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《大行報告》里昂:網易(NTES.US)季績略遜預期 下調目標價至111.5美元
里昂發表研究報告指,網易(09999.HK)(NTES.US)第三季業績略遜市場預期,經調整EBIT按年增長23.8%至55億元人民幣,低於該行預期約4.3%,而總收入按年增長10%則符合預期。 期內網易線上遊戲及相關增值服務收入增長9.1%,主要來自於PC及遊戲機版《永劫無間》持續表現向好,以及新大型重磅遊戲《暗黑破壞神:永生不朽》所帶動,但由於去年基數較高,期內增長有所放緩。 該行指,由於中國市場缺乏新遊戲的推出,所以預期明年網絡遊戲仍會保持較高的單位數按年升幅。里昂認為,要研發針對海外市場的3A級遊戲需要一定時間,而與動視暴雪(ATVI.US)的授權協議續期未能達成共識,因此將2022至2023年淨利潤預測下調3.8%及1%,並將美股目標價從113美元下調至111.5美元。 里昂指考慮到網易現時估值水平較低,淨現金佔其市值比例達到35%,維持「買入」評級。
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