《大行報告》花旗引述網易公關指涉動視暴雪授權遊戲佔去年收益僅低單位數字 不會造成顯著財務影響
網易-S(09999.HK)今日股價受壓,最低見97.2元一度下挫14.6%,全日收103.5元,跌9.1%,涉資27.36億元。網易表示,非常遺憾動視暴雪(ATVI.US)在今日先行宣布停止合作,將不得不接受此決定。網易將繼續履行職責,為玩家服務到最後一刻。網易指,一直在盡最大努力和動視暴雪公司談判,希望推進續約。經過長時間的談判,仍然無法就一些合作的關鍵性條款與動視暴雪達成一致。
花旗發報告表示,考慮到雙方合作的悠久歷史和網易的新聞稿所顯示,該行認為如果有任何方式可以達成協議,網易會傾向寧願不中斷服務並傷害其遊戲玩家。該行指在其他可能的因素中,最終決定雙方不續約的原因,該行估計網易認為動視暴雪要求的新條款不合理,令其無法接受;第二是動視暴雪即將被微軟收購,會對有關協議續簽帶來影響;第三或是兩家公司之間的其他差異,可能包括文化、溝通等。憑藉網易強大的開發能力,相信隨著時間的推移,公司可以逐漸抵銷其他新的自研或授權遊戲影響,維持對網易(NTES.US)「買入」評級及目標價98美元。
該行指,據網易年報披露2019年、2020年和2021年,來自授權合作夥伴的收入貢獻分別佔集團總淨收入各7.5%、9.1%和9.5%,該行將其調整為約44億元人民幣、67億元人民幣和83億元人民幣。根據網易公關提供資料,公司來自授權暴雪遊戲的淨收入和收益貢獻代表低單位數(按2021年全年及2022年首九個月計),即雙方不續約不會對公司造成顯著財務影響。
除其他因素外,花旗亦認為這可能與動視暴雪過去1-2年內眾多高管的離職、留下的動視暴雪高管不具有與網易相似的遊戲文化和或要求有關。
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