中金发布研报称，维持心动公司(02400)归母净利润预测25/26年16.5/19.5亿元。当前股价对应21/18倍 25/26年P/E。维持跑赢行业评级，因TapTap变现能力及未来布局具备估值溢价，上调目标价14%至93.7 港元，对应25/21倍25/26年P/E，上行空间16%。 中金主要观点如下： 业绩整体符合盈喜及该行预期 该行认为正向经营杠杆下收入增长带动利润率提升，整体盈利能力强。社区生态升级，用户活跃度提 升。公司表示MAU虽基本同比持平(中国版4,362.5万人，同增1%)，但用户活跃度有所提升(CEO8月初 公开分享表示过去12个月平台DAU提升11%)。从社区生态层面，公司1H25推动更多游戏接入TapSDK 与生态服务以实现数据互通，将用户数据反哺社区推动产出差异化内容，使社区生态进一步升级。 算法技术升级，商业变现加深 公司表示通过升级广告系统基础模型，提升广告效果，推动Tap收入同增38%至10.1亿元。从行业角度 看，该行认为Tap在游戏买量平台中具备稀缺性，有望通过持续内化升级及外在供给丰富而获得更多市 场份额。 延展方向：公司于今年4/7月分别发布TapTapPC版/Tap ...

Core Insights - The company's 1H25 performance aligns with expectations, showing significant revenue and profit growth, with a 39% increase in revenue to 3.08 billion yuan and a 223.5% increase in profit to 811 million yuan [1] Group 1: Financial Performance - The company's revenue for 1H25 increased by 39% to 3.08 billion yuan, meeting the forecast of at least 3.05 billion yuan [1] - Net profit attributable to shareholders rose by 268% to 755 million yuan, with adjusted net profit increasing by 235% to 796 million yuan [1] - The overall performance is consistent with the company's profit warning and analyst expectations [1] Group 2: Game Development and Trends - Game revenue for 1H25 increased by 39% to 2.07 billion yuan, driven by strong performances from titles like "Ragnarok M: Origin" and "Heart Town" [1] - Future growth is anticipated from existing games, particularly with the commercialization acceleration of "Heart Town" and the overseas launch of "Ragnarok M: Origin" [1] - New game launches to watch include "Iser," set to launch on September 25, and "Ragnarok RO: Guardians of Eternal Love," which is scheduled for testing by the end of the year [1] Group 3: TapTap Platform and User Engagement - The TapTap platform has shown a stable monthly active user count of 43.625 million, with a 1% year-on-year increase, while daily active users have increased by 11% over the past year [2] - The company is enhancing its community ecosystem by integrating more games with TapSDK, which allows for data sharing and the creation of differentiated content [2] - Revenue from Tap increased by 38% to 1.01 billion yuan, attributed to improvements in the advertising system and market positioning as a unique player in the game acquisition platform [2] Group 4: Future Outlook and Valuation - The company maintains net profit forecasts of 1.65 billion yuan and 1.95 billion yuan for 2025 and 2026, respectively [3] - The current stock price corresponds to 21 and 18 times the P/E ratio for 2025 and 2026, with a target price increase of 14% to 93.7 HKD, indicating a potential upside of 16% [3]