《大行報告》中銀國際料網易-S(09999.HK)第三季收入按年增11% 評級「買入」
中銀國際發表研究報告指,網易-S(09999.HK)(NTES.US)將於下月底公布第三季度業績,預測整體收入將按年增長11%,達到272億元人民幣,在大型熱門遊戲IP及自研新遊戲的推動下,核心遊戲業務收入增長預期將加快至29%,達到153億元人民幣。
該行估計,受惠於遊戲收入結構、新產品推出效率改善,以及雲音樂(09899.HK)毛利率擴張,將令第三季整體毛利率維持約60%水平。中銀看好網易發展策略堅定,認為其已經具備產業化、標準化的遊戲開發、發行和營運能力,加上股份回購計劃及穩定派息政策作支持,因此維持「買入」評級,目標價亦維持為192元。
中銀國際相信,第三季將成為網易發展的另一個里程碑,認為新推出的自研手遊包括《逆水寒手遊》、《巔峰極速》和《全明星街球派對》都表現強勁,相應將公司2023至2025年遊戲收入預測上調1%、5%及2%,基本上維持今年全年利潤率及盈利預測不變,2024及2025年每股ADS盈利預測分別上調5%及2%,以反映未來幾年尚有不少遊戲產品即將推出,當中部分被營銷及研發開支適度增加所抵銷。
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