中金：维持心动公司(02400)跑赢行业评级 上调目标价至98.7港元

Core Viewpoint - CICC maintains the profit forecast for Xindong Company (02400) at 1.4 billion, 1.7 billion, and 2 billion yuan for 2025, 2026, and 2027 respectively, with a target price increase of 10% to 98.7 HKD, indicating a potential upside of 26% [1] Group 1: Business Model Evolution - TapTap is transitioning from a single game distribution platform to a full-cycle service provider covering "development, testing, launch, and long-term operation," creating a closed-loop game industry infrastructure [2] - The strategic core involves leveraging technological capabilities across the game lifecycle, forming a synergistic effect of "traffic + tools + monetization," enhancing business stability and profitability diversity [2] Group 2: Advertising Technology and Efficiency - TapTap has optimized advertising costs and conversion efficiency through a deep understanding of high-value gaming users and self-developed advertising algorithms [3] - The emerging Dirichlet advertising aggregation platform aims to replicate this capability in the broader external market, potentially opening new growth avenues [3] Group 3: UGC Tools and Long-term Growth - The Spark Editor and "TapTap Manufacturing" AI tools significantly lower the barriers to game creation, transforming a large number of players into potential creators [4] - This development not only provides exclusive low-cost content supply for the TapTap platform but also begins to establish a closed loop from creation to distribution and commercialization, potentially fostering a creator economy within the platform [4]