中信证券：维持网龙(00777)“买入”评级，AI降本见效，聚焦长期发展

智通财经

Apr 02

智通财经APP获悉，中信证券发布研报称，维持网龙(00777)“买入”评级，采用分部估值法，给予公司2026年估值71.7亿港元，对应目标价13港元。公司注重股东回报，该行预计公司2026年维持每股1港币分红，对应股息率约11%；公司近期亦公布其董事会主席将在未来12个月内增持公司股份，彰显长期发展信心。

公司公布2025年业绩公告，全年实现营收/归母净利润44.8/1.5亿元，全年公司毛利率70.3%/同比+5.1ppts，全年经营利润2.8亿元，公司下半年经营利润+47.7%。Mynd.AI业务收入端预计有望实现温和修复。

该行提到，公司Mynd.AI业务收入12.0亿元，毛利率25.0%，opex费用整体同比-21%，预计伴随海外教育大屏市场逐步恢复，公司进一步的费用管控，公司Mynd.AI业务OPM有望持续改善。

此前，网龙与字节达成合作，加速AIGC创作型企业转型。1月27日，网龙与字节跳动旗下的云与AI服务平台一火山引擎签署AI生态与联合创新合作框架协议，共同构筑技术+资源+生态的深度合作壁垒，规模化生产新一代AIGC教育资源，打造全球共创共享的创新教育生态。网龙在教育、文创，游戏等领域的AIGC综合战略能力与火山引擎的前沿技术基础设施深度结合，料将进一步向AIGC创作型企业转型，盈利质量和增长潜力有望进一步提升。

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