信达国际：给予心动公司“买入”评级 存量游戏及新作有望推动业绩增长

Group 1 - The core viewpoint of the report is that Xindong Company (02400) is rated as "Buy" due to the strong performance of its self-developed game "Heart Town" after its international launch in January, which has laid a solid foundation for revenue growth [1] - The international version of "Heart Town" was launched on January 8, achieving over 12 million downloads globally, ranking 11th in the global mobile game download chart, with estimated revenue of 60 million RMB in January [2] - The company expects stable revenue growth from existing evergreen games and has a sufficient pipeline of new titles, including "Yise," which is anticipated to contribute to revenue in the second half of the year [3] Group 2 - The TapTap platform has seen a 38% year-on-year revenue increase, reaching 1.01 billion RMB, with a gross margin improvement of 1.1 percentage points to 83.6% due to algorithm optimization [4] - The company initiated a share buyback plan in January, aiming to repurchase up to 400 million RMB worth of shares, reflecting confidence in its business outlook [5] - Market expectations for the company's revenue and adjusted profit CAGR from 2024 to 2027 are 17% and 33%, respectively, with a potential upward revaluation if performance exceeds market expectations [5]