《大行報告》大華繼顯上調網易-S(09999.HK)目標價至190元 評級「買入」
大華繼顯發表報告指,網易-S(09999.HK)第二季度收入按年升3.7%,增長溫和,盈利按年升66.7%,好過市場預期,相信第三季收入增長的催化劑包括 : 夏季一般屬旺季,今年版號審批進度令人鼓舞,以及在新遊戲推出下、表現具韌力,維持「買入」評級,目標價由178元上調至190元。
報告指,網易第二季網上遊戲收入按年升3.7%,升幅低於第一季的8%及去年同期的25%,差過預期,其中電腦遊戲收入按年跌19%,主要因為與暴雪的合作告終,去年比較基數較高,至於手機遊戲收入按年增長15%。展望第三季,預期手機遊戲收入按年增長22%,主要受惠於旺季因素,以及《逆水寒》、《FWJ》的貢獻增加。
該行對公司第三季的收入預測大致維持不變,盈利預測就上調5%,全年盈利預測上調11%,以反映利潤率改善。
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