《大行報告》花旗削網易(NTES.US)目標價至98美元 下調收入及盈利預測
花旗發表報告,將網易(NTES.US)目標價由140美元削至98美元,以反映預測調整和外匯影響,但維持「買入」評級。 由於網易具強勁的現金流的生產能力和淨現金佔最新市值約3分之1,加上未來派息比率有可能增加,該行認為網易是一間高質量的防禦性公司。
花旗預測,網易第三季收入為238億人民幣,按年增長7.1%,非通用會計準則淨利潤為46.7億人民幣。雖然現有的旗艦遊戲可能在用戶參與方面保持韌性,但新遊戲發布緩慢和對就業市場憂慮等可能影響玩家的遊戲時間和虛擬物品消費行為。目前監管環境仍然存在不確定性,但任何恢復「常規」遊戲審批版號的信息都將是中國遊戲行業的積極信號。
報告將網易2022/23/24年的收入和非通用會計準則淨利潤預測分別下調3.1%/2.6%、6.2%/4.3%和6.9%/4%,以反映更溫和的新項目發布。同時將今年第三季和第四季的銷售額和非通用會計準則淨利潤預測分別降低5.5%/4.3%和6.2%/6.2%,反映內地遊戲銷售額增長放緩。
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