XD Inc - Stock Analyst Research

Target Price*HKD 27.31
Recommendation BUY
Market Cap*9.75B
Publication Date12 Dec 2022

*At the time of publication

心動公司 (2400.HK) TapTap 表現良好 控制成本成關鍵

區及遊戲推薦平台 TapTap 提供在線推廣服務時產生的收入。公司目前遊戲組合包括
20 款網絡遊戲及 22 款付費遊戲。
心動公司(2400.HK)在 2022 年上半年總收入為 1594.0 百萬元(人民幣,下同),同比上
升 15.6%。毛利為 782.9 百萬元,同比上升 15.7%。毛利率為 49.1%,同比大致持平。
期內虧損為 381.4 百萬元,同比虧損擴大 18.3%。
網絡遊戲淨收入為 1042.1 百萬元,同比上升 10.9%。收入上升主要由於來自《香腸派
對》的收入增加,不過部分收入增長被若干如《仙境傳說 M》及《不休的烏拉拉》等
付費遊戲淨收入為 72.6 百萬元,同比下跌 18.0%。收入下跌主要由於若干現有付費遊
整體遊戲業務的收入成本為 674.3 百萬元,同比上升 6%。另外毛利率為 40.1%,同比
上升 1.1%。主要歸因於《香腸派對》的收入增加,導致遊戲開發商的收益分成增加人
民幣 106.7 百萬元。

About the author

Elvis Kwok

香港恒生大學金融分析一級榮譽畢業,具有股票研究、技術分析和投資經驗。現為輝立証券持牌分析師,主要負責遊戲?娛樂?食品等板塊研究。 Elvis holds a BBA degree with first class honor major in Financial Analysis at the Hang Seng University of Hong Kong. He has experience in equity research, technical analysis and investment experience. He is currently a licensed research analyst at Phillip Securities and mainly covers Gaming, Entertainment and Food sectors.

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