《大行報告》匯豐研究上調網易(NTES.US)目標價至112美元 評級「買入」
匯豐研究發表研究報告指出,網易-S(09999.HK)(NTES.US)上季業績差過預期,期內收入按年增長4%,但手遊收入按年跌2%遜預期,但由於旗下遊戲《FWJ》第三季流水創新高,並於第四季入帳,令PC遊戲收入超預期。至於遊戲及相關增值服務毛利率亦差過預期,主要由於對暴雪一次性確認的版權費用達10億元人民幣,拖累純利遜預期。
該行指出,看好網易作為遊戲開發商龍頭,並持有多個成功的特許經營權,同時偏好公司強勁自由現金流及穩定的股東回報政策。對其今年遊戲增長預測上調約4%,主要由於其將於今年上半年推出的《遇見逆水寒》及去年第二季推出的《蛋仔派對》遊戲貢獻增加;恢復獲得遊戲版號令公司於內地手遊渠道更為強大;與暴雪終止合作關係的負面影響低過預期。
此外,匯豐研究指網易的有道(DAO.US)及雲音樂(09899.HK)毛利率有所改善。該行對網易今明兩年盈利預測上調約2%至3%,目標價由110美元上調至112美元,維持「買入」評級。
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