《大行報告》大摩:動視暴雪(ATVI.US)與網易(NTES.US)續約存困難 對後者無大影響
摩根士丹利發表研究報告指,動視暴雪(ATVI.US)表示與網易(09999.HK)(NTES.US)第三方簽訂有關中國多款遊戲的許可協議將於明年1月到期,目前正討論續簽安排,但可能無法達成雙方都滿意的協議。
大摩指,該等協議涵蓋大部分個人電腦遊戲,包括《魔獸世界》、《星際爭霸II》、《暗黑破壞神III》、 《Overwatch》等,估計貢獻網易總遊戲收入的中至高單位數百分比,但扣除許可費用後預期相關遊戲僅貢獻低單位數的利潤,相信影響並不重大。
該行認為,網易現有遊戲組合已變得更加多元化,大型多人在線角色扮演遊戲產品佔2021年總收入比重不到50%,同時自研遊戲的利潤率遠高於授權遊戲,相信網易未來會分配更多資源於研發當中,給予網易美股目標價95美元,評級「增持」。(gc/k)
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