智通财经APP获悉，心动公司(02400)现涨超5%，截至发稿，涨5.44%，报25.2港元，成交额6155万港元。
申万宏源指出，24年Taptap国内月活回暖，拉动因素来自监管宽松环境下供给持续增加；自研爆款驱动平台流量增长。Taptap受益行业供给扩张的逻辑较为稀缺，考虑到版号发放趋势，用户规模继续向上可期。24年广告商业化较为克制，除行业供给驱动外，关注广告精准度提升带来的单用户价值和毛利率向上。
该行指出，24年《麦芬》《小镇》等自研产品爆发并未完全体现在利润表，24年上半年合同负债3.5亿，支撑后续利润释放；《麦芬》《小镇》逐步进入成熟阶段，关注长周期稳定性；25年自研新品方面关注策略回合制RPG《伊瑟重启日》，当前市场预期并不充分。
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