《大行報告》網易(09999.HK)投資評級及目標價(表)
網易(09999.HK.HK)將於下周三(24日)公布去年業績，市場預期受一次性收益及匯兌損失影響，網易去年第四季純利將出現倒退，料核心遊戲業務收入則保持雙位數增長。市場估計網易因加大對旗下教育業務網易有道(DAO.US)市場推廣支出，令非美國通用會計準則營運毛利率下降，本網綜合10間券商預測網易2020年非美國通用會計準則純利，料介乎148.01億至165.2億元人民幣，較2019年同期156.63億人民幣，按年下跌5.5%至增加5.5%，中位數為150.54億元人民幣，按年減少3.9%。
券商料因網易持有美元對人民幣匯率降低、及持有阿里巴巴(09988.HK)(網易2019年9月向阿里以19億美元出售電商平台考拉，阿里發行1,430萬股作部份支付代價)股價價格在期間下降，中金料此兩項會帶來損失近28億人民幣，綜合8間券商預測，料網易2020年純利介乎119.49至138.35億元人民幣，較2019年同期212.38億人民幣，按年減少34.9%至43.7%，中位數為125.02億元人民幣，按年跌41.1%。
投資者將聚焦網易首季推出的新遊戲、毛利率展望及創新業務的進展，尤其是網易雲音樂業務。
下表列出14間券商對網易港股的投資評級及目標價：
券商│投資評級│目標價(港元)
大和│買入│235港元
瑞信│跑贏大市│224.75港元
匯豐環球研究│買入│218港元
工銀國際│跑贏大市│209.25港元
東方証券│買入│218港元
野村│買入│216港元
安信証券│買入│203港元
建銀國際│跑贏大市│201.6港元
瑞銀│買入│195港元
國泰君安│買入│195港元
廣發証券│買入│181.29港元
第一上海│買入│181.27港元
傑富瑞│買入│179港元
中信建投│增持│146港元
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下表列出17間券商對網易美股評級及目標價：
券商│投資評級│目標價(美元)
大和│買入│150美元
花旗│買入│148美元
瑞信│跑贏大市│145美元
中金│跑贏行業│145美元
匯豐環球研究│買入│140美元
野村│買入│139美元
工銀國際│跑贏大市│135美元
美銀證券│買入│132美元
華泰金控│買入│132美元
安信証券│買入│130美元
建銀國際│跑贏大市│129.2美元
瑞銀│買入│126美元
摩根士丹利│增持│120美元
第一上海│買入│116.94美元
廣發証券│買入│116.9美元
傑富瑞│買入│115美元
摩根大通│增持│110美元
(fc/w)
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