花旗指，虽然心动(02400.HK) 去年下半年业绩基本符合预期，收入按年升71%至27.9亿元人民币，全年利润介乎指引范围中位数，但业绩公布后股价调整，可能表明市场对游戏商业化前景的预期有所重置。管理层对TapTap用户和变现化策略的评论，在整体市场情绪疲软的情况下亦有所影响。
该行预计稳定的传统产品组合如《香肠派对》及《仙境传说》、2月在日本推出的《出发吧麦芬》与相对稳定的《心动小镇》，可能有助抵销《出发吧麦芬》正常化影响，TapTap变现化可能相较去年下半年放缓。更多催化剂或在下半年实现，分别是年中推出的《伊瑟》和下半年推出的《心动小镇》海外版。
该行认为心动仍然代表TapTap生态系统的独特敞口，以及游戏加广告双引擎的优势。该行对心动目标价由48元下调至44元，维持“买入”评级。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-02 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.