心动公司 20250429 摘要 心动公司在 2024 年的财报表现如何？股价波动的原因是什么？ 心动公司在 2024 年的财报整体符合市场预期，但由于经营数据与市场预期存 在一定差异，股价出现了大幅下跌。尽管如此，公司在后续游戏流水方面可能 会呈现出一定波动，这也为投资者提供了一些值得关注的投资机会和布局拐点。 心动公司的业务逻辑是什么？主要收入来源有哪些？ 心动公司的业务逻辑相对清晰，主要分为两大块业务：TapTap 平台和游戏业 务。TapTap 平台主要是一个游戏社区及分发渠道，不联运、不分成，仅收取 广告相关收入，占整体收入比例约 30%。其广告收入近年来稳健增长。游戏业 务占比约 70%，经历了从页游起家到发行代理，再到自研游戏的战略转型。自 研游戏团队扩充至 1,400 人左右，推动了公司业绩增长。 • 2025 年，新游戏《伊瑟》预计 6 月上线国际服，若表现一般，流水贡献 预计可达 3 亿元；若表现优秀，则可能达到 5 至 10 亿元，该游戏由经验 丰富的团队研发，美术风格和世界观偏向年轻玩家喜好。 • TapTap 平台 2024 年月均活跃用户数约为 4,400 万，预计 2025 年收 ...

目錄 $\boxed{\frac{\Delta\Delta}{\Delta\Delta}}$ | 01 | P 2 公司資料 | 10 | P 103 合併財務狀況表 | | --- | --- | --- | --- | | 02 | P 4 董事會主席的信 | 11 | P 106 | | | | | 合併權益變動表 | | 03 | P 8 管理層討論與分析 | 12 | P 109 合併現金流量表 | | 04 | P 18 董事及高級管理層履歷 | 13 | P 111 合併財務報表附註 | | 05 | P 22 企業管治報告 | 14 | P 182 財務摘要 | | 06 | P 37 環境、社會及管治報告 | 15 | P 184 釋義及技術詞 | | 07 | P 67 董事會報告 | | | | 08 | P 95 獨立核數師報告 | | | | 09 | P 101 合併綜合收益表 | | | 01 公司資料 心动有限公司 2024 年報 心动有限公司 2024 年報 公司資料 裴大鵬先生 辛全東先生 劉千里女士 董事會 審核委員會 執行董事 黃一孟先生 （主席兼首席執行官） 戴雲傑先 ...

传媒/游戏Ⅱ 心动公司（02400.HK） 2025 年 04 月 17 日 投资评级：买入（维持） | 日期 | 2025/4/17 | | --- | --- | | 当前股价(港元) | 31.600 | | 一年最高最低(港元) | 40.400/13.760 | | 总市值(亿港元) | 155.26 | | 流通市值(亿港元) | 155.26 | | 总股本(亿股) | 4.91 | | 流通港股(亿股) | 4.91 | | 近 3 个月换手率(%) | 59.31 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-04 2024-08 2024-12 2025-04 心动公司 恒生指数 相关研究报告 《"游戏+平台"飞轮效应逐步显现， 驱动长期成长—港股公司信息更新报 告》-2025.3.30 《2024 年业绩超预期，新游戏及 TapTap 继续驱动成长—港股公司信息 更新报告》-2025.3.5 《《心动小镇》春节活动或带动游戏流 水大幅提升—港股公司信息更新报 告》-2025.1.20 方光照（分析师） 田鹏（分析师） fangguangz ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 5.012 billion yuan for 2024, representing a year-on-year increase of 47.9%, and a net profit attributable to shareholders of 0.812 billion yuan, achieving a turnaround from losses [2][4] - The strong performance in the gaming business is attributed to the successful launches of new games such as "Start Your Journey, Muffin" and "Heart Town," which significantly boosted revenue and profit margins [8] - The TapTap platform continues to benefit from high-demand self-developed games and a recovery in game advertising demand, leading to sustained user growth and the release of commercial potential [8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.012 billion yuan, with a net profit of 0.812 billion yuan and an adjusted net profit of 0.877 billion yuan, marking a return to profitability [2][4] - For the second half of 2024, the company reported a revenue of 2.792 billion yuan, a year-on-year increase of 70.6%, and a net profit of 0.606 billion yuan, also returning to profitability [4] Gaming Business - The gaming revenue for the second half of 2024 increased by 106.8% year-on-year to 1.95 billion yuan, with a significant rise in the average monthly paying user count [8] - The gross margin for the gaming business improved to 64.6%, up 18.6 percentage points year-on-year, driven by the strong performance of self-developed games [8] TapTap Platform - TapTap's user base in China grew by 19.1% year-on-year to 44.85 million MAU, while international MAU reached 5 million [8] - The revenue from the TapTap platform for the second half of 2024 was 844 million yuan, reflecting a year-on-year increase of 21.5% [8] Operational Efficiency - Marketing expenses increased by 31.2% year-on-year due to new game launches, but the sales expense ratio decreased significantly, indicating improved operational efficiency [8] - The adjusted net profit margin for the second half of 2024 was 22.9%, a substantial improvement from previous periods [8] Future Prospects - The company is focusing on the progress of new game reserves and the empowerment of its AI platform, with several new games expected to launch in 2025 [8] - The company has completed the registration of its generative AI service TapSight and integrated AI features into the TapTap platform [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a turnaround in its annual performance, reporting a revenue of 5.012 billion yuan, a year-on-year increase of 47.9%, and a net profit of 812 million yuan, marking a significant recovery from losses [2][4]. - The gaming business saw substantial growth, with revenues reaching 3.434 billion yuan, up 64.2% year-on-year, driven by the successful launch of new games [3][4]. - The TapTap platform demonstrated a growing brand effect, with an average monthly active user (MAU) count of 44 million, reflecting a 23% increase year-on-year [3][4]. Financial Performance Summary - The company reported a gross profit of 3.479 billion yuan, with a gross margin of 69.4%, an increase of 8.4 percentage points compared to the previous year [2]. - Sales and R&D expense ratios were 27.88% and 18.34%, respectively, with sales expenses rising due to increased marketing for new game launches [2][3]. - The company plans to continue focusing on self-developed games and enhancing operational efficiency, with projected net profits of 999 million yuan, 1.194 billion yuan, and 1.343 billion yuan for 2025, 2026, and 2027, respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 50.12 billion yuan in 2024, a year-on-year increase of 47.89%, and a net profit of 8.12 billion yuan, marking a turnaround from a loss in 2023 [8] - The company announced its first annual dividend of 0.4 HKD per share, indicating a positive outlook on profitability [8] - The self-developed games have significantly improved gross margins, with a gross margin of 62.56% in 2024, up 15.89 percentage points year-on-year [8] - The TapTap platform showed a notable increase in monthly active users (MAU), reaching 44.05 million in China, a year-on-year growth of 23.03% [8] - The company has effectively controlled costs, leading to a significant increase in net profit margin to 16.19%, up 18.64 percentage points year-on-year [8] Financial Summary - Total revenue is projected to grow from 50.12 billion yuan in 2024 to 55.28 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.17% [1] - Net profit is expected to increase from 8.12 billion yuan in 2024 to 11.61 billion yuan in 2027, reflecting a CAGR of about 8.54% [1] - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2024 to 2.36 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 18.26 in 2024 to 12.76 in 2027, indicating improving valuation metrics [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 50.12 billion yuan in 2024, a year-on-year increase of 47.89%, and a net profit of 8.12 billion yuan, marking a turnaround from a loss of 0.83 billion yuan in 2023. The company also announced a final dividend of 0.4 HKD per share [8] - The self-developed games have significantly improved gross margins, with a notable revenue contribution from titles like "Start Your Muffin" and "Lily of the Valley." The upcoming game "Heart Town" is expected to continue this trend [8] - TapTap's monthly active users (MAU) reached 44.05 million in China, a year-on-year increase of 23.03%, while international MAU was 503,000, a decrease of 13.02%. The growth in domestic MAU is attributed to a rich supply of new games and effective marketing strategies [8] - The company has demonstrated effective cost control, with an overall gross margin of 69.40% in 2024, up 8.37 percentage points year-on-year. The net profit margin also saw a significant increase to 16.19% [8] - The report projects net profits for 2025-2027 to be 9.80 billion, 10.69 billion, and 11.61 billion yuan respectively, with corresponding P/E ratios of 15, 14, and 13 times [8] Financial Summary - Total revenue for 2023 was 3.39 billion yuan, with projections of 5.01 billion yuan for 2024, reflecting a growth rate of 47.89% [1] - The company’s net profit for 2024 is projected at 811.53 million yuan, with a year-on-year growth of 20.74% for 2025 [1] - The earnings per share (EPS) is expected to rise from 1.65 yuan in 2024 to 2.36 yuan by 2027 [1]

Core Viewpoint - The company has entered a sustainable profitability phase, achieving record revenue and a significant turnaround in net profit amidst a global gaming industry adjustment [2][4]. Financial Performance - The company's total revenue for the year reached 5.01 billion RMB, a year-on-year increase of 47.9%, marking a record high since its listing [3]. - The net profit turned positive at 890 million RMB, compared to a loss of 65 million RMB in the previous year [3]. - Gross profit increased by 68.2% to 3.48 billion RMB, with an overall gross margin improvement to 69.4%, up 7.7 percentage points from the previous year [3]. Business Structure Optimization - Self-developed games contributed 3.43 billion RMB in revenue, a 64.2% increase year-on-year, with titles like "Start Up Muffin," "Sword of Lily," and "Heart Town" driving performance [4]. - The TapTap platform generated 1.58 billion RMB in revenue, a 21.6% increase, maintaining a high gross margin of 84% [4]. Operational Efficiency - The company achieved a 9.5% reduction in R&D expenses to 920 million RMB, while the R&D team size decreased from 1,031 to 993 [4]. - The company redeemed 1.596 billion USD in convertible bonds, reducing the debt-to-equity ratio from 57.6% to 30.8% [4]. - Operating cash flow turned positive, with cash and cash equivalents reaching 2.78 billion RMB, contributing to a total liquidity asset of 2.91 billion RMB [4]. Shareholder Returns - The board proposed a final dividend of 0.4 HKD per share, marking the company's first dividend distribution in five years, reflecting a commitment to shareholder returns and confidence in future profitability [4]. Game Development Strategy - The company is diversifying its game portfolio through the renewal of classic IPs and new game reserves, reducing reliance on single hits and forming a "long-lasting game" strategy [6]. - The average monthly active users for network games increased by 14.5% to 14.25 million, while average monthly paying users grew by 23.1% to 1.61 million [6]. Upcoming Titles and Pipeline - The company has two network games in development, likely "Iser: Reboot Day" and "Ragnarok RO: Guardian of Eternal Love 2," targeting the strategy card and MMORPG markets [9]. - The company is expanding its presence in the buyout game sector, with titles like "The Legend of the Hero" and upcoming releases enhancing platform diversity and player engagement [9]. TapTap Platform Evolution - The TapTap platform is evolving from a gaming community to a comprehensive distribution platform, with monthly active users increasing by 23% to 44.05 million [12]. - Exclusive content and developer ecosystem initiatives have driven user growth, while traditional channel limitations are being overcome through integrated resource promotion [12][14]. Industry Trends and Growth Drivers - The gaming industry is experiencing a structural upgrade, with the domestic market projected to grow by 7.53% to approximately 325.78 billion RMB [19]. - The overseas revenue for self-developed games reached a record high of 18.557 billion USD, reflecting a 13.39% year-on-year increase, validating the company's global strategy [20]. - The application of AI technology in game development is expected to enhance operational efficiency and create additional value [21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company achieved a revenue of 5.012 billion yuan in 2024, representing a year-on-year increase of 48%, and a net profit of 812 million yuan, recovering from a loss of 83 million yuan in 2023. The growth is primarily driven by the strong performance of self-developed games and the user growth of TapTap [5][9] - The gaming business revenue reached 3.434 billion yuan in 2024, up 64% year-on-year, with a gross margin of 63%, an increase of 16 percentage points. TapTap generated revenue of 1.578 billion yuan, a 21.6% increase year-on-year, maintaining a stable gross margin of 84% [5][9] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion yuan, 1.592 billion yuan, and 1.757 billion yuan respectively, with corresponding EPS of 2.6 yuan, 3.2 yuan, and 3.6 yuan [5][9] Game Development and Growth - The top five games contributing to revenue in 2024 were "Let's Go Muffin," "Sausage Party," "Lily of the Valley," "Torchlight," and "Ragnarok M." The game "Heart Town," launched in July 2024, is expected to significantly contribute to revenue in 2025 [6] - The company has a pipeline of games, including "Iser," expected to launch in the second half of 2025, and "RO2," anticipated for 2026, which will continue to drive growth in the gaming business [6] TapTap Platform Performance - TapTap's monthly active users (MAU) reached 44.05 million in 2024, a 23% year-on-year increase. The growth is attributed to the launch of popular new games and exclusive partnerships [7] - The platform's revenue is expected to continue growing due to its zero-commission advantage and increasing user base, with potential for higher advertising prices and loading rates [7] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E show a significant recovery and growth trajectory, with revenues projected to reach 6.148 billion yuan in 2025 and 7.205 billion yuan in 2026 [9] - The net profit margin is expected to improve, with net profit margins of 20.9%, 22.1%, and 22.5% for 2025, 2026, and 2027 respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.89 HKD [7][12]. Core Insights - The company's 2024 annual report shows revenue of 5.012 billion RMB, a year-on-year increase of 47.9%, and a net profit of 890 million RMB, marking a turnaround from losses [1][6]. - The growth in 2024 is primarily driven by a 64.2% increase in gaming revenue, supported by self-developed games such as "Let's Go Muffin," "Heart Town," and "Lily of the Valley" [1][2]. - The company has improved its gross margin by 8.4 percentage points to 69.4%, with the gaming segment's gross margin rising by 15.9 percentage points to 62.6% [1][2]. - The company plans to distribute dividends for the first time, proposing a dividend of 0.4 HKD per share [1]. Revenue and Profit Forecast - The company is expected to achieve a net profit of 1.021 billion RMB in 2025, with projections of 10.2 billion RMB and 12.1 billion RMB for 2025 and 2026, respectively [4][20]. - The gaming business is projected to generate revenues of 3.5 billion RMB in 2025 and 3.6 billion RMB in 2026, with a gross margin of 62% [12][20]. Taptap Platform Performance - The Taptap platform's average monthly active users (MAU) in 2024 are expected to reach 44.05 million, a 23% year-on-year increase, with projected revenue of 1.58 billion RMB, up 21.6% [3][4]. - The platform's gross margin is anticipated to slightly increase to 84.3% in 2024, supported by marketing activities and new game releases [3][4]. Valuation Metrics - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 5.5x price-to-sales (PS) multiple for the Taptap platform and a 17.4x price-to-earnings (PE) multiple for the gaming business [4][12]. - The target market capitalization is estimated at 19.585 billion RMB, translating to a target price of 42.89 HKD per share [12][14].