事件:1)公(gong)(gong)司(si)(si)(si)收(shou)購極(ji)光網絡剩(sheng)余20%股(gu)(gu)(gu)權已經完成資產交割,極(ji)光網絡創始人胡宇航按(an)照交易(yi)合同(tong)約定(ding),已于(yu)2018年2月12日和(he)2018年2月13日通過大(da)宗交易(yi)分別(bie)以18.49元/股(gu)(gu)(gu)和(he)18.25元/股(gu)(gu)(gu)價格(ge)增(zeng)持(chi)公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)票300萬(wan)股(gu)(gu)(gu)和(he)500萬(wan)股(gu)(gu)(gu),累(lei)計(ji)增(zeng)持(chi)800萬(wan)股(gu)(gu)(gu),占(zhan)公(gong)(gong)司(si)(si)(si)總股(gu)(gu)(gu)本(ben)(ben)0.37%。2)公(gong)(gong)司(si)(si)(si)公(gong)(gong)告,按(an)照前期減(jian)持(chi)計(ji)劃,公(gong)(gong)司(si)(si)(si)實控人之(zhi)一吳(wu)緒(xu)順通過大(da)宗交易(yi)累(lei)計(ji)減(jian)持(chi)公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)票2030萬(wan)股(gu)(gu)(gu),占(zhan)公(gong)(gong)司(si)(si)(si)總股(gu)(gu)(gu)本(ben)(ben)的0.95%,減(jian)持(chi)后吳(wu)緒(xu)順仍持(chi)有上市公(gong)(gong)司(si)(si)(si)8.56%股(gu)(gu)(gu)份。

　　資(zi)(zi)產交(jiao)(jiao)(jiao)割快(kuai)速(su)完成(cheng),顯示公(gong)(gong)(gong)(gong)司布局研發的(de)(de)(de)(de)(de)(de)堅定(ding)決(jue)心。公(gong)(gong)(gong)(gong)司2月(yue)7日(ri)公(gong)(gong)(gong)(gong)告擬以自有(you)資(zi)(zi)金14億(yi)(yi)元(yuan)收(shou)購極(ji)光(guang)網絡(luo)創始人胡(hu)宇航(hang)持有(you)的(de)(de)(de)(de)(de)(de)極(ji)光(guang)網絡(luo)20%股(gu)權(quan),收(shou)購完成(cheng)后(hou)(hou)極(ji)光(guang)網絡(luo)成(cheng)為(wei)公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)(de)(de)全資(zi)(zi)子公(gong)(gong)(gong)(gong)司,極(ji)光(guang)網絡(luo)2017-2019年(nian)業績承諾為(wei)合并(bing)報(bao)表口徑扣非歸(gui)母凈利潤(run)不(bu)低于5.8/7.25/8.7億(yi)(yi)元(yuan),同時(shi)胡(hu)宇航(hang)在(zai)(zai)股(gu)權(quan)交(jiao)(jiao)(jiao)割當年(nian)及其(qi)后(hou)(hou)48個(ge)月(yue)仍(reng)在(zai)(zai)極(ji)光(guang)網絡(luo)任(ren)職(zhi),并(bing)承諾在(zai)(zai)獲得協(xie)議(yi)約定(ding)的(de)(de)(de)(de)(de)(de)80%交(jiao)(jiao)(jiao)易(yi)對(dui)(dui)價(jia)(jia)后(hou)(hou)6個(ge)月(yue)內通(tong)過(guo)(guo)大宗交(jiao)(jiao)(jiao)易(yi)、集中競價(jia)(jia)等(deng)方式以協(xie)議(yi)約定(ding)交(jiao)(jiao)(jiao)易(yi)對(dui)(dui)價(jia)(jia)的(de)(de)(de)(de)(de)(de)60%對(dui)(dui)應(ying)的(de)(de)(de)(de)(de)(de)資(zi)(zi)金增(zeng)(zeng)持公(gong)(gong)(gong)(gong)司股(gu)票。本次交(jiao)(jiao)(jiao)易(yi)在(zai)(zai)簽署協(xie)議(yi)當日(ri)就通(tong)過(guo)(guo)董(dong)事會(hui)通(tong)過(guo)(guo),2月(yue)14日(ri)公(gong)(gong)(gong)(gong)告已經完成(cheng)資(zi)(zi)產交(jiao)(jiao)(jiao)割,同時(shi)胡(hu)總增(zeng)(zeng)持表明公(gong)(gong)(gong)(gong)司已經按照約定(ding)支(zhi)付了相(xiang)關(guan)交(jiao)(jiao)(jiao)易(yi)對(dui)(dui)價(jia)(jia)。我們認(ren)為(wei)此次交(jiao)(jiao)(jiao)易(yi)的(de)(de)(de)(de)(de)(de)快(kuai)速(su)完成(cheng),顯示了公(gong)(gong)(gong)(gong)司強(qiang)大的(de)(de)(de)(de)(de)(de)執(zhi)行力和在(zai)(zai)布局優質研發團(tuan)隊上(shang)的(de)(de)(de)(de)(de)(de)堅定(ding)決(jue)心。

　　胡總(zong)(zong)增(zeng)(zeng)持(chi)顯示對(dui)公(gong)(gong)(gong)司(si)(si)(si)(si)長(chang)(chang)遠發(fa)展(zhan)信(xin)心。根(gen)據公(gong)(gong)(gong)司(si)(si)(si)(si)公(gong)(gong)(gong)告,通(tong)過(guo)大宗(zong)交易胡總(zong)(zong)累計(ji)增(zeng)(zeng)持(chi)公(gong)(gong)(gong)司(si)(si)(si)(si)800萬股,增(zeng)(zeng)持(chi)總(zong)(zong)金額1.47億(yi)元(yuan),胡總(zong)(zong)的(de)快速(su)兌現增(zeng)(zeng)持(chi)約(yue)定(ding),顯示了對(dui)公(gong)(gong)(gong)司(si)(si)(si)(si)未來發(fa)展(zhan)的(de)長(chang)(chang)遠信(xin)心,也向市場傳遞了對(dui)公(gong)(gong)(gong)司(si)(si)(si)(si)股價的(de)強烈信(xin)心。而根(gen)據交易合同胡總(zong)(zong)合計(ji)應增(zeng)(zeng)持(chi)公(gong)(gong)(gong)司(si)(si)(si)(si)8.4億(yi)元(yuan)股票(piao),胡總(zong)(zong)未來仍有(you)約(yue)7億(yi)元(yuan)的(de)增(zeng)(zeng)持(chi)空(kong)間,能較好的(de)緩解公(gong)(gong)(gong)司(si)(si)(si)(si)實控人解禁減持(chi)給市場帶來的(de)擔憂。

　　實(shi)控人(ren)大(da)宗減持0.95%股權(quan)釋(shi)(shi)放(fang)二級市(shi)場股價壓(ya)力。公司(si)股價自(zi)實(shi)控人(ren)解(jie)禁后一直(zhi)承受解(jie)禁壓(ya)力。目前公司(si)實(shi)控人(ren)已完(wan)成(cheng)占公司(si)總(zong)股本0.95%的(de)(de)大(da)宗減持,按照公司(si)公告已完(wan)成(cheng)約一半(ban)的(de)(de)減持計劃(不含二級市(shi)場增持部分的(de)(de)減持),減持壓(ya)力得到(dao)極大(da)釋(shi)(shi)放(fang)。

　　積(ji)極布局研發團隊,配(pei)合公司(si)(si)強(qiang)大的(de)(de)發行(xing)能力,構(gou)筑公司(si)(si)強(qiang)大業務護城河。公司(si)(si)在(zai)鞏固發行(xing)優勢(shi)的(de)(de)同(tong)時(shi),積(ji)極拓展研發并儲備(bei)了(le)豐富的(de)(de)產品。極光(guang)網絡作(zuo)為國內(nei)優質游(you)戲研發商,研發了(le)《永恒紀元》、《大天(tian)使之劍(jian)H5》等游(you)戲,流水均實現了(le)過(guo)1.5億的(de)(de)亮眼成績,同(tong)時(shi)公司(si)(si)研發的(de)(de)《擇天(tian)記》、《傳奇(qi)霸(ba)業手游(you)》也獲(huo)得(de)了(le)騰(teng)訊的(de)(de)獨家代理,公司(si)(si)自研能力不斷加強(qiang)。

　　從(cong)公司(si)產(chan)品儲(chu)備看,公司(si)18年從(cong)品類上(shang)有SLG、回合制、ARPG、女性向(xiang)等(deng)多(duo)類型產(chan)品,具體產(chan)品包括《黃金(jin)裁決》、《從(cong)前有座山》等(deng),豐(feng)富的產(chan)品儲(chu)備為公司(si)業績穩定增長提供保障。

　　維(wei)持(chi)盈利預(yu)測,維(wei)持(chi)“買入(ru)”評級(ji),繼續看好公司(si)發展(zhan)。我們(men)維(wei)持(chi)17-19年17.33/21.20/24.99億(yi)元的盈利預(yu)測,EPS為(wei)0.81/0.99/1.16元,對應PE為(wei)23/19/16倍(bei),維(wei)持(chi)“買入(ru)”評級(ji)。