一文了解大行於网易(09999.HK)公布业绩後最新目标价及观点
网易(09999.HK)今早股价受压，下挫7.9%报167.4元，瑞银指网易上季收入符预期，但盈利逊预期，因非网游业务毛利率受压。网易昨(25日)公布去年业绩，非公认会计准则持续经营净利润按年跌6.1%至147.06亿元人民币，低於本网早前综合10间券商预测下限的148.78亿元人民币。纯利按年跌43%至120.62亿元人民币，接近本网综合8间券商预测下限119.49亿元人民币；每股净利润为3.65元人民币。
网易去年净收入按年升24.4%至736.67亿元人民币，季度股息每股0.012美元，全年派息每股0.1568美元。单计第四季度净收入按年升25.6%至197.61亿元人民币，净利润按年跌67.5%至9.75亿元人民币，非公认会计准则持续经营净利润按年跌56.4%至15.97亿元人民币。
【盈利逊预期 毛利率受压】
网易去年在线游戏服务净收入突破546.08亿元人民币，其中手游净收入占在线游戏服务净收入71.9%，按年升0.5个百分点。有道净收入达31.67亿元人民币，而创新及其他业务净收入为158.9亿元人民币。
瑞银指网易上季收入符预期，但盈利逊预期，因非网游业务毛利率受压，料市场对网易业绩反应会略为负面。瑞信指，网易去年第四季业绩受稳固的线上游戏表现、及有道与云音乐强劲增长推动，经营溢利亦符合市场预期，但经调整净利润受投资损失及税务开支增加拖累。核心线上游戏业务收入稳定且略胜预期，受惠经典游戏表现稳定。该行仍对网易线上游戏有信心，中期则见到海外业务进一步扩展及安卓渠道潜在毛利率上升。该行重申对网易「跑赢大市」评级，给予其美股预托证券及港股目标价分别为145美元及224.75元。
杰富瑞指出，网易去年第四季收入符该行预期，盈利亦超出该行预期，纵使逊於市场预期。该行预期网易线上游戏目标为建立自家游戏，且有自家知识产权，并能受全球玩家欢迎。网易有多项令人期待的游戏将会在中国批准下推出。於创新及其他业务上，线上音乐为收入的支要贡献来源，且增长快速。该行认为网易长期致力推出具质量游戏，并持续推出高质素游戏，为其竞争优势。该行给予网易「买入」评级，目标价由179元上调至197元。
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本网最新综合6间券商对网易美股投资评级及目标价：
券商│投资评级│目标价(美元)
摩根士丹利│增持│160美元
里昂│买入│159美元
花旗│买入│148美元
瑞信│跑赢大市│145美元
野村│买入│139美元
瑞银│买入│126美元
最新综合3间券商对网易港股投资评级及目标价：
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
杰富瑞│买入│179元->197港元
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券商│观点
摩根士丹利│上季业绩逊，料今年前景强劲
里昂│海外市场可成为今年增长动力
花旗│去年第四季收入符预期，盈利逊预期
瑞信│去季业绩受一次性因素拖累，核心业务仍稳固
野村│去年第四季收入大致符预期，毛利率逊预期
瑞银│季度收入符预期，盈利逊预期，受非游戏业务毛利率拖累
大和│2021年新游戏看来更强势，海外推出新戏或促使价值重估
杰富瑞│长期策略仍然维持
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