格隆汇8月5日｜在心动公司发盈喜大涨超24%的刺激下，港股市场手游股集体走强。其中，IGG涨近 10%，创梦天地、中手游涨超6%，飞鱼科技涨4%，中旭未来、智傲控股涨超3%，网龙、哔哩哔哩、游 莱互动涨超2%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02400 | 心动公司 | (0) | 24.41% | 70.600 | 348.26亿 | | 00799 | IGG | | 9.79% | 4.600 | 53.23 7, | | 01119 | 创梦天地 | | 6.14% | 1.210 | 21.38亿 | | 00302 | 中手游 | | 6.00% | 0.530 | 15.88亿 | | 01022 | 飞鱼科技 | | 4.05% | 0.385 | 6.74亿 | | 09890 | 中旭未来 | | 3.99% | 14.060 | 74.83亿 | | 08282 | 智傲控股 | | 3.23% | 0.640 | 2432万 | | 00777 | 网龙 | | 2.5 ...

Investment Ratings - The report maintains an "Overweight" (OW) rating on 37IE, an "Equal Weight" (EW) rating on G-bits, and an "Equal Weight" (EW) rating on Perfect World [1][3][4]. Core Insights - China's game industry has experienced high-teens percentage revenue growth year-to-date, surpassing the previous year's growth of 8%, indicating improved demand despite macroeconomic challenges [2]. - The report highlights successful new game releases and the stabilization of evergreen games as key factors driving the rebound in performance for 37IE, G-bits, and Perfect World [2][10]. Summary by Company 37IE - The price target is set at Rmb23.00, reflecting a 15x 2026 estimated P/E ratio, with an attractive 6% dividend yield [3][17]. - Anticipated revenue growth is supported by new titles such as "Soul Land," expected to generate Rmb300-500 million in its first month and Rmb1.5-2 billion overall in 2025 [16][17]. - The company has a robust pipeline with over 40 self-developed and licensed games, indicating sustained growth momentum [16][34]. Perfect World - The price target is raised to Rmb16.30, based on an 18x 2026 estimated P/E ratio, reflecting strong growth expectations driven by the anticipated title "Neverness to Everness" [4][29]. - The company is expected to see an 18% year-over-year revenue growth in 2025, with significant contributions from new titles [28][32]. - The release of "Zhuxian 2" on August 7 is also expected to be a key growth driver [4][31]. G-bits - The price target is increased to Rmb330, derived from a 15x 2026 estimated P/E ratio, reflecting a busy 2025 but a slower 2026 due to a weaker pipeline [5][22]. - Revenue growth is projected at 22% and 29% quarter-over-quarter and year-over-year in 2Q25, driven by new titles [20][22]. - The company is expected to experience alternating busy and slow product years, with 2025 being particularly strong [18][22].