《大行报告》网易(09999.HK)投资评级及目标价(表)
网易(09999.HK.HK)将於下周三(24日)公布去年业绩，市场预期受一次性收益及汇兑损失影响，网易去年第四季纯利将出现倒退，料核心游戏业务收入则保持双位数增长。市场估计网易因加大对旗下教育业务网易有道(DAO.US)市场推广支出，令非美国通用会计准则营运毛利率下降，本网综合10间券商预测网易2020年非美国通用会计准则纯利，料介乎148.01亿至165.2亿元人民币，较2019年同期156.63亿人民币，按年下跌5.5%至增加5.5%，中位数为150.54亿元人民币，按年减少3.9%。
券商料因网易持有美元对人民币汇率降低、及持有阿里巴巴(09988.HK)(网易2019年9月向阿里以19亿美元出售电商平台考拉，阿里发行1,430万股作部份支付代价)股价价格在期间下降，中金料此两项会带来损失近28亿人民币，综合8间券商预测，料网易2020年纯利介乎119.49至138.35亿元人民币，较2019年同期212.38亿人民币，按年减少34.9%至43.7%，中位数为125.02亿元人民币，按年跌41.1%。
投资者将聚焦网易首季推出的新游戏、毛利率展望及创新业务的进展，尤其是网易云音乐业务。
下表列出14间券商对网易港股的投资评级及目标价：
券商│投资评级│目标价(港元)
大和│买入│235港元
瑞信│跑赢大市│224.75港元
汇丰环球研究│买入│218港元
工银国际│跑赢大市│209.25港元
东方证券│买入│218港元
野村│买入│216港元
安信证券│买入│203港元
建银国际│跑赢大市│201.6港元
瑞银│买入│195港元
国泰君安│买入│195港元
广发证券│买入│181.29港元
第一上海│买入│181.27港元
杰富瑞│买入│179港元
中信建投│增持│146港元
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下表列出17间券商对网易美股评级及目标价：
券商│投资评级│目标价(美元)
大和│买入│150美元
花旗│买入│148美元
瑞信│跑赢大市│145美元
中金│跑赢行业│145美元
汇丰环球研究│买入│140美元
野村│买入│139美元
工银国际│跑赢大市│135美元
美银证券│买入│132美元
华泰金控│买入│132美元
安信证券│买入│130美元
建银国际│跑赢大市│129.2美元
瑞银│买入│126美元
摩根士丹利│增持│120美元
第一上海│买入│116.94美元
广发证券│买入│116.9美元
杰富瑞│买入│115美元
摩根大通│增持│110美元
(fc/w)
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