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《大行報告》中信証券:網易(09999.HK)業績有望穩健增長 料次季營收按年增6%
中信証券發表報告,預計網易(09999.HK)第二季業績有望實現穩健增長,看好行業景氣回暖帶來的估值修復和公司中長期發展動力,維持「買入」評級。目標價195元。 該行預計,網易第二季實現營收245.45億元人民幣(下同),按年增長6%;毛利率57.5%,按年增1.6個百分點。預計銷售/管理/研發費用率分別為14.5%/4.9%/15.7%,按年增0.2/0.1/0.2個百分點。Non-GAAP純利料為63.11億元,按年增16.7%。 報告指,網易經典遊戲保持穩健營運,《蛋仔派對》保持強勁表現貢獻流水增量,同時《逆水寒》手遊和《巔峰極速》兩款新遊表現大超預期,有望為後續季度貢獻可觀業績增量;公司未來遊戲儲備豐富,包括《燕雲十六聲》(已獲版號)、《射雕》、《永劫無間》手遊等。
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