Jinwu Financial News | Open Source Securities said that according to TapTap, Xindong (02400) “Let's Go Muffin” national service will conduct a file deletion and payment test from April 16 to April 26. According to the AppStore, it is expected to be officially launched on May 15. The bank believes that the company's “Let's Go Muffin” has achieved outstanding performance in Hong Kong, Macao and Taiwan. On the one hand, it has benefited from excellent product quality; on the other hand, it has benefited from the company's good promotion and operation. As of April 10, “Let's Go Muffin” had more than 310,000 reservations on TapTap, with a rating of 8.1. The launch of “Let's Go Muffin” in China and more overseas regions such as Japan and South Korea is expected to continue its good performance in Hong Kong, Macao and Taiwan, contributing to a considerable increase in the company's performance.
Based on expectations for gaming and the company's business, the bank maintains a profit forecast for 2024-2026. The company's net profit for 2024-2026 is estimated to be 5.62/6.74/788 million yuan, and the corresponding EPS is 1.2/1.4/1.6 yuan respectively. The current stock price corresponds to PE 11.2/9.4/8.0 times, respectively. The bank is optimistic about the performance of the “Let's Go Muffin” national service and other overseas regions, and maintain a “buy” rating.