《大行報告》花旗下調網易(NTES.US)目標價至132美元 評級「買入」
花旗發表研究報告指,網易(09999.HK)(NTES.US)今年第二季業績表現好壞參半,收入按年增長3.7%,略低於預期,主要是由於雲音樂(09899.HK)業績疲軟及旗下遊戲季節性走弱所影響。期內非通用會計準則淨利潤達到90億元人民幣,較該行及市場預期高出69%及51%,相信是受到毛利率提升、營運支出減少及外匯收益的帶動。
展望下半年,花旗預料在多款熱門遊戲產品的推動下,網易遊戲收入增長將較上半年強勁反彈,明年開放世界冒險RPG遊戲《燕雲十六聲》的發布,亦可能將公司自研遊戲業務再提升至另一水平,基於估值將美股目標價由134美元下調至132美元,考慮到公司具有良好的盈利可見性,維持「買入」評級。
花旗並將網易2023年至2025年度收入預測下調1.8%、1.2%及1%,非通用會計準則淨利潤預測則上調18%、9.2%及6%。
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