心动公司(02400.HK)：关注《心动小镇》海外表现

Company Updates - The game "Heart Town" achieved top rankings in multiple regions/countries on the iOS free game chart shortly after its overseas pre-download on January 7, with the official launch occurring on January 8 [1] - The game supports cross-platform play on Android, iOS, and PC, with user account synchronization [1] - Initial download performance exceeded expectations, with a focus on user retention and localized operational activities [1] - Since testing began in November 2025, the game has seen a significant increase in pre-registrations, surpassing one million before its launch [1] - As of January 8, the game ranked first in the iOS download charts across 16 countries/regions, including Japan, South Korea, the United States, and Singapore [1] Strategic Insights - The international version of "Heart Town" is a validation of the company's "evergreen games + globalization" strategy, highlighting its ability to rejuvenate IP and the long lifecycle value of high DAU categories [2] - Other growth points for the company in 2026 include: 1. "Torchlight," with expected revenue growth in the second half of 2025 and continued momentum into 2026 following the completion of IP acquisition [2] 2. TapTap platform, anticipated to achieve double-digit year-on-year growth in advertising revenue due to a rich supply in the gaming industry [2] 3. Continued expansion of ADN business [2] Shareholder Returns - The company announced a share buyback plan of HKD 400 million, set to expire on June 4, 2026, reflecting confidence in long-term growth and benefiting shareholder equity [2] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at RMB 1.43 billion, 1.69 billion, and 1.96 billion respectively [2] - Current price corresponds to 18x and 15x P/E for 2026 and 2027, respectively, with a target price of HKD 89.5, indicating a potential upside of 28% [2]