《大行报告》瑞银下调阅文(00772.HK)目标价至72元 评级「中性」
瑞银发表的研究报告指,阅文集团(00772.HK)去年下半年收入按年跌2.1%至53亿元人民币(下同),主要因为来自新丽传媒的IP营运收入下降,按非通用会计准则计算,净利为8.95亿元,较该行早前预测高52%,主要因为销售、一般及行政成本减省。按业务划分,线上阅读收入按年升19%,主要受惠付费用户ARPU提升及免费阅读广告收入增加,随着公司进一步丰富高质素内容,改善介面及社交功能,并加强与腾讯渠道合作,认为线上阅读收入可达持续增长,料2021至2024年将按年增长12%至18%。
管理层在业绩电话会议中指出,IP营运是公司长期的增长引擎,强调已积极重整业务架构,并且与腾讯影业等建立合作,同时已设计出一个更成熟的内容开发系统,虽然转型仅在初步阶段,对短期收入及盈利的贡献有限,但该行相信对公司长远的IP价值链开发有利好。
该行将公司2021/22年收入预测降0.4%及4.2%,以反映广告收入预测趋保守,而公司短期将聚焦於用户增长及利用腾讯的渠道,在利润方面该行估计销售及营销开支将下降,目标价由73.8元降至72元,评级维持「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.