金吾财讯 | 华泰证券研报指，心动公司(02400)发布业绩盈喜，预期25H1取得收入不少于人民币30.50亿元，同增约37%；取得净利润不少于人民币7.9亿元，同比增加约215%。该机构预计业绩高增主因：1)游戏方面，《仙境传说M：初心服》《火炬之光：无限》《心动小镇》流水较好，且游戏业务整体毛利率同比提升；2)因广告算法改进及用户参与度提升带动，TapTap平台收入与利润均持续增长；3）公司费用率优化。该机构看好公司自研游戏进入兑现周期，多元市场拓展潜力被验证，TapTap平台商业化能力增强，长期增长空间有望打开。考虑到公司游戏产品流水表现优异，自研能力提升未来游戏成功概率增加，且利润率有望持续提升，该机构上调公司25-27年归母净利润至16.8/19.5/21.3亿元（前值为10.2/12.1/13.5亿元，调整幅度64.8%/61.0%/58.0%），该机构基于分部估值，给予Taptap平台业务25年PS9X(前值为5.5X)，给予游戏业务25年24XPE（前值为17.4X），公司目标价81.69港币（前值42.89港币，人民币/港币取0.92）。维持“买入”评级。
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