金吾财讯 | 华泰证券发研报指，心动公司(02400)目前游戏+社区业务双轮驱动增长，游戏业务2023/2024上半年占营业收入分别为61.7%/66.9%，自研游戏突破助力游戏收入占比提升；社区业务得益于近年来中国市场推出的新游戏数量增加带来的营销需求和广告收入增加，TapTap平台业务收入已连续多年实现稳定增长。该行预测公司2024至2026年净利润分别为6.06/7.31/8.37亿元人民币，按年扭亏/+20.55%/+14.51%，对应每股盈利1.23/1.49/1.7元人民币。采用SOTP法对公司估值，游戏业务给予2025年14.3倍市盈率，估值59.5亿元人民币；TapTap平台业务给予2025年5倍市盈率，估值108亿元人民币，公司总体目标市值167.5亿元人民币。该行首次覆盖心动公司，评级“买入”，目标价36.68港元。
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