广发证券：维持网龙(0777.HK)“买入”评级 目标价32.2港元
广发证券发布报告称，2019年上半年，网龙(00777.HK)业绩强劲，实现翻倍增长。收入和归母净利分别实现人民币26.73亿元(+8%)和4.21亿元(+110%)，游戏收入和业绩均实现高增长。教育剔除2019年第二季度高基数原因也表现不错。受益于游戏强劲增长，毛利率同比和环比提升13pct和5.7pct;费用率同比略增，基本保持稳定。拟派息0.15港元/股。
该行称，游戏收入和业绩均保持高增长。2019年上半年收入和经营性分类利润分别实现15.76亿(+51.6%)和9.72亿(+85.4%)，毛利率维持96.0%，费用率同比下降近10pct。端游和手游收入分别同比+47.5%和76.2%。《魔域》IP游戏：收入同比+56.5%，新资料片和推广活动驱动玩家活跃度提升;《英魂之刃》和《征服》收入同比+27%和43%，IP联动和新资料片驱动增长。储备十多款游戏，包括《魔域2》《英魂王座》《决战巨神峰》《Cyber Legend》《终焉誓约》等，待获取版号后择机上线。
教育业务方面，预计2019年下半年好于上半年。上半年收入同比-24.2%至10.49亿，剔除18Q2莫斯科订单收入的高基数影响，收入同比+4.7%;经营性分类亏损3.09亿，同比扩大主要是普米18Q2高基数+Edmodo并表+加征关税;毛利率提升3pct至33.6%。普米：剔除18Q2莫斯科订单影响，19H1出货量同比+28.9%，后续在埃及、俄罗斯、土耳其等市场均有招标机会，其中与埃及于年初签订备忘录，负责26.5万间教室的解决方案。普米新产品ActivPanel于19Q2开始出货，2019年下半年有望带来增量。Edmodo：将于9月推出作业辅导服务，年底前推出1对1和1对多服务。国内陆续开启变现：SaaS模式实现变现;普米产品开始在国内落地，首个订单(福州近100间教室)落地;101PPT截至6月安装量达6百万，覆盖超1千万学生，19H2将完成内容分发平台开发，拓展增值内容付费模式。
该行表示，预计19~20年归母净利分别为人民币7.49亿元、9.56亿元，当前股价对应PE分别为12.3倍、9.7倍。老游戏仍增长，新游待版号落地后陆续上线，教育开始多点变现，或带来增量弹性，普米新产品新订单落地驱动增长，整体费用控制有效。根据分部估值结论，暂不对国内在线教育业务估值，仅对游戏、普米、Edmodo、国内VR/AR业务进行单独估值并加总，估算公司估值为151亿元人民币(171亿港元)，合理价值为32.2港元/股，维持“买入”评级。
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