一文綜合大行於網易(09999.HK)公佈首季績後最新目標價及觀點
網易-S(09999.HK)今早股價靠穩。高盛表示網易季收入高於該行及市場預期,指其淨利潤則符合預期,維持「買入」評級及目標價206元。網易昨(19日)收市後公佈今年首季業績,淨收入235.6億元人民幣按年增加14.8%,非公認會計準則(Non-GAAP)下歸屬於公司股東的淨利潤51.2億人民幣,按年微增0.7%;歸屬於公司股東的淨利潤43.9億人民幣,按年減少1%。基本每股淨利潤0.21美元;派季息每股6.44美仙。
公司首季在線遊戲服務淨收入172.7億人民幣按年增加15.3%;有道淨收入12億人民幣按年減少10.4%;雲音樂淨收入20.7億元,按年增加38.6%。網易首席財務官楊昭烜表示,在過去一個季度中,除春節是PC端遊戲春節旺季因素影響外,沒有看到手遊業務出現明顯的,在平均每用戶貢獻營收和玩家使用時長方面的增長,情況一直穩定,疫情的影響也不是太明顯。網易首席執行官丁磊強調,中央對於遊戲行業監管的初衷是希望作品能給予年輕人和用戶更多正能量,集團對內地遊戲市場前景樂觀。
【收入勝預期 績後股價穩】
瑞銀髮表報告指,網易首季業績強勁因遊戲收入特別是PC遊戲收入增長所帶動,由於季節性因素已反映,加上物流和供應鏈受阻,內地3月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。該行將網易目標價由203港元下調至192港元,維持「買入」評級。
富瑞表示,網易首季收入按年升14.8%,優於市場及該行原預期各4.1%及5.1%,公司非公認會計準則歸屬於公司股東的淨利潤51.2億人民幣,亦高於市場及該行原預期各48億及44億人民幣,市場將關注管理層最新指引,維持「買入」評級及目標價211元。
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本網列出3間券商予網易(09999.HK)評級及目標價:
券商│投資評級│目標價
富瑞│買入│211港元
高盛│買入│206港元
瑞銀│買入│203港元->192港元
本網列出6間券商予網易(NTES.US)評級及目標價:
券商│投資評級│目標價
富瑞│買入│136美元
高盛│買入│132美元
野村│買入│132美元
花旗│買入│131美元
摩根士丹利│增持│130美元
瑞銀│買入│131美元->124美元
券商│觀點
富瑞│首季非公認會計準則淨利潤、總收入及網絡遊戲收入勝預期
高盛│首季盈利增長勝預期,網絡遊戲收入增長強勁
野村│成本控制得宜,帶動總收入增長勝預期
花旗│首季總收入及淨利潤超預期,在線遊戲服務淨收入理想
摩根士丹利│首季業績表現普遍勝預期,但遞延收入不及前一季度強
瑞銀│首季業績表現強勁,惟憂慮增長勢頭或開始放緩
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