研报掘金丨申万宏源研究：首予世纪华通“买入”评级，点点互动掘金手游出海

Group 1 - The core viewpoint of the article highlights that Century Huatong has become the largest gaming company in A-shares by acquiring several companies, including Seven Cool, Tianyou, Diandian Interactive, and Shengqu Games [1] - Shengqu Games operates classic IPs such as "Legend" and "Dragon Valley," contributing stable profits, while Diandian Interactive has become a key growth driver with two global hits in the SLG category [1] - The potential for overseas casual games is expected to create a new growth curve for Diandian Interactive [1] Group 2 - The relative valuation method applied gives Century Huatong a 2026 PE of 21X, corresponding to a target market value of 172.2 billion yuan, with a "Buy" rating initiated [1]