《大行報告》摩通將網易(09999.HK)納入正面催化觀察名單 料今明兩季遊戲收入增長勝預期
網易-S(09999.HK)今早股價向上,最新報159.2元上揚近4.5%,成爲升幅最大藍籌股。摩根大通發表報告將網易納入該行正面催化觀察名單,料受益於旗下多個遊戲,如《逆水寒》手遊、《蛋仔派對》、《全明星街球派對》、《巔峯極速》及《永劫無間》的強勁表現,估計公司今年第三季及第四季遊戲收入增長可望優於預期。
該行指,市場同業料網易於今年第三季及第四季的遊戲和增值服務每月增量收入爲9億及12億元人民幣(相對於 2023年第二季),認爲相關預測較爲保守。該行預料網易在新遊戲的收入槓桿和內部分銷管道的收入貢獻增加的推動下,今年下半年毛利率將改善,潛在進一步上調對其今明兩年盈利預測,將支持其股價上行。
摩通指網易今年以來股價雖已累升40%,料其可持續跑贏大市,目前公司股價相當於今明兩年預測市盈率分別14倍及13倍,與騰訊(00700.HK)及任天堂等全球同業的20倍相比折讓30%以上,指網易屬該行在中國遊戲行業的首選。
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