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富瑞:予網易(9999.HK)目標價148港元 評級“買入”
格隆匯 06-15 12:00

富瑞發表研究報告指,網易(9999.HK)擁有出色的研發能力和高質量遊戲的良好記錄,相信其對質量的專注使集團在同行中脱穎而出,另外國內市場上現有的遊戲產品組合保持強勁,海外擴張將成為未來的增長動力,並已在日本取得成功。該行給予其目標價148港元,以及“買入”評級。

富瑞指,從集團的旗艦遊戲系列《夢幻西遊》的長生命週期,集團一直致力於為遊戲玩家提供最佳內容,長期來看在線遊戲業務是搖錢樹。對於現有遊戲,該行預計內容更新、擴展包和促銷活動將在每個季度帶來超過100-110億元人民幣的收入,從而使其能夠投資於未來計劃以推動可持續增長。

富瑞指,網易通過內部開發並從第三方授權的IP(知識產權)來擴大除了日本以外的歐洲和北美業務,其目標是將其海外遊戲收入貢獻從去年的約10%增加到在未來3-5年超過30%。該行又預計,網易將在新遊戲支出上奉行以投資回報率為中心的戰略,並估計2020年在線遊戲總收入將按年增長14%。

富瑞續指,網易雲音樂及在線教育業務有道仍為早期發展,具有巨大的潛力,網易雲音樂的付費比率增長空間很大;在線教育“有道”亦有望於2022年實現盈利。

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