$心动公司(02400)$ 今日下跌原因高盛下调评级 Downgrade XD to Sell, the best performing China gaming stock YTD 2024, with an updated TP of HK$13.8 (vs. HK$15.1 earlier), on: 1) Ongoing downward catalysts/data points given the consistent DAU churn of Go Go Muffin China; 2) End of upward revisions by consensus after the upcoming 1H24 results in Aug; 3) Still a one game story, not a game portfolio approach yet; 4) Prior outperformance and rich valuation, XD has been the best performer across this space YTD, trading at 18X 2025E P/E with a GS estimate of 39% EPS drop in 2025 yoy. Upside risk: Go Go Muffin Korea launch in late 3Q.