智通财经APP获悉，里昂发布研报称，首次覆盖赤子城科技(09911)予“跑赢大市”评级，目标价17.5港元。报告指其凭借早期进入者优势及营运护城河的构建，其产品策略推动多元化应用程序的收入增长。其敏捷、轻资产商业模式，允许高股本回报率及可靠现金流产生。里昂预期，赤子城科技收入及核心EBIT在2025至27年三年间复合年均增长率分别达24%及27%。
里昂预测，公司未来三年收入复合年增长率24%，至2027财年达98亿元人民币;泛观众业务总收入79亿元人民币;多元观众业务总收入11亿元人民币;创新业务总收入9亿元人民币。里昂又预期赤子城2027财年毛利率扩张至57%，高于2024年的51%;至2027年调整后息税前利润率料达18%，基于未来三年销售及市场成本比率稳定于约32%。
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