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《大行報告》高盛上調網易-S(09999.HK)目標價至167元 評級「買入」
高盛發表研究報告指,網易-S(09999.HK)(NTES.US)旗下休閒競技手遊《蛋仔派對》表現向好,留存率接近騰訊(00700.HK)王牌手遊《王者榮耀》,3月ARPU更按月升一倍,推動收入及利潤上升,而已獲版號的熱門手遊《逆水寒》關注度持續提高,預約人數達到2,600萬預註冊用戶群,料將成為網易首款AI賦能的MMORPG。 考慮到網易未來一年預測市盈率達到17倍,低於該行覆蓋的中國A股同業平均20倍以上,以及美國和日本同業的19至20倍水平,預期網易的股價仍有合理上升空間。關預測今年首季收入將按年增長9%至257億元人民幣,當中遊戲收入在手遊收入增長14%的帶動下,預料將按年升8%。 高盛並將2023至2025年遊戲收入預測上調2%至3%,淨利潤預測上調2%以反映槓桿水平改善及營銷開支有限擴張,目標價從160元調升至167元,評級「買入」。
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