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祖龍娛樂上市1個月股價倍升 手遊熱潮帶挈升勢未停？

祖龍娛樂（SEHK：9990）較上市價已升近1倍，值得再追買嗎？ –

7月15日上市的祖龍娛樂（SEHK：9990）股價較上市價11.6元已升近1倍，到底這隻中型手遊股有何投資價值？值得再追買嗎？

已開發多款熱門遊戲

祖龍娛樂主攻移動MMORPG遊戲，過去持續開發出多款熱門遊戲。例如去年為集團帶來3.3億元（人民幣．下同）收益的《萬王之王3D》，在2018年8月推出市場時已成為內地iOS應用程式商城的最熱門免費遊戲之一;而去年收益貢獻約3.9億元的《龍族幻想》在去年7月推出時亦成為熱門遊戲，其2019年平均月活躍用戶數在中國MMORPG（大型多人在線角色扮演遊戲）手遊中排名第一。按自研遊戲總流水計量，集團在中國市場的市佔率排名第五，而MMORPG分類市場中排名更有第三。

開發能力穩定

手遊生命周期較短，而MMORPG更甚，因遊戲體驗容易在虛擬角色成長的中後期下降。祖龍娛樂較早開發的3款手遊《夢幻誅仙》，《天空紀元》，及《御劍情緣》在2017年至2019年間的遊戲收益已錄得至少60%跌幅，年度活躍用戶更至少跌70%。

不過，持續開發新遊戲可以彌補舊遊戲流失的收益，而祖龍娛樂在這方面的表現亦較穩定。以上提到在2018年推出市場的《萬王之王3D》在去年已實現約80%增長，而去年才上市的《龍族幻想》亦有逾1,500萬年度活躍帳戶，較其餘4款手遊的總和為高。

手遊行業處於順風

手遊產業成為疫市中重要受惠增長行業。調查機構Sensor Tower發表的報告指出，全球手機遊戲收入在第2季錄得近3成同比增幅，至接近200億美元。疫市中外出娛樂消費大減，龐大消費力無法釋放，高度滲透至大眾生活之中的智能手機成為重要的娛樂系統，當中手機遊戲受惠於大眾的消費力轉移至虛擬消費。

祖龍娛樂作為中國手遊市場的領先開發商，能在產業順風中吸金力大增，以上提到的持續開發手遊實力將可在疫市發揮。

結語

疫市中手遊產業鋒芒畢露，祖龍娛樂作為分類市場的領先營運商，開發實力有望在疫市中進一步發揮。不過，樂觀前景或已反映在股價之上，投資部署不宜過於進取。

編輯:Yan

延伸閱讀

本文所提供的信息僅供一般參考之用，並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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