个股推介：心动公司

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected outperformance of over 15% relative to the Hang Seng Index [6][9]. Core Insights - The international version of the self-developed life simulation game "Heart Town" launched on January 8, achieving over 12 million downloads globally, ranking 11th in the January mobile game download chart, with estimated revenue of 60 million RMB for the month [2]. - The company reported a 39% year-on-year revenue growth to 3.08 billion RMB for the first half of 2025, with adjusted profit increasing by 206% to 850 million RMB, exceeding market expectations [3]. - TapTap's revenue grew by 38% year-on-year to 1.01 billion RMB, with a gross margin increase of 1.1 percentage points to 83.6%, despite a slight decline in active users [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]. Summary by Sections Game Performance - "Heart Town" has shown high market acceptance, with significant revenue contributions expected for future operations and growth in 2026 [2]. - The company has a stable user base for its evergreen games, with notable revenue growth from "Ragnarok M: Origin" and plans for continued R&D investment [3]. Financial Performance - The company’s revenue and adjusted profit are projected to grow at a compound annual growth rate (CAGR) of 17% and 33% respectively from 2024 to 2027, with an expected adjusted profit of 1.62 billion RMB in 2025 [5]. Market Position - The current share price is 77.80 RMB, with a target price of 89.00 RMB, indicating a potential upside of 14.4% [6].