心动公司(02400.HK)：TapTap赋能游戏研发，心动渐入佳境，首次覆盖给予“买入”评级，目标价40.6港元
机构：东北证券
评级：买入
目标价：0.6港元
集合游戏研发与海内外发行与运营，心动网络是国内优质的“产品+平台”游戏厂商。据公司财报显示，2020H1 公司实现营业收入 14.4亿元，YoY 为 10%；归母净利润 2.07 亿元，归母净利率为 14.3%，盈利能力稳定。 用户方面， 2020H1 公司网络游戏平均月活增至 3047.4万人，YoY为 65.4%；Taptap 平台平均活跃用户数增至 2479.6 万人，YoY为 52%，呈现强劲增长态势。
国内市场稳健增长， 游戏出海大有可为。 据游戏工委&IDC 数据显示，2019 年我国游戏产业实际销售收入达 2308.8 亿元，其中移动游戏收入占比最高达 68.5%。随着移动端优势逐步得到体现，预计我国移动游戏市场仍将维持双位数以上规模增长， 研运一体化公司有望持续分享增长红利。海外方面，除了美日韩，欧洲、东南亚等地区仍具巨大潜力； “本地化游戏产品+国际合作运营”成为获取市场份额关键。
创新渠道打法， “产品+平台”联动成就公司优质游戏生态。1）游戏产品：公司通过“自建研发团队+参股外部工作室”夯实研发力量，并联手优质游戏厂商获取热门游戏授权， 搭建了极具竞争力的游戏组合；同时公司海外发运机制渐趋成熟，韩国、港澳台、东南亚已成为公司优势市场，公司跻身中国手游发行商全球收入 Top30。2）平台：“不联运分成+客观评分推荐体系”迅速聚拢超万家优质研发商与近2500 万游戏玩家，渠道优势确立的同时其生态效应已逐步显现。
投资建议：基于公司优质的游戏研发运营能力以及 TapTap 垂直社区的领先地位，我们预计公司 2020/21/22 年收入分别为 34.4/42.6/51.1亿元，净利润 6.7/8.7/10.5 亿元，对应每股收益为 1.5/1.9/2.3 元。参考相对估值法，综合给予公司目标价 40.6 港元，对应 2020/21/22 年每股收益的 PE分别为 20.2/15.5/12.9 倍。首次覆盖给予“买入”评级。
风险提示：老游收入不及预期；新游无法如期上线；TapTap 广告变现能力不及预期；行业监管风险
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