Tiger Brokers

招商证券国际：升赤子城科技(09911)目标价至16港元 维持“增持”评级

智通财经网
Sep 02

智通财经APP获悉，招商证券国际发布研报称，年初至今，赤子城科技(09911)股价已上涨231%。公司当前估值为未来12个月10倍市盈率，0.5倍PEG(对比中国互联网同业16.5倍市盈率和1.2倍PEG均值，美国同业24倍市盈率和1.5倍PEG均值)。该行对赤子城科技目标价从12.2港元上调至16.2港元，对应2025财年及2026财年17倍及14倍市盈率，维持增持评级。

报告指，赤子城科上半年业绩超预期。收入同比增40%，达31.8亿元人民币(下同)，符合预期，其中社交/创新业务收入分别同比增37%及72%。集团毛利润同比增长56%，超预期10%，毛利率达55.8%，同比提升5.6个百分点，主要得益于创新业务毛利率从55%大幅提升至74%，受《爱丽丝的奇幻探险》增量贡献驱动，同时社交业务毛利率同比提升3.8个百分点至54%。经调整营业利润/净利润同比分别增长51%及137%，超预期13%及23%，得益于成本控制审慎、经营杠杆效应及少数股权收购。

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