大行评级｜里昂：上调心动公司目标价至90港元 维持“跑赢大市”评级

Core Insights - The report from Credit Lyonnais indicates that the performance of Xindong Company in the first half of the year exceeded expectations, with total revenue growing by 39% year-on-year to 3.1 billion [1] Revenue Breakdown - Game business revenue met expectations, increasing by 39% year-on-year to 2.1 billion [1] - TapTap advertising business revenue grew by 38% year-on-year to 1 billion, surpassing expectations by 6% due to upgrades in advertising targeting algorithms [1] Forecast Adjustments - The firm raised revenue forecasts for fiscal years 2025 and 2026 by 11% and 12% respectively, reflecting strong growth in advertising driven by technology upgrades [1] - Long-term profit margin expectations were also adjusted upwards based on operational leverage effects [1] Target Price Revision - The target price for the company was increased from 60 HKD to 90 HKD, while maintaining an "outperform" rating [1]