Core Viewpoint - The report from CMB International indicates that the revenue of China Literature Group (00772) for the first half of the year is in line with market expectations, with adjusted net profit increasing by 36% year-on-year to 550 million RMB, corresponding to an adjusted net profit margin of 17%, which also meets expectations [1] Group 1: Financial Performance - The target price for China Literature has been raised from 28 HKD to 39 HKD, with the rating upgraded to "Buy" [1] - The online business revenue is expected to remain stable for the full year, with core IP operation revenue projected to grow by 4% year-on-year, benefiting from the expansion of IP derivative product categories [1] - Online business revenue showed a slight increase of 2% year-on-year, with the number of paying users rising by 5% to 9.2 million [1] Group 2: IP Derivative Products - The IP derivative products continue to show a high growth trend, with transaction value reaching 480 million RMB in the first half of the year, approaching the total expected for the entire year of 2024 [1]
交银国际：上调阅文集团(00772)至“买入”评级 目标价升至39港元