瑞銀:料網易(9999.HK)次季遊戲保持健康增長 維持買入評級
瑞銀髮表研究報吿指,預期網易(9999.HK)第二季旗艦遊戲《夢幻西遊》及《陰陽師》將維持健康增長,其平均iOS收入佔有率按季分別增長0.4及0.2個百分點;而在日本地區,《荒野行動》及《第五人格》的iOS收入佔有率則在5月份達7.4%及1.7%,對比首季為5.2%及1.2%。該行維持其買入評級,將其ADR目標價由139美元上調至142美元。
瑞銀預期,網易的手遊業務下半年收入將按年升37%、並於2022年全年升18%,主要受強勁管線推動。當中有《漫威》為主題的卡牌及策略類遊戲在6月入獲批,並將於7月推出測試版,另外亦有《哈利波特》及《暗黑破壞神》等新遊戲即刻推出,或會推動增長,從而令該公司價值在未來數季重估。
瑞銀續指,其在線教育業務“網易有道”的收入將受K12教育的監管加強影響,或出現下行空間,不過認為將可與營銷費用下降互相抵銷,認為網易的非遊戲業務將不會出現明顯的下跌。
瑞銀大致維持網易線上遊戲業務今明兩年收入預測,惟下調有道收入今明兩年預測分別13.5%及24%,因此下調2021及22年淨收入0.3%及1.5%,同時下調第二季盈利預測3.3%。
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