网龙(00777.HK)：游戏继续高增长，教育变现多元化，维持“买入”评级
机构：广发证券
评级：买入
核心观点：
公司披露2019年业绩公告，业绩实现高增长。收入和归母净利分别实现57.93亿元（+15%）和8.07亿元（+48%）。受益于游戏强劲增长，毛利率同比提升6.1pct；销售费用率同比略增，管理费用率和研发费用率同比略减。
游戏收入和业绩均高增长。19年收入和经营性分类利润分别实现33亿（+39.4%）和19.23亿（+51.3%），毛利率略升至95.9%，销售费用率同比提高1.9pct，管理费用率和研发费用率分别下降3.2pct和2.5pct。端游和手游收入分别同比+38.3%和46.8%。《魔域》IP游戏收入同比+39.2%，《英魂之刃》和《征服》收入同比+32.5%和66.3%。储备多款有版号手游，《终焉誓约》由B站独代，预计暑期上线，《魔域传说》H5、《英魂王座》、《英魂之刃战略版》预计20H2上线；另外，《魔域2》、《决战巨神峰》等手游在版号审批中。
教育：19年收入同比-6.6%至23.95亿，剔除18Q2莫斯科订单收入的高基数影响，收入同比+12%；经营性分类亏损5.24亿，同比扩大主要是普米18Q2高基数+Edmodo全年并表+贸易战加税；毛利率基本持平29.8%。普米：19Q2新产品推出驱动19H2收入环比+20%，埃及项目首批试点订单正在部署中。国内：SaaS开始变现，普米国内订单开始落地，101PPT月活设备数达100万。
维持“买入”评级。预计20~21年归母净利分别为11.56亿元、14.87亿元，当前股价对应PE分别为8.4倍、6.5倍。根据SoTP，游戏业务给予20年10倍PE，国内教育给予20年10倍PE，普米给予20年15倍PE，Edmodo按此前收购估值的70%估值，得到合理价值37.7港元/股。核心游戏仍增长，多款新游待上线，在线教育行业需求激增，公司教育开始多点变现，融资为新项目落地及潜在投资并购提供弹药。
风险提示：老游戏增长放缓，新游表现不达预期；普米新项目落地及收入确认时间导致收入波动，国内教育业务进展不达预期，亏损扩大。
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