《仙境传说RO:守护永恒的爱2》

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申万宏源:首予心动公司(02400)“买入”评级 “内容+平台”飞轮效应显现
Zhi Tong Cai Jing· 2025-10-02 01:36
TapTap的成长驱动 国内版号提升、自研进步+PC端及海外,长期看AI平权。当前TapTap开发者-用户的飞轮效应已经形 成:TapTap目前已入驻开发者24万+,上线游戏30万+;25H1中国版APP平均MAU达43.6百万,25H1用户 广告ARPUYoY+37%。增长驱动:1)25年1-9月版号总计1195个,同比增长25%,更多产品上线提升推广 需求。2)心动自研游戏进步利好TapTap平台价值提升(独家产品吸引用户,同时形成对其他开发者的示 范效应),同时TapTap反哺自研游戏。3)TapTap积极战略拓展多端化与国际版。4)AI赋能游戏开发,实现 创作平权,内容供给侧繁荣利好TapTap。该行测算2030年TapTap广告量价齐升后收入规模有望达到50 亿。 心动自研游戏能力体系逐步验证 1)24年以来产品周期上行验证前期研发调整思路正确:22年后公司战略层面果断收缩版图、降本增效, 产品研发公司聚焦自身强势品类,优中选优。黄希威回归担任海外发行负责人,走通全球发行,海外持 续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验证战略正确。2)《小镇》《火炬》验 证开发长青游戏的能力:资源 ...
心动公司(02400.HK):“内容+平台”飞轮效应显现
Ge Long Hui· 2025-09-30 20:20
心动自研游戏能力体系逐步验证:1)24 年以来产品周期上行验证前期研发调整思路正确:22 年后公司 战略层面果断收缩版图、降本增效,产品研发公司聚焦自身强势品类,优中选优。黄希威回归担任海外 发行负责人,走通全球发行,海外持续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验 证战略正确。2)《小镇》《火炬》验证开发长青游戏的能力:资源聚焦优势品类+持续调优+高频更新 +出海。3)梳理后续管线,心动新游戏仍有确定性储备:二次元策略卡牌手游《伊瑟》国服9 月上线、 后续储备《心动小镇》国际服、首款开放世界MMO《仙境传说RO:守护永恒的爱2》。 首次覆盖,给予"买入"评级。我们预计,公司25-27 年收入64.31/79.27/90.59 亿元,同比增长 28%/23%/14%;经调整归母净利润17.02/22.26/27.60 亿元,同比增长94%/31%/24%。SOTP 估值法下对 应港股市值549 亿港币,首次覆盖,给予"买入"评级。 风险提示:游戏行业监管政策收紧;游戏自研进度不及预期;游戏社区竞争格局恶化。 从游戏推广变革看TapTap 的价值。游戏行业随着版号供给景气恢复,叠加渠道变迁,销售 ...
心动公司(02400.HK):中报业绩大增 看好新游/TAPTAP继续打开成长空间
Ge Long Hui· 2025-08-31 19:53
Core Viewpoint - The company has shown significant growth in its mid-year performance, driven by new game releases and improvements in user engagement on the TapTap platform, leading to an optimistic outlook for future growth [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.082 billion yuan, a year-on-year increase of 39% [1]. - Adjusted profit reached 853 million yuan, up 206% year-on-year, while net profit attributable to shareholders was 755 million yuan, reflecting a 268% increase [1]. - The gross margin improved by 6 percentage points to 73%, primarily due to the increased share of net revenue from the overseas version of "初心服" [1]. Group 2: Game Performance and Growth Drivers - Game revenue for H1 2025 was 2.1 billion yuan, also up 39% year-on-year, with a gross margin of 68% [1]. - The average monthly active users for online games reached 11.41 million, a 20% increase year-on-year, while average monthly paying users grew by 21% to 1.32 million [1]. - The game "心动小镇" has maintained player interest through content updates, ranking significantly in iOS sales charts [1]. Group 3: Future Growth Potential - The company is expected to leverage long-term operations to create more enduring games, with plans for the international launch of "伊瑟" and the upcoming release of "仙境传说RO:守护永恒的爱2" [2]. - TapTap's revenue for H1 2025 was 1.01 billion yuan, a 38% increase year-on-year, with a gross margin of 84% [2]. - The introduction of AI game recommendation tools and the expansion into PC and mini-games are anticipated to sustain high revenue growth for TapTap [2].
心动公司(02400):港股公司信息更新报告:中报业绩大增,看好新游/TapTap继续打开成长空间
KAIYUAN SECURITIES· 2025-08-31 03:11
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company reported a significant increase in revenue and profit for H1 2025, with revenue reaching 3.082 billion HKD, up 39% year-on-year, and adjusted profit at 853 million HKD, up 206% year-on-year. The net profit attributable to shareholders was 755 million HKD, reflecting a 268% increase year-on-year. This growth is attributed to the strong performance of new games and improvements in the TapTap platform [4][5][6] - The company is optimistic about the growth potential of new games and the TapTap platform, with expectations for continued revenue growth driven by upcoming game launches and enhancements in user engagement [4][5][6] Financial Summary and Valuation Metrics - For the fiscal year 2025, the company is projected to achieve a revenue of 6.573 billion HKD, with a year-on-year growth of 31.1%. The net profit is expected to be 1.710 billion HKD, reflecting a year-on-year increase of 110.8%. The gross margin is projected to be 73%, and the net margin is expected to reach 26% [7] - The company's price-to-earnings (P/E) ratio for 2025 is estimated at 21.3 times, with projections for 2026 and 2027 at 15.5 and 13.1 times, respectively [7]
心动公司(2400.HK):新游表现强劲 看好游戏社区成长性
Ge Long Hui· 2025-08-10 03:31
Group 1 - The core viewpoint of the articles highlights the strong performance of Xindong Company, with a mid-year revenue forecast of at least 3.05 billion yuan (approximately +37% year-on-year) and a net profit of at least 790 million yuan (approximately +215% year-on-year) for the first half of 2025, exceeding expectations [1] Group 2 - The self-developed games such as "Ragnarok M: Original Server," "Xindong Town," and "Torchlight: Infinite" have shown strong performance, driving revenue and gross margin increases [1] - The TapTap app maintains stable monthly active users (MAU) year-on-year, with improvements in advertising algorithms and user engagement contributing to revenue and profit growth [1] Group 3 - The new game "Xindong Town" achieved a top 10 ranking in sales following its anniversary version launch on July 17, marking a new high for the year; the overseas version of "Etheria: Restart" entered the top 50 in the U.S. sales chart, demonstrating strong performance [1] - The domestic version of "Etheria" is scheduled for full platform testing on September 25, expected to contribute to new user growth; Xindong's next-generation self-developed game "Ragnarok RO: Guardian of Eternal Love 2" will begin its first test on TapTap in December, supporting the company's long-term growth [1] - TapTap has significantly increased the number of PC games released this year, focusing on the launch and operation of the PC version, indicating growth potential [1] Group 4 - Xindong announced the acquisition of a 5.3% stake in MiAO for $14 million; MiAO is a startup founded by former Giant CEO Wu Meng, with a team experienced in high DAU social games [2]
心动公司(02400.HK):2025H1业绩超预期 看好新游及TAPTAP成长性
Ge Long Hui· 2025-08-06 19:29
Group 1 - The company expects a significant increase in H1 2025 performance, with revenue projected to be no less than 3.05 billion yuan, representing a year-on-year growth of approximately 37%, and net profit expected to be no less than 790 million yuan, reflecting a year-on-year increase of about 215% [1] - The strong year-on-year growth is primarily driven by the performance of self-developed games such as "Ragnarok M: Beginning Server," "Heart Town," and "Torchlight: Infinite," which have boosted revenue and improved gross margins [1] - TapTap's revenue and profit continue to grow due to improvements in advertising algorithms and increased user engagement, despite stable average monthly active users [1] Group 2 - The game "Yise" launched its international version on June 5, entering the top 50 best-selling games in 30 countries and regions, with expected revenue exceeding 100 million yuan in the first month [2] - "Heart Town" celebrated its anniversary with events and saw its iPhone game ranking rise to 7th place, with plans for an international version launch in H2 2025, potentially bringing significant revenue increments [2] - The company is leveraging its extensive experience in developing and operating multiple products based on the same IP, with "Guarding Eternal Love 2" expected to be a key long-term product driving growth [2] Group 3 - The TapTap game conference showcased 50 new game updates, including 13 PC games, marking a diversification in the platform's offerings [3] - The PC version of TapTap has officially launched, allowing users to purchase, download, and install PC games, with over 100 top games currently available [3] - The PC version operates on a no-revenue-sharing model, which may further expand growth opportunities for the platform [3]
净利润暴涨215%,再添1亿投资,这家上海公司干了一波大的
3 6 Ke· 2025-08-06 00:50
8月4日,心动公司(02400.HK)发布了2025半年度盈利预喜公告,预期2025年上半年取得收入不少于人民币30.5亿元,较去年同期收入(22.2亿元人民 币)增长约37%;净利润不少于人民币7.9亿元,同比增长约215%。 初心服简化了原版的复杂养成系统,仅开放6大基础职业,让玩家能够体验更加原汁原味的剧情,找回最初的RO冒险乐趣,更适合休闲玩家"养老"。 《心动小镇》是一款以慢节奏生活模拟为核心的3D社交建造手游,主打自由建造、田园生活与轻松社交,玩家可以在一个童话风格的欧式小镇中打造个 性化家园,体验"慢节奏、无压力"的休闲生活。 上个月推出一周年庆典及小马宝莉联动版本后,《心动小镇》曾一度跃升至国内iOS畅销榜TOP8。截至目前,游戏仍然能够保持在畅销榜60名左右,长线 表现相当稳定。 以刷宝为核心的ARPG《火炬之光:无限》继承了经典"火炬之光"IP的世界观,主打自由BD搭配、多流派构建、无限制刷图、赛季制更新等特色玩法。游 戏于2023年5月10日上线,首周登顶国内iOS免费榜,畅销榜上则最高排到第11位。 公告提到,公司业绩大幅提升主要归功于旗下几款自研游戏的成功运营,以及TapTap平台在 ...
心动公司(02400.HK):《伊瑟》国服及《守爱2》首测定档 驱动长期成长
Ge Long Hui· 2025-07-11 03:07
Group 1 - TapTap held its 2025 game release conference, showcasing a record 50 new game updates, including 45 unreleased titles and 13 PC games [1] - The introduction of PC games at the conference marks a significant expansion for TapTap, with titles like "Mingmo: Yuanshu" and "Zongmen Qiyuan" featured [1] - TapTap's PC version has been launched, allowing users to purchase and download over 100 top games without revenue sharing, which is expected to enhance growth potential [1] Group 2 - The self-developed game "Yise" has been successful in international markets, ranking in the top 50 in over 30 countries, with a domestic launch scheduled for September 25 [2] - "Xindong Xiaozhen" is set to celebrate its anniversary with a collaboration event, and its international version is anticipated to launch in late 2025, potentially increasing revenue [2] - The upcoming MMORPG "Xianjing Chuanqi RO: Shouhu Yongheng de Ai 2" is expected to leverage the established IP and the company's experience to perform well in the global market [2]
心动公司(02400):《伊瑟》国服及《守爱2》首测定档,驱动长期成长
KAIYUAN SECURITIES· 2025-07-10 02:51
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights the successful launch of the TapTap PC version, which is expected to expand growth opportunities for the company. The PC version has already launched over a hundred top games and operates on a no-revenue-sharing model, which could significantly enhance TapTap's growth potential [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion, 1.592 billion, and 1.757 billion CNY respectively, with corresponding EPS of 2.6, 3.2, and 3.6 CNY. The current stock price corresponds to P/E ratios of 17.9, 14.4, and 13.1 times for the respective years, indicating a positive outlook driven by new games and TapTap [4][7] Financial Summary and Valuation Metrics - The company reported a revenue of 3.389 billion CNY in 2023, with a projected increase to 6.148 billion CNY in 2025, reflecting a year-over-year growth of 22.7% [7] - The net profit is expected to turn positive in 2024, reaching 812 million CNY, and further increasing to 1.286 billion CNY in 2025, marking a significant recovery from a loss of 554 million CNY in 2023 [7] - The gross margin is projected to improve from 61.0% in 2023 to 70.1% in 2025, while the net margin is expected to rise from -16.3% in 2023 to 20.9% in 2025 [7]