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大摩:维持阅文集团(00772)“与大市同步”评级 目标价降至34港元
Morgan Stanley: maintain China Literature's (00772) "keep pace with the market" rating target price reduced to HK $34

Zhitong Finance ·  {{timeTz}}

智通财经APP获悉,大摩发布研究报告称,维持阅文集团(00772)“与大市同步”评级,鉴于近期盈利压力及IP业务长期发展可见性有限,将2022-24年收入预测下调2%至3%,净利润预测下调5%至8%,目标价由37港元降至34港元。受在线业务及版权营运业务拖累,公司今年上半年收入同比下跌6%,较该行预测低14%。管理层将在线业务下跌归因于期内营销减少,同时将发展重点转移到提高效率上。

According to the APP of Zhitong Finance, Morgan Stanley released a research report saying that it maintained China Literature's "keep pace with the market" rating of 00772, and cut its 2022-24 revenue forecast by 2% to 3%, net profit forecast by 5% to 8%, and the target price from HK $37 to HK $34, in view of recent profit pressures and limited visibility into the long-term development of IP business. Dragged down by online and copyright operations, the company's revenue fell 6% in the first half of this year from a year earlier, 14% lower than the bank's forecast. Management attributed the decline in online business to reduced marketing during the period, while shifting the focus of development to improving efficiency.

报告中称,公司期内调整后净利润同比持平,高于该行预期16%;付费阅读业务表现稳定,好于该行预期,由于版权保护力度加大,部分抵销竞争压力,将继续利好下半年业务增长。大摩指出,撇除新丽传媒的IP业务下滑主要反映2021年以来公司战略转变,相信增长压力可会在下半年得以改善,并憧憬有积压的新作品库存,相信各细分市场下半年会取得连续改善,新丽传媒则有望于今年实现净利润5亿元人民币。

According to the report, the company's adjusted net profit during the period was unchanged from a year earlier, 16% higher than the bank's expectations, while the pay reading business performed steadily, better than the bank expected, partly offsetting competitive pressure due to increased copyright protection. will continue to be good for business growth in the second half of the year. Morgan Stanley pointed out that the decline in IP business excluding Xinli Media mainly reflects the change in the company's strategy since 2021, and believes that the growth pressure can be improved in the second half of the year, and looks forward to the backlog of new works inventory, and believes that each market segment will achieve continuous improvement in the second half of the year, while Xinli Media is expected to achieve a net profit of 500 million yuan this year.

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