increased advertising revenue due to heightened competition for user acquisition [28][29]. - The summer of 2024 is expected to see a high density of new game launches, which will likely increase user acquisition costs and advertising revenue [21][23]. 3. Financial Performance: Cost Reduction and Efficiency Gains - The company reported a revenue of 33.89 billion RMB in 2023, a slight decline of 1.22% year-on-year, but with a gross profit increase of 12.7% [38]. - The company has successfully reduced sales expenses by 6.23% to 8.65 billion RMB and R&D expenses by 20.89% to 10.16 billion RMB, indicating a focus on core products and cost efficiency [38][40]. - The net loss for the company narrowed significantly to 0.83 billion RMB in 2023 from 5.53 billion RMB in 2022, suggesting a positive trend in financial recovery [38]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024 to 2026 are projected at 52.63 billion RMB, 62.46 billion RMB, and 66.74 billion RMB, respectively, with net profits expected to reach 5.58 billion RMB, 7.64 billion RMB, and 8.35 billion RMB [2][39]. - The report employs a segmented valuation method, estimating the game business at 72.09 billion RMB and the community business at 58.55 billion RMB, leading to a total fair valuation of 143.6 billion HKD [2].

传媒/游戏Ⅱ 公 司 研 心动公司（02400.HK） 《出发吧麦芬》国服上线，或继续驱动公司成长 究 2024年05月15日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/5/14 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 18.280  《出发吧麦芬》国服登顶免费榜第一，或驱动业绩增长，维持“买入”评级 股 一年最高最低(港元) 23.900/7.470 公司自研冒险放置手游《出发吧麦芬》国服于5月15日正式上线，游戏开启预 公 司 总市值(亿港元) 87.86 下载后最高排名iOS总榜和游戏榜免费榜第1名，并获得苹果APP Store首页主 信 流通市值(亿港元) 87.86 打推荐，截止5月15日《出发吧麦芬》在TapTap平台下载量达50万。《出发吧 息 总股本(亿股) 4.81 麦芬》国服上线即与线条小狗 IP 展开联动合作，玩家在游戏内可以获得线条小 更 新 流通港股(亿股) 4.81 狗联动时装、 ...

User Activity and Engagement - TapTap's active user numbers in China declined year-over-year in 2023 due to adjustments in marketing spend and environmental factors, but user activity growth returned to the expected trajectory in Q4 2023 after several advertising strategy adjustments[9] - TapTap's iOS version, despite lacking game downloads due to iOS policy restrictions, saw significant growth in 2023, driven by community content[9] - TapTap's content community achieved notable growth in 2023, with increasing content ecosystem activity and engagement, despite its relatively low overall traffic share[9] - The company's TapTap platform saw a decrease in average monthly active users in China in 2023, but the user base has since returned to growth after adjustments[13] - TapTap China's average MAUs decreased by 13.6% year-over-year to 35.8 million in 2023, but revenue increased due to higher marketing demand and improved ad system efficiency[20] - TapTap International's average MAUs decreased by 36.6% year-over-year to 5.8 million in 2023, primarily due to reduced marketing and ad spending[21] Game Development and Launches - The company launched several self-developed games in 2023, including *Torchlight: Infinite*, *T3 Arena*, and *Sword of Convallaria* in mainland China and the Greater China region, with *GoGo Muffin* entering public beta in early 2024[8] - The company launched three new self-developed games in 2023: Torchlight: Infinite, T3 Arena, and Sword of Convallaria, which helped offset the decline in users for Sausage Man[13] - The game "Torchlight: Infinite" was launched in overseas markets in October 2022 and in the Chinese market in May 2023, achieving cross-platform compatibility and seasonal operation[16] - The game "Sword of Convallaria" was launched in Hong Kong, Macau, and Taiwan in August 2023 and in the Chinese market in November 2023, with plans for overseas release in the second half of 2024[16] - The self-developed idle game "GoGo Muffin" was launched in Hong Kong, Macau, and Taiwan in January 2024, topping the Apple Store game bestseller charts in these regions[17] Financial Performance - The company achieved an adjusted EBITDA profit of RMB 158.4 million in 2023, compared to a loss of RMB 353.0 million in 2022[13] - Total game revenue in 2023 decreased by 14.7% year-over-year to RMB 2,091.7 million, with network game revenue down 15.1% and paid game revenue down 2.5%[24] - TapTap platform revenue increased by 32.6% year-over-year to RMB 1,297.5 million in 2023, driven by increased marketing demand and improved ad system efficiency[25] - Revenue cost decreased by 17.2% year-on-year to RMB 1,320.8 million in 2023[26] - Game business revenue cost decreased by 16.6% to RMB 1,115.5 million, mainly due to reduced revenue from games like Sausage Man and Ulala, and cost control measures[28] - TapTap platform revenue cost decreased by 20.3% to RMB 205.2 million, primarily due to reduced bandwidth and server hosting fees[29] - Gross profit increased by 12.7% to RMB 2,068.4 million, with gross margin rising to 61.0% from the previous year[30] - Sales and marketing expenses decreased by 6.2% to RMB 865.2 million, driven by cost-cutting measures in the game division[30] - R&D expenses decreased by 20.9% to RMB 1,015.7 million, mainly due to reduced employee benefits and a decrease in R&D staff from 1,196 to 1,031[30] - General and administrative expenses decreased by 3.9% to RMB 224.6 million, primarily due to a reduction in back-office staff[31] - Net loss for the year significantly reduced to RMB 65.4 million from RMB 574.0 million in 2022[31] - Adjusted EBITDA improved to RMB 158.4 million from a loss of RMB 353.0 million in the previous year[33] - Annual loss for 2023 was RMB 65,362 thousand, a significant improvement from the RMB 574,013 thousand loss in 2022[35] - Adjusted annual loss for 2023 was RMB 9,406 thousand, compared to RMB 494,256 thousand in 2022[35] - Loss attributable to equity holders of the company for 2023 was RMB 83,039 thousand, down from RMB 553,495 thousand in 2022[36] - Adjusted loss attributable to equity holders of the company for 2023 was RMB 34,118 thousand, compared to RMB 482,447 thousand in 2022[36] Game Operations and Updates - Older games such as *Shen Xian Dao*, *Ragnarok M: Eternal Love*, and *Sausage Man* continue to receive active investment in operations and development, with plans for breakthrough updates in 2024[8] - Sausage Man, the company's flagship game, experienced a decline in MAUs and MPUs in 2023 due to reduced gaming time post-pandemic and competition from new games[14] - The company plans to launch a new server for Ragnarok M in the first half of 2024 to improve player experience[14] - Paid game revenue in 2023 decreased by 2.5% compared to 2022, with new titles like "Rotaeno" and "Bloons TD6" performing well[18] Technology and Innovation - TapTap's recommendation algorithm was optimized, improving distribution efficiency and focusing on the quality of recommendations, with a fixed share allocated for high-quality and promising games[9] - The company plans to further integrate AIGC (AI-generated content) technology into game development and platform user services to enhance content production efficiency and user service capabilities[13] - The company has integrated backend data tracking into TapTap's SDK to improve user experience and developer revenue, with plans to further lower the threshold for data integration[10] - The company has streamlined its TapTap Developer Services (TDS) by integrating features like login, updates, and game data tracking into a single SDK to reduce developer burden[10] Corporate Governance and Leadership - Wu Meng, aged 39, serves as a non-executive director with over 18 years of experience in the gaming and internet industry, previously holding positions at Giant Network Group Co., Ltd. and currently the CEO of Shanghai Miaoworld Technology Co., Ltd.[45] - Xin Quandong, aged 50, is an independent non-executive director with extensive experience in accounting and investment, currently serving as the founding partner and CEO of Shanghai Honggu Equity Investment Fund[45] - Pei Dapeng, aged 46, is an independent non-executive director with rich experience in e-commerce and network technology, currently serving as the Chairman and CEO of Shangpai Software Co., Ltd.[45] - Liu Qianli, aged 48, is an independent non-executive director with over 20 years of experience in investment banking and corporate finance, currently serving as an independent non-executive director at several listed companies including Luckin Coffee Inc.[45] - Gong Rui, aged 38, has been the CFO of the company since June 3, 2019, with 14 years of experience in investment banking and financial management, previously holding positions at China Culture Industry Investment Fund Management Co., Ltd. and BOC International Asia Limited[46] - Huang Yimeng serves as both the Chairman and CEO, with the Board believing that combining these roles provides strong and consistent leadership for the company's long-term business strategy[51] - The Board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a strong level of independence[51] - The company has complied with the requirement to appoint at least three independent non-executive directors, with at least one possessing appropriate professional qualifications or accounting/financial management expertise[52] - All directors participated in continuous professional development programs during the year ended December 31, 2023, and provided records of their training[53] - The board currently has one female member, achieving gender diversity and complying with the Listing Rules. The company aims to maintain at least 10% female representation on the board[55] - As of December 31, 2023, the company's workforce consisted of 71.5% male and 28.5% female employees[56] - The company aims to achieve a more balanced gender ratio in its workforce and will continue to monitor and evaluate its diversity policies[56] - The board held six meetings during the year, with all directors attending all meetings except for one newly appointed non-executive director[59] - The chairman held one meeting with all independent non-executive directors without the presence of other directors during the year[59] - The company has established four board committees: Audit Committee, Remuneration and Assessment Committee, Strategic Development Committee, and Nomination Committee, each with specific written terms of reference[62] - The Audit Committee is responsible for reviewing and monitoring the independence and objectivity of external auditors, as well as the effectiveness of the audit process[64] - The Audit Committee reviews the company's financial statements, annual reports, and accounts, ensuring compliance with accounting standards and regulatory requirements[64] - The Audit Committee oversees the company's financial controls, risk management, and internal control systems, ensuring they are effective and adequate[65] - The Audit Committee reviews the company's financial and accounting policies and practices, ensuring they are appropriate and effective[65] - The Audit Committee monitors the company's performance on key ESG (Environmental, Social, and Governance) matters, ensuring compliance with legal and regulatory requirements[65] - The Audit Committee ensures that the company has appropriate arrangements for employees to raise concerns about financial reporting, internal controls, or other potential misconduct[65] - The Audit Committee acts as the primary representative between the company and external auditors, overseeing their relationship[65] - The Audit Committee reviews and monitors the company's policies, practices, and performance on key ESG matters, ensuring they align with the company's size, business nature, and scope[65] - The Audit Committee supervises the company's key performance indicators and standards related to ESG matters, ensuring performance targets are met[65] - The audit committee reviewed the audited financial statements for the year ended December 31, 2022, and the unaudited interim financial statements for the six months ended June 30, 2023[66] - The audit committee discussed accounting policies, financial reporting issues, and risk management with management and external auditors[66] - The compensation committee reviewed the effectiveness of the compensation policy and the remuneration of executive directors and senior management[68] - The senior management team's remuneration for the year ended December 31, 2023, ranged from HKD 1,000,001 to HKD 10,000,000, with 4 individuals in this range[70] - The strategic development committee reviewed business development strategies and operational plans for the year ended December 31, 2023[71] - The nomination committee reviewed the structure, size, and composition of the board and made recommendations for director appointments and re-appointments[72] - The nomination committee assessed the independence of independent non-executive directors and reviewed the time commitment of non-executive directors[72] - The Board of Directors has the authority to appoint directors to fill temporary vacancies or as new members, with such appointees serving until the next general meeting where they are eligible for re-election[73] - Nominated candidates must provide a resume, written consent, and other required documents, including an independence confirmation for independent non-executive director candidates[74] - The Nomination Committee evaluates candidates based on professional expertise, industry experience, personal ethics, integrity, and reputation, among other factors[75] - The Board of Directors considers the Nomination Committee's recommendations and decides on the eligibility of nominated candidates for appointment as directors[76] - The company has established mechanisms for the Board to obtain independent views and opinions, ensuring a strong independent element to enhance Board efficiency[77] - Directors are responsible for preparing the consolidated financial statements in accordance with statutory requirements and applicable accounting standards[78] - The company maintains a robust risk management and internal control system to ensure effective business operations, accurate accounting records, and compliance with laws and regulations[79] - The company has established a comprehensive internal control framework covering procurement, sales, HR, game development, marketing, tax, finance, IT security, and intellectual property, with a risk library and regular risk assessments to ensure effective risk management and internal control[80] - The company's risk management and internal control systems were deemed adequate and effective as of December 31, 2023[80] - The company has adopted financial risk management policies to control risks such as tax, currency, and financial reporting risks, with monthly oversight of financial performance and key operational data[80] - The company monitors operational risks, including HR and IT regulatory risks, by tracking employee turnover rates, satisfaction, and IT system status monthly[81] - The company paid a total of RMB 5,010,000 to its external auditor, PwC, for audit and non-audit services in 2023, with non-audit services including tax advisory and IT system review[83] - The company has implemented IT system controls to ensure that only authorized personnel can access sensitive data, with annual training provided to all employees on handling and transmitting insider information[81] - The company's dividend policy is determined at the discretion of the board, considering factors such as actual and expected operating performance, cash flow, financial condition, business strategy, and future expansion plans[81] - The company has adopted a standard code of conduct for directors' securities transactions, with all directors confirming compliance as of December 31, 2023[84] - The company's joint company secretaries, Mr. Fan Shuyang and Mr. Zhong Minghui, completed at least 15 hours of professional training in 2023 as required by the listing rules[85] - Shareholders holding at least 10% of the company's paid-up share capital can request a special general meeting, with specific procedures outlined in the company's articles of association[86] - The company has established a shareholder communication policy to enhance investor relations and understanding of the company's business performance and strategy, utilizing channels such as annual general meetings, annual reports, and the company's website[87] - The company adopted the second amended and restated memorandum and articles of association on June 20, 2023, to align with revised Cayman Islands Companies Law and updated listing rules[87] - The company published its fifth Environmental, Social, and Governance (ESG) report, covering performance and key performance indicators (KPIs) for the period from January 1, 2023, to December 31, 2023[89] - The ESG report adheres to the Hong Kong Stock Exchange's ESG Reporting Guide, emphasizing materiality, quantification, consistency, and balance in reporting[90] - The ESG report covers the company's operations in Shanghai, Hainan, and Singapore, which are its primary office locations[91] - The company has established a five-tier ESG governance framework, with the board of directors overseeing ESG matters and setting related goals[93] - The audit committee is responsible for assessing, prioritizing, and managing significant ESG issues, as well as tracking progress toward ESG goals[93] - The company actively engages with stakeholders, including government, regulators, shareholders, and employees, to address expectations and promote sustainable development[95] Information Security and Data Management - The company has established an Information Security Management Committee to oversee and optimize the information security management system, ensuring compliance with ISO27001 standards[103] - The company's subsidiary, Xindong Network, received two awards in the 2023 Pan-Shi Action cybersecurity competition in Shanghai[103] - The company has completed data security assessments and appointed a Chief Data Officer (CDO) as required by the Shanghai Communications Administration[103] - The company's information security management and data center have obtained national information security level protection (Level 3) certification[103] - The company has implemented a series of information security management regulations, including employee onboarding security training and third-party service security management[104] - The company has implemented automated security penetration testing platforms and WAF security protection platforms to manage risks at various nodes in the data lifecycle, including encryption, integrity checks, access control, and data backup[105] - The company revised the TapTap privacy policy and TapSDK privacy policy, clarifying the scope of personal information processed, processing purposes, and permission usage[105] - The company has optimized user privacy settings for personalized content and advertising recommendations on its platforms, in compliance with regulatory requirements[105] Intellectual Property and Legal Compliance - The company has 1,909 intellectual property rights, including 1,506 trademarks, 18 patents, 215 software copyrights, 98 art copyrights, 13 music copyrights, 3 text copyrights, and 56 other intellectual property works[109] - The company has not violated any laws or regulations related to personal data or advertising during the year[106][107] - The company has established a comprehensive intellectual property protection system, including patent management and reward systems, and has improved the process for protecting exclusive game intellectual property rights[108] - The company has added a guarantee letter requirement for advertising agency framework contracts, requiring the legal representative of the advertising agency to provide joint liability guarantees to reduce risks of breach or violation[107] - The company has conducted training and awareness programs for employees on intellectual property rights, including the latest industry topics such as AIGC (AI-generated content) and AI-generated image copyright issues[109] Employee Welfare and Development - The company conducts annual employee opinion surveys and quarterly performance evaluations to ensure employee satisfaction and development[98] - The company organizes at least 30 training courses and 10 seminars/workshops annually to enhance employee skills and knowledge[98] - The company engages in social welfare activities and volunteer work at least once a year to promote community harmony[99] - The company has implemented green office practices and waste classification to reduce emissions and save energy[99] - The company conducts regular supplier evaluations and on-site inspections to ensure risk management and anti-corruption compliance[99] - The company has implemented a "Heartbeat Supplementary Stock Option Plan" allowing employees to receive part of their salary in stock options[124] - The company implemented a 7*24-hour mental health hotline for employees, with no work-related fatalities in the past three years and zero days lost due to work injuries in the current year[129] - The company conducted various training programs, with 58% of male employees and 42% of female employees participating, averaging 5.2 and 4.6 training hours respectively[132] - Full-time junior employees accounted for 36% of trainees with an average of 2.94 training hours, while full-time mid-level employees had 89% participation with 19.8 average training hours[132] - The company provides various benefits including "five social insurances and one housing fund," marriage and childbirth subsidies, and an employee assistance program[124] - The company offers annual health check

传媒/游戏Ⅱ 公 司 研 心动公司（02400.HK） 《出发吧麦芬》将测试，收购海外发行公司少数股权 究 2024年04月10日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/9 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 14.200  《出发吧麦芬》国服及日韩等地区有望延续良好表现，维持“买入”评级 股 一年最高最低(港元) 28.100/7.470 根据TapTap，《出发吧麦芬》国服将于4月16日-4月26日进行删档付费测试， 公 司 总市值(亿港元) 68.23 根据App Store，预计于5月15日正式上线。《出发吧麦芬》此前1月24日上线 信 流通市值(亿港元) 68.23 港澳台地区后，一直保持在iOS畅销榜前列，根据data.ai数据，2月份流水1800 息 总股本(亿股) 4.81 万美元，排名出海游戏第15名。根据点点数据，3月份流水超2012万美元，排 更 新 流通港股(亿股) 4. ...

Investment Rating - The report maintains a **Buy** rating for the company [1] - The sector rating is **Outperform** [1] Core Views - The company's losses have significantly narrowed, with the new game *Departure Maifen* performing well [3] - The company's self-developed games are expected to contribute to future performance growth, and TapTap's active user base has returned to growth [4] - The company's gross margin has improved significantly, and various expenses have been reduced [4] Financial Performance - In 2023, the company's revenue was RMB 3.39 billion, a year-on-year decrease of 1.22%, while net loss attributable to the parent company was RMB -83 million, a year-on-year reduction of 85% [3] - The gross margin in 2023 was 61.03%, an increase of 7.54 percentage points year-on-year [6] - TapTap platform revenue in 2023 was RMB 1.3 billion, a year-on-year increase of 32.6%, with a gross margin of 84.18%, up 10.49 percentage points year-on-year [4] Game Performance - Game revenue in 2023 was RMB 2.09 billion, a year-on-year decrease of 14.7%, accounting for 61.7% of total revenue [4] - The new game *Departure Maifen* achieved monthly revenue exceeding RMB 100 million in February and is expected to launch in mainland China in May [4] - The company has four games in reserve, with *Heartbeat Town* and *Iser Restart Day* already obtaining licenses [4] Valuation and Forecast - The report forecasts net profit attributable to the parent company for 2024/2025/2026 to be RMB 332/567/804 million, with corresponding P/E ratios of 20.50/11.99/8.46 times [4] - Revenue for 2024/2025/2026 is expected to be RMB 4.153/4.789/5.434 billion, with year-on-year growth rates of 22.52%/15.33%/13.47% [5] Key Metrics - The company's total market capitalization is HKD 7.639 billion, with 480.46 million shares issued and outstanding [2] - The 3-month average daily trading volume is HKD 58.02 million [2] - The major shareholder, Happy Today Holding Limited, holds 32.8% of the shares [2]

[Table_Main] 公司研究|传媒行业|游戏行业 证券研究报告 心动公司(2400.HK)公司点评报告 2024年04月01日 [TTaablpe_TTiatlep] 收入增长亮眼，自研新品上线值得期待 [Table_Inves 买t] 入|维持 ——心动公司(2400.HK) 2023年年度业绩点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年全年业绩。 52周最高/最低价（港币）：2 8.85 / 7.47 港股流通股（百万股）： 480.46 点评： 港股总股本（百万股）： 480.46  毛利率稳步增长，TapTap平台收入占比提升 流通市值（百万港币）： 7,639.32 2023年全年，公司实现营业收入33.89亿元，实现毛利润20.68亿元，同 总市值（百万港币）： 7,639.32 比提升12.7%，毛利率达61.03%，较2022年提升7.54pct。2023年实现 [[相TTaa关bbll研ee__究PDioc报cQR告ueop toe]r t] 经调整息税折旧摊销前盈利为1.58亿元，较前一 ...