研报掘金｜华兴资本：心动公司中绩稳固 目标价上调至80港元

Core Insights - Huanxing Capital's research report indicates that Xindong Company's revenue increased by 39% year-on-year in the first half of the year, with adjusted net profit soaring by 235%, driven by growth in gaming and the TapTap platform business [1] Revenue and Profit Growth - The company's gaming business experienced a year-on-year growth of 39%, while the TapTap business saw improvements in conversion efficiency and higher user engagement, contributing to overall growth [1] Financial Forecast Adjustments - Revenue forecasts for 2025 to 2027 have been raised by 23% to 25%, and adjusted net profit forecasts have been increased by 83% to 86% [1] - The valuation basis has been extended to 2026, with the projected price-to-earnings ratio for next year set at 18 times, up from the previous estimate of 15 times for this year [1] Target Price and Rating - The target price has been raised to 80 HKD, with a rating of "Hold" [1]