交银国际:上调阅文集团至“买入”评级 目标价升至39港元

新浪港股
Aug 15, 2025
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  交银国际发布研报称,阅文集团(00772)上半年收入基本符合市场预期,扣除新丽传媒后,经调整净利润5.5亿元人民币,同比增加36%,对应经调整净利率17%,符合预期。目标价由28港元升39港元,评级上调至“买入”。

  该行维持对阅文的在线业务全年收入持稳预期,预计版权营运业务中阅文核心IP营运收入同比增4%,受益于IP衍生品业务品类扩张。阅文期内在线业务收入同比微增2%,其中付费用户同比增5%至920万。IP衍生品延续高增长趋势,上半年商品成交额4.8亿元人民币,接近2024年全年水平。

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