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《大行報告》瑞信上調網易-S(09999.HK)目標價至215.45元 評級「跑贏大市」
阿思達克 08-28 11:15
瑞信發表報告指出,網易-S(09999.HK)(NTES.US)次季收入按年增長4%至240億元人民幣,較該行預期低2%,主要受PC遊戲收入影響。基於公司收入組合及成本控制更佳,毛利率達60%,勝預期。經調整經營溢利68億元人民幣,主要受惠於公司嚴控開支。 該行關注於網易下半年將推出強大的新自主開發手遊包括《逆水寒》及《巔峰極速》;傳統遊戲的表現仍然保持韌性,減輕投資者對遊戲壽命的憂慮;公司於2023年以後的部署包括《燕雲十六聲》(不遲於明年次季推出)、《蛋仔派對》與《巔峰極速》的國際版、《永劫無間》手遊版(待版號批准)及《射雕》,相信可支持集團未來兩年的收入增長。 此外,該行預期網易可保持60%的毛利率水平並有上行空間,主要受惠於組合轉移至自主開發的遊戲和移動渠道優化。另對公司2023至2025年收入預測上調0%至3%,每股盈利預測上調10%至14%,以反映利潤率擴張。對其H股目標價由203.05元上調至215.45元,維持「跑贏大市」評級,美股目標價由131美元上調至139美元。
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