Workflow
中金:维持心动公司(02400)跑赢行业评级 上调目标价至93.7港元

Core Viewpoint - CICC maintains an "outperform" rating for Xindong Company (02400) and raises the target price by 14% to HKD 93.7, reflecting a valuation premium due to TapTap's monetization capabilities and future layout [1] Financial Performance - The company's 1H25 revenue increased by 39% to CNY 3.08 billion, with profit rising by 223.5% to CNY 811 million, and net profit attributable to shareholders up by 268% to CNY 755 million, aligning with CICC's expectations [2] Gaming Segment - Game revenue for 1H25 grew by 39% to CNY 2.07 billion, driven by strong performances from "Ragnarok M: Beginner Server," "Xindong Town," and "Torchlight" [3] - Future growth is anticipated from existing games, particularly with accelerated commercialization of "Xindong Town" and the overseas launch of "Ragnarok M: Beginner Server" in 2H25 [3] TapTap Platform - The platform's scarcity is highlighted, with ongoing efforts to enhance monetization potential through the PC version and mini-games, which are expected to contribute to future growth [4] - Despite MAU remaining stable year-on-year, user engagement has improved, with DAU increasing by 11% over the past 12 months [4] Advertising and Monetization - Revenue from Tap increased by 38% to CNY 1.01 billion due to upgrades in the advertising system, enhancing ad effectiveness [5] - The company is positioned uniquely in the gaming acquisition platform market, with potential for increased market share through internal upgrades and external supply enhancements [5] Future Directions - The launch of TapTap PC version and mini-games is expected to enhance multi-platform collaboration and attract more advertising budgets [6] - The TapADN platform, aimed at game developers for monetization and user growth solutions, is in its early development stage, with a potential market size in the tens of billions [6]