XD INC(HK:02400) 智通财经网·2026-01-08 09:40Core Viewpoint - The company maintains an outperform rating and a target price of HKD 89.5, indicating a potential upside of 28% based on a 23x P/E for 2026 [1] Company Status - The international version of "Heart Town" topped the iOS free game charts in multiple regions on January 7 and officially launched on January 8, supporting Android, iOS, and PC platforms with account interoperability [2] User Acquisition and Retention - Initial download performance exceeded expectations, with over one million pre-registrations by January 8, and the game ranked first in the iOS download charts across 16 countries/regions [3] - The company believes that the overseas market will have a smoother customer acquisition and monetization process compared to the domestic launch, given the game's rich content accumulated over 1.5 years of operation [3] Growth Drivers - Key growth points for the year include: 1. "Torchlight," which is expected to see a continued increase in revenue in 2026 following the completion of IP acquisition in December 2025 [4] 2. TapTap platform, anticipated to achieve double-digit year-on-year growth in advertising revenue due to a rich supply in the gaming industry [4] 3. Continued expansion of ADN business [4] Shareholder Returns - The company announced a share buyback plan of HKD 400 million, reflecting confidence in long-term growth and aiming to enhance shareholder equity [5]