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《大行报告》大摩料网易(09999.HK)首季收入升19% 料520新游戏发布会可成催化剂
阿思达克 04-23 10:18
摩根士丹利发表报告表示,料网易(09999.HK)(NTES.US)今年首季收入202.78亿元人民币,按季升3%及按年升19%、估计旗下游戏业务收入147.28亿人民币按季升10%及按年升9%(低於市场同业预期2%),料网易首季非公认会计准则下经营净利润录45亿人民币,按季升23%及按年则跌13%(低於市场同业预测9%),料经营溢利率22%(按季升4个百分点;按年跌8个百分点)。

该行指,对网易首季业绩预测较市场同业为低,指其今财年首三财季会面临较高基数,但基於网易520(於5月20日举行)新游戏发布会可成正面催化剂,估计今年将是由网游业务推动的一年,料明年才会潜在分拆音乐业务上市。

大摩对网易美股「增持」评级及目标价150美元,指其旗下网游业务估值仅相当於预测2022年市盈率17至18倍,在全球同业估值最便宜之一。该行料网易今年首季非公认会计准则下纯利41.49亿人民币,按年跌1.5%及按季升160%,料纯利34.81亿人民币按年跌2%(按季升257%)。

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