《大行報告》中金:閱文(00772.HK)擬收購騰訊動漫 豐富IP儲備加速商業化進程
中金錶示,閱文(00772.HK)宣佈已與騰訊(0700.HK)訂立資產轉讓協議,擬收購騰訊動漫相關資產,其中包括騰訊動漫APP平臺、其作品知識產權與相關權利、動畫和影視項目以及米橙子90%股權等,總對價爲6億元人民幣現金,對應截至2023年9月30日過往12個月收入4.85億元人民幣和1.4倍市銷率(P/S),並考慮市場流動性折讓約28%和控制權溢價約25%調整得出。
根據QuestMobile,2023年11月,公司旗下APP起點讀書和騰訊動漫的重合用戶佔騰訊動漫用戶數的11.8%;騰訊動漫暢銷榜前30部漫畫中50%改編自閱文IP。該行認爲,動漫不僅自身是重要的IP源頭,網文用戶與動漫用戶也有匹配度,爲後續影視、遊戲等形態的開發亦奠定視覺基礎。該行認爲,此次交易有望豐富閱文上遊頭部IP的儲備,並進一步補充小說漫改的合作產線和動畫產能。
公司於2023年6月升級組織架構,積極擁抱AIGC技術,強化內容與平臺聯動,提升影視作品成功率;7月19日,公司發佈閱文妙筆大模型及其應用產品作家助手妙筆版,賦能作家提升創作效率、關注更有創意的高附加價值環節。該行認爲,AIGC可望協助IP生態建設,加速多模態開發及品類協同性,結合騰訊動漫的IP儲備和產能,或提升IP生產效率並釋放價值。
考慮到收購事項尚未完全交割,維持Non-IFRS淨利潤預測。維持「跑贏行業」評級和目標價47港元,對應2023/2024年25/20倍Non-IFRS P/E,較當前股價有75.7%的上行空間。
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