创梦天地(01119.HK)：硬核游戏储备丰富，向娱乐平台加速转型，给予“买入”评级
机构：华西证券
评级：买入
手游发行业务稳健增长，布局研运一体成效初显
创梦天地是行业领先的游戏发行商，自2011年成立以来，成功推出了《地铁跑酷》、《神庙逃亡2》、《纪念碑谷》、《梦幻花园》等知名精品手游。截止2020年6月30日，公司平均月活跃用户达1.42亿。基于游戏发行经验，公司对游戏品类设计、玩法与运营有了深刻了解，顺势布局研运一体，在休闲游戏与MMORPG游戏方面初步取得成效。由创梦天地研发、腾讯极光计划发行的RTS手游《全球行动》在上线首日便迅速占据iOS游戏免费榜Top1，随着斗鱼、虎牙、企鹅电竞等直播平台为其开放独立直播板块，游戏影响力有望持续扩大。未来，公司还将陆续推出《小动物之星》、《荣耀》等一系列自研精品游戏。
股东阵容豪华，与腾讯、索尼合作有望进一步加深
腾讯是公司的第二大股东也是公司第一大机构股东，公司与腾讯的合作涵盖内容、技术、流量变现等各个方面。技术方面，腾讯向公司提供云服务以及云游戏解决方案；流量变现方面，线上通过腾讯社交渠道（微信、QQ）分销游戏，获取客户；线下与腾讯合作开设好时光影游社体验店，提供腾讯视频及游戏内容，实现线上线下流量的相互转化。除腾讯外，公司还获得索尼、京东的战略投资，有助于公司获得投资者在内容开发和运营、线上线下娱乐体验上的权益和资源。
线下店是腾讯线下娱乐流量入口，即将迎来扩张期
腾讯视频好时光作为创梦天地搭建电竞生态圈的载体，是腾讯迈向线下娱乐，打通线上线下娱乐通道的重要一步。经过两年的探索，线下店已经实现标准化和模块化。截至2020年8月，全国门店有十几家（3家直营，位于广州和深圳），其余主要分布在三四线城市。2020年受疫情影响，线下店扩张暂时放慢，短期内受益于国内疫情转好带来的线下消费需求回升，长期受益于供给侧设施升级，以及下沉市场旺盛的线下娱乐需求，线下店业务将迎来快速扩张期。
盈利预测
我们预计公司2020-2022年将分别实现营收31.84亿元、37.99亿元和46.14亿元，同增13.63%、19.31%和21.47%；归母净利润分别为2.97亿元、3.72亿元和4.81亿元，同增-15.71%、25.15%和29.54%；对应EPS分别为0.23元、0.29元和0.38元,对应PE分别为21X\17X\13X考虑公司作为头部游戏发行商且自研游戏业务已取得较好成绩，叠加线下店即将进入快速拓展期，首次覆盖，给予“买入”评级。
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