《大行報告》瑞銀上調網易-S(09999.HK)目標價至212元 評級「買入」
瑞銀發表研究報告指,網易-S(09999.HK)(NTES.US)第三季度業績表現向好,今年內推出的焦點遊戲新作開始帶來貢獻,期內手遊業務收入增長33%,在行業內表現出色,有助抵銷PC遊戲及其他業務的疲軟。
網易第三季遊戲毛利率達到69%,是自2015年以來同期新高,瑞銀相信是由於期內推出的新遊戲均為網易自有IP,對低毛利率的安卓渠道依賴度較低。計及未來計劃推出的新遊戲,該行相信現有遊戲毛利率水平可持續,同時相信新遊戲在第四季的貢獻會更明顯,預測第四季手遊收入可按年增長46%,高於市場預期。
瑞銀表示將網易今年第四季及明年收入預測分別上調1.5%及3%,經調整淨利潤預測各上調16.4%及9.5%,維持「買入」評級,目標價由201元升至212元。
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