今日焦點:
　　心動公司（2400.HK-港幣17.36）受益於自研遊戲及廣告需求恢復
　　心動公司從2022年上半年虧損3.86億元人民幣扭虧為盈，今年錄得淨利潤9000萬人民幣。我們很高興看到心動公司逐漸復蘇，並預計其於2H23將穩定增長。
　　上半年成功推出兩款重點遊戲。《火炬之光：無限》和《火力蘇打》分別於2023年5月和2023年6月在中國上線，上線期間雙雙位列AppStore免費遊戲榜首。雖然是新推出的遊戲，但《火炬之光：無限》很快成為公司收入最高的遊戲之一，在報告期內排名第三，超過了發行4年的遊戲《不休的烏拉拉》。預計《火炬之光：無限》九月推出的新遊戲賽季將吸引更多新玩家。
　　更多備受期待的遊戲正在籌備中。心動公司仍有四款綫上遊戲正在開發中。其中包括最近於八月在港澳臺地區推出的《鈴蘭之劍》，它計畫於2023年第4季度在內地推出。基於離岸市場的強勁表現，預計《鈴蘭之劍》將在短期內成為新的驅動力。此外，多款正在醞釀的自研遊戲預計將在未來兩個季度推出，包括《出發吧麥芬》《伊瑟·重啟日》和《心動小鎮》。
　　廣告需求預計將恢復。受益於遊戲審批流程的常態化，預計2H23行業將推出更多新遊戲。僅在8月份就有31款海外遊戲獲得批准。我們相信“Tap Tap”平臺可以受益於行業不斷增長的廣告和促銷活動需求。
　　我們的觀點：我們認為公司可能受益於1)2H23推出的自主開發新遊戲；2）《火炬之光：無限》和《火力蘇打》上綫初期收入持續增長；3)行業廣告需求恢復。該股目前的交易價格為26.2倍2023財年市盈率。（研究部）
　　
　　

研究报告全文：MorningSnapshotHongKongChinaMarketDaily05September2023ChinaHKIndicesCLOSE1DYTDWhatsHotTodayHSINAME25-47HSCEI653332-26HSCCI37183406CSI300384815-06XDGames2400HK-HK1736benefittingfromself-ShanghaiA333114-142ShanghaiB24221-142developedgamesandadvertisingrecoveryShenzhenA20731403ShenzhenB115118-05Ridingonaturnedaround1H23toaprofitofRMB90mnfromalossKeyIntlIndicesCLOSE1DYTDDowJones348370351ofRMB386mnin1H22wearegladtoseeXDGamesgraduallySP500451502176Nasdaq14031-00341recoverandexpectstablegrowthofitsgamesin2H23NIKKEIIndex32872-02260FTSEIndex7452-0200SuccessfullaunchoftwokeygamesTorchlightInfinite火炬之光CACIndex7279-02124無限andT3Arena火力蘇打werelaunchedinChinainMayandDAXIndex15824-01137CommoditiesCLOSE1DYTDJune2023respectivelybothtoppedtheAppStorefreegamelistGOLDUSoz19420162duringthelaunchperiodAlthoughitwasnewlylauncedTorchlightSTEELUSoz201813166SILVERUSoz23-08-01InfinitequicklybecameoneofXDstoprevenuecontributionsrankedCRUDEOILUSbbl85-4870COPPERUSoz845204103rdduringthereportedperiodovertakingthe4-yeargameUlala不ALUMINIUMUSoz221202-70PLATINUMUSoz957-07-113休的烏拉拉ItisexpectedtoattractmorenewplayerswithanewZINCUSoz247920-166WHEATUSbu567-16-283gameseasonofTorchlightInfiniteinSeptemberCORNUSbu48107-206SUGARUSlbNANA830MorehighlyanticipatedgamesinthepipelineXDGamesstillhasSOYBEANUSbu136900-31PVCUStNANA-36fouronlinegamesunderdevelopmentincludingSwordofConvallariaCRB2841130BDI1083-03-285鈴蘭之劍whichwasrecentlylaunchedinHongKongMacauandExchangeRatesTaiwaninAugustItisscheduledtolaunchinChinain4Q23andisUSDHKDEURJPYCHFRMBUSD7834092614647008857275expectedtobeanewdriverintheneartermbasedonthestrongHKD0128011818697112890929EUR1080845815813010477853performanceintheoffshoremarketsInadditionseveralself-JPY00075349063206040050developedgamesinthepipelineexpectedtobelaunchedintheCHF1131885710471655898225RMB013710770127201370122comingtwoquartersnamelyGoGoMuffin出發吧麥芬EtheriaMarketSentimentCURRENT5DRestart伊瑟重啟日andHeartopia心動小鎮CDSMonitor-USDSR5YGreeceNANAIreland83-24AdvertisingdemandisexpectedtorecoverBenefitingfromtheItaly139-06Portugal207-00normalizingofthegameapprovalprocessmorenewgamesareSpain10803expectedtobelaunchedin2H23Therewere31foreigngamesVIX13-84SourceBloombergobtainingapprovalinAugustWebelievetheTapTapplatformcanLatestResearchReportsbenefitfromtheincreasingadvertisingandpromotiondemandDateCompanyAnalyst17042023XtepInternational1368HKEasonCui14042023PerfectMedical1830HKResearchDepartmentOurviewWebelievethecountermaybenefitfrom1thelaunchof03042023MeidongAuto1268HKEasonCui31032023ProsperousIndustrial1731HKResearchDepartmentself-developednewgamesin2H232continuousincremental28032023Yongda3669HKEasonCuirevenuefromtheearlystageofTorchlightInfiniteandT3Arena317032023361Degrees1361HKEasonCui13032023DONGFANGELECTRIC1072HKEasonCuihigherdemandforgameadvertisingfromothernewlaunchesThe01032023XinyiEnergy3868HKEasonCui28022023XinyiGlass868HKKenLicounteriscurrentlytradingata262xFY23PEResearch13022023AutomonthlyupdateEasonCui10022023YuexiuProperty123HKKenLidepartment18012023Yongda3669HKEasonCui17012023Xtep1368HKEasonCui04012023AutomonthlyupdateEasonCui02122022PerfectMedical1830HKResearchDepartment01122022XPeng9868HKEasonCui02112022DongfangElectric1072HKEasonCui19102022Vinda3331HKEasonCui03102022EVAutoupdateEasonCui22092022SolarupdateResearchDepartment05092022DongfangElectric1072HKEasonCuiKingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023Fig1XDGamesFinancialSummaryRMBmn1H202H201H212H211H222H221H23Revenue1440140713791324159418371753YoY-43-59156387100GrossProfit82670667755078310521037YoY-181-222157915325NetProfitLosses2065-1974-3251-5387-3861-1674902GPM573502491415491573592NPM143-140-236-407-242-9151SourceCompanydataSunwahKingswayResearchKingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023KingswaycoveragelistMarketCapPERXDividendAbsoluteperformanceLatestupdateNameTickerPriceHK1DRecTPHKUpsideHKmdateHistFY1FY2FY25D1M3MHANGSENGINDEXHSI188441625105958641493614HANGSENGCHINAENTINDXHSCEI6533453294878037583011CSI300INDEXSHSZ3003848951514312510930264301FUYAOGLASS3606HK105180357507LONG41501611661581394526061781-Sep-20BEUR3718HK201605618LONG18022146552403418187730-Mar-21BINJIANGSERVICES3316HK5053182845LONG23502861178970NA52182100NABYDE285HK84495375032NEUTRAL176053128724318109142238553NACHINALILANG1234HK471839421LONG53235095837484103771NACHINASOFTINTL354HK1591453529LONG1280139326316612509701249227-Oct-20CHINATIANLUNGAS1600HK400640810LONG8701132815448584717432826-Feb-20DUIBAGROUP1753HK32803116LONG5551719778NANANA5290238NAEDVANTAGEGROUP382HK265923300LONG450931423733850060453-May-22EVERGREENPG1962HK35705240LONG175236548NANANA8316911826-Jan-21HUAHONGSEMI1347HK50558213039NEUTRAL2630235721241260012219219329-Jul-21KINGDEEINTL268HK41995120803NEUTRAL1762459NANANA00231265420-Aug-20MEIDONGAUTO1268HK805159812LONG197623043291287463192734353-Apr-23MINGYUANCLOUD909HK8388435101NEUTRAL28005437NANANA0212784139NAPLOVERBAYTECH1523HK251822909LONG17025813011291120026466-Aug-20POUSHENGINTL3813HK351506600LONG28032428465445257572916-Nov-20QTECH1478HK354229924NEUTRAL49766212492038605491337710-Aug-22SUNNYOPTICAL2382HK72447660530LONG16080143545037823908747611817-Aug-22TRYLYINTL732HK284509034LONG2802111NANANANA5911118-Apr-21XINYIENERGY3868HK1412017206LONG39813141411159748121272421-Mar-23XINYIGLASS868HK50802122054LONG1860525126877269109300828-Feb-23XINYISOLAR968HK6054268038LONG1720152918315110244331101839-Aug-21XTEPINTL1368HK2166282157LONG11914511931741403549582017-Apr-23YONGDAAUTO3669HK680835006LONG67392355523798541721028-Mar-23YUEXIUPROPERTY123HK41059102049LONG1300275718074501033416710-Feb-23WEIMOB2013HK1173742024LONG14402429NANA12580077174725-Nov-21KingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023MarketWatchMajorCommoditiesandCurrenciesPreciousmetalPriceUSQTDYTDYoYNon-ferrousmetalsPriceUSQTDYTDYoYGoldoz19541370138Coppert8473191286Platinumoz9838784189Nickelt206310631336Silveroz258429393Tint254754927118GoldPlatinumSilver-RHSTinNickelCopperRHS22005035000100002000180040300001600900014003025000120080001000202000080060010150007000Jun-22Sep-22Dec-22Mar-23Jun-23Jun-22Sep-22Dec-22Mar-23Jun-23EnergyPriceUSQTDYTDYoYCoalPriceQTDYTDYoYCrudeOilbbl8161561788ChiCokeRmbt20700113263236NaturalGasMMbtu2801375694AustSteamUSt1560218614633CrudeOilbblNaturalGasMMbtu-RHSAust-SteamChiCoke-RHS1001049032009440280090839073402400806290200052401901600704140312009060240800Jun-22Sep-22Dec-22Mar-23Jun-23Jun-22Sep-22Dec-22Mar-23Jun-23PriceUSQTDYTDYoYPriceUSQTDYTDYoYDollarIndexSpot1032020451RmbUS7305565811575747311072711057069681006766956564639062Jun-22Sep-22Dec-22Mar-23Jun-23Jun-22Sep-22Dec-22Mar-23Jun-23PriceUSQTDYTDYoYPriceUSQTDYTDYoYEUR11012086JPY14621311552GBP13015395KRW13234045011EURUSGBPUS14JPYUSKRW-RHS1551500131501450145140014012135013513001113012501251012012001151150091101100Jun-22Sep-22Dec-22Mar-23Jun-23Jun-22Sep-22Dec-22Mar-23Jun-23SourceBloombergKingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023USEconomicCalendarChinaEconomicCalendarExpectedExpectedIndicatorsFreqObsDateReleaseDateIndicatorsFreqObsDateReleaseDateDurableGoodsOrdersMoM5-Sep-23TradeBalanceMoM7-Sep-23FactoryOrdersMoM5-Sep-23ForeignExchangeReservesQoQ7-Sep-23TradeBalanceMoM6-Sep-23MoneySupply-M2MoM9-Sep-23InitialJoblessClaimsWoW7-Sep-23PPIMoM9-Sep-23WholesaleInventoriesMoM8-Sep-23CPIMoM9-Sep-23RetailSalesMoM15-Sep-23CPIMoM13-Sep-23IndustrialProductionMoM15-Sep-23BusinessInventoriesMoM14-Sep-23PMIManufacturingMoM30-Sep-23RetailSalesMoM14-Sep-23GDPYoY18-Oct-23PPIMoM14-Sep-23IndustrialProductionMoM15-Sep-23HongKongEconomicCalendarHousingStartsBuildingPermitsMoM19-Sep-23ExpectedExistingHomeSalesMoM21-Sep-23IndicatorsFreqObsDateReleaseDateConsumerConfidenceMoM26-Sep-23PMIMoM5-Sep-23NewhomeSalesMoM26-Sep-23ForeignCurrencyReserveMoM7-Sep-23GDPQoQ28-Sep-23ProducerPricesIndexQoQ13-Sep-23PersonalIncomeSpendingMoM29-Sep-23IndustrialProductionQoQ13-Sep-23ISMManufacturingPMIMoM2-Oct-23UnemploymentRateMoM19-Sep-23EmploymentReportMoM6-Oct-23CPIMoM21-Sep-23AutoSalesMoMTradeBalanceMoM26-Sep-23MoneySupply-M2MoM29-Sep-23RetailSalesMoM29-Sep-23GDPQoQ31-Oct-23CompositeInterestRateMoMKingswayResearchTeamAnalystEmailPhoneNoHowardWongHowardwongsunwahkingswaycom85222837307EasonCuiEasoncuisunwahkingswaycom85222837306KingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023NoticeofinterestdisclosurefiledbysubstantialshareholdersforthetwoprevioustradingdaysNameoflistedcorporationNameofsubstantialshareholderNoofsharesboughtsoldinvolvedAveragepricepershareHenanJinmaEnergyCoLtd-HSharesLamYukWai30000LHKD19640HenanJinmaEnergyCoLtd-HSharesYiuChiuFai30000LHKD19640iDreamSkyTechnologyHoldingsLtdGUANSong154800LHKD32048SheungMoonHoldingsLtdAltivoVenturesLimited30000000LHKD03900SheungMoonHoldingsLtdSigmaSquareInvestmentManagementLimited30000000LHKD03900SheungMoonHoldingsLtdTANGSiuFungCalvin10000000LHKD03900SinoHarbourHoldingsGroupLtdChanHeungLing394000LHKD01250SinoHarbourHoldingsGroupLtdWongLamPing394000LHKD01250FriendTimesIncGorgeousSunshineHoldingLimited96500000LHKD07500FriendTimesIncJIANGXIAOHUANG96500000LHKD07500FriendTimesIncLingLongHoldingsLimited96500000LHKD07500FriendTimesIncMAOYUYAN96500000LHKD07500FriendTimesIncTMFCaymanLtd96500000LHKD07500KwongLuenEngineeringHoldingsLtdKwanChuiLing40500000LHKD03105KwongLuenEngineeringHoldingsLtdKwongLuenProsperityLimited40500000LHKD03105KwongLuenEngineeringHoldingsLtdYipKwongCheung40500000LHKD03105SourceHKExKingswayFinancialServicesGroupLimited-httpwwwsunwahkingswaycomPleaseseetheimportantdisclaimeranddisclosuresifanyattheendofthisreport5September2023DisclaimerThisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecuritiesThesecuritiesreferredtointhisdocumentmaynot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