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《大行報告》瑞銀下調網易-S(09999.HK)目標價至185元 評級「買入」
瑞銀發表研究報告指出,網易-S(09999.HK)第二季經營溢利強勁,主要受其高毛利PC遊戲業務收入增長貢獻所推動。近期《暗黑破壞神:永生不朽》內地推出表現不錯,於iOS上排名第三至第四位,以現時的運行速度計算,該行料將帶來8億至10億元人民幣的首月收入。不過,該行預期網易的新遊戲管道方面將進入呆滯狀態,而且去年下半年的比較基數較高。 該行料網易第三季及第四季的遊戲總收入按年增長持續放緩至10.8%及3.4%,相較於第一季及第二季分別為增長15.3%及16.1%。儘管公司將於第四季發布新遊戲《哈利波特:魔法覺醒》海外版及《Vive le Football》,但料對今年的收入貢獻有限。另根據管理層觀點,公司其他備受期待的遊戲如移動版《永劫無間》及《Justice》仍需時發展以打入市場。 此外,基於網易第二季PC遊戲收入超預期,瑞銀對公司今年收入預測輕微上調0.3%,並上調其今年經調整純利預測13%,但由於近期新遊戲推出速度較慢,將公司明年收入及純利預測,分別下調1.7%及4.5%。維持對其「買入」評級,H股目標價由192元下調至185元。
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