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《大行報告》瑞銀下調網易(09999.HK)目標價至192元 評級「買入」
瑞銀發表報告,將網易(09999.HK)目標價由203元下調至192元,維持「買入」評級。 報告指,網易首季業績強勁,各業務板塊收入良好,營業費用的成本控制亦好過預期。隨著首季公布強勁業績和《暗黑破壞神:永生不朽》於6月推出後,下半年表現可能會比較平靜,但該行仍偏好網易堅實的基本面能見度和穩定性。 瑞銀指,網易首季強勁的遊戲收入主要由PC遊戲帶動,因為新年的季節性因素和《夢幻西遊》表現理想。不過,由於物流和供應鏈受阻,3月份爆發的疫情可能會在第二季起對有道和網易嚴選的業務造成壓力。 雖然首季業績表現理想,但仍將次季和全年收入預測分別下調1.9%和2.3%,以反映疫情對有道和網易嚴選業務影響,以及假設新遊戲版號供應趨緊,令下半年遊戲收入較疲軟。次季和全年的非美國通用會計準則淨利潤預測相應下調0.9%和4.5%,以反映收入疲軟,但部分被有效的成本控制措施所抵銷。
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