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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}}


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.


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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