心动公司(02400.HK)平台进化论：TAP TAP的破界生长

Core Viewpoint - TapTap is transitioning from a game distribution platform to a comprehensive service provider covering the entire game lifecycle, enhancing its business model and creating a closed-loop B-end service ecosystem [1] Group 1: Business Model Evolution - TapTap is evolving into a full-cycle service provider by integrating developer tools, data services, and community ecosystems, thereby constructing a foundational infrastructure for the gaming industry [1] - The strategic core lies in leveraging technological capabilities across various stages of the game lifecycle, creating a synergistic effect of "traffic + tools + monetization" [1] - The B-end service matrix enhances business stability and profitability diversity, facilitating a shift in company valuation from a "gaming company" to a higher-premium "ecosystem platform" [1] Group 2: Advertising Technology and Efficiency - TapTap has optimized advertising costs and conversion efficiency through a deep understanding of high-value gaming users and continuous iteration of its self-developed advertising algorithms [2] - The emerging Dirichlet advertising aggregation platform aims to replicate this capability in the broader off-site market, potentially opening new growth avenues and enhancing the main site's algorithm capabilities [2] Group 3: UGC Tools and Long-term Growth - The Starfire Editor and "TapTap Manufacturing" AI tools significantly lower the barriers to game creation, transforming a large number of players into potential creators [2] - This development not only provides exclusive low-cost content for the TapTap platform but also begins to establish a closed loop from creation to distribution and commercialization, potentially initiating an endogenous creator economy and forming an ecological moat [2] Group 4: Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 1.4 billion, 1.7 billion, and 2.0 billion respectively, with the current price corresponding to 20x and 17x P/E for 2026 and 2027 [2] - The target price has been raised by 10% to 98.7 HKD, reflecting a 26% upside potential, considering the scarcity of the Tap ecosystem which warrants a valuation premium [2]