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大和:重申網易(9999.HK)買入評級 目標價下調至193港元
格隆匯 05-25 13:07

大和發表研究報吿指,網易(9999.HK)今年首季表現強勁,端遊及雲音樂業務的收入增長高於預期,而公司嚴格的成本控制也帶動了盈利增長,認為網易的股價在中國互聯網板塊方面的表現一直優於同業,這是由於公司今年下半年強勁的遊戲產品線以及在疫情下相對具有彈性的營運,該行將網易目標價由218港元下調至193港元,重申“買入”評級。

該行表示,公司首季的端遊業務表現高於預期,其收入保持按年增長逾40%,亦認為旗下游戲《永劫無間》正成為強勁的一環,考慮到其移動版在達到3A遊戲質量標準方面需要時間,預計移動版將在2023年末或2024年推出。

該行認為,今年是網易在全球擴張的一年,將向西方市場推出數款遊戲,例如《暗黑破壞神》、《哈利波特》和《黎明死線》。以未來推出更多3A遊戲為目標,網易正在加大海外工作室的建設力度,預計長期將至少40%的研發開支分配給海外工作室,下調2022年至2023年的收入預測1%,以反映近期疫情的影響。

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