网易-S(9999.HK)首日上市大涨超8%！游戏板块强势拉升飘红
6月11日，港股迎来了游戏巨头网易的回归上市。
值得注意的是，截止目前，网易-S(9999.HK)首日上市高开8.70%，报133.70港元，换手率11.73%，最新总市值4585亿港元。
来源于：Wind
此外，隔夜美股网易(NTES.US)收涨3.77%报424.98美元，换算成港股市场价格为131.74港元/股。
来源于：Wind
而或受到这一消息利好，A股网络游戏板块反应积极，涨势明显，其中，凯撒文化、星辉娱乐、、盛天网络涨停，艾格拉斯、中青宝、迅游科技等纷纷跟涨。
来源于：Wind
此前网易在港交所发布公告称，将于6月23日派付第一季度股利，以美元支付。公司的股份将以除息后价格在香港联交所交易。派付第一季度股利可能会影响股份的价值以及公司的美国存托股及股份分别在美国及香港市场的交易价格。
来源于：官方公告
回顾网易在港二次上市的进程，网易-S发行价为123港元，公开发售获360.53倍认购，公司全球发售1.7148亿股，其中，香港发售股份2058万股，国际发售股份1.509亿股，香港发售获360.53倍认购，每手100股；募集资金净额约209.295亿港元，其中，约45%用于全球化战略及机遇，约45%用于推动创新的不断追求机遇，且约10%用于一般企业用途。
对此，交银国际发报告指出，网易在港挂牌估值对应2020、2021年分别22倍及19倍的市盈率，预计游戏业务未来3年收入仍能维持15％复合增长率，收入可见性强。按照SOTP（分类加总估值法）评算，给予网易美股的目标价453美元、港股目标价140港元，对应2020、2021年分别23倍及19倍的市盈率。
银河证券指出，5G全面推广后，云游戏、VR、AR等游戏有望带来新的产业革命，游戏品质将成为竞争的关键要素。建议关注自主研发能力较强，游戏内容经验丰富的游戏大厂。
广发证券指出，2020年突发的疫情将是游戏行业定价的重要变量,而不同于市场将其视为一次性因素予以剔除的思路,我们认为中期玩家的消费行为或也将发生变化,推高行业增速。另外在经济疲软期,游戏作为消费单价不高的娱乐产品,具有一定的弱周期属性,因此经济环境疲软至少不会造成行业基本面边际恶化。
而海外疫情突发后,中国游戏厂商出海逻辑将得到强化,有望稳步提升份额占比;2019年以来国内除了头部产品的流水提升明显之外,出海呈现出头部集团门槛逐步抬升和品类多样化的特征。而在长期来看,新技术(如云游戏和VR)仍处于快速发展期,有望在未来3年逐步为行业提供新的增长动力。当前价位持续建议投资者关注游戏行业龙头标的。
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