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《大行報告》匯豐研究升網易-S(09999.HK)目標價至203元 「蛋仔派對」新春表現令人印象深刻
阿思達克 02-20 09:44
匯豐研究發表報告指,相信網易-S(09999.HK)的股價將繼續上升,由於每月獲批的遊戲數量有所增加及有更多重磅遊戲上架,市場對監管收緊的憂慮或正在緩解。遊戲渠道方面,網易(09999.HK)預計於上半年推出「燕雲十六聲」及「射鵰」,另「永劫無間手遊」已完成開發並正等待覈準。此外,面對「元夢之星」的競爭,「蛋仔派對」的用戶羣和總現金收入仍然比預期更具防守性。對於「逆水寒手遊」的iOS總現金收入排名今年迄今已跌出前5名,該行認爲是由於缺乏內容更新所致。該行維持集團今年遊戲收入增長15%的預測,同時預計市場佔有率將會增長。 該行提到,「蛋仔派對」新春表現令人印象深刻,期內每日活躍用戶達到4,000萬的新高。雖然「元夢之星」與「蛋仔派對」的遊戲玩法相似,但兩款遊戲面向的用戶羣不同,數據顯示只有11%的每月活躍用戶同時玩以上兩款遊戲。該行認爲,基於「蛋仔派對」龐大且具差異化的用戶羣、強大的UGC生態系統及持續的推廣工作,「蛋仔派對」應該可在短期內保持領先地位。 該行上調網易2023至24年的盈測3至6%,並將目標價由195元調升至203元。該行預計集團第四季收入將按年增長9%,當中遊戲收入升15%;經調整淨利潤料升70%至82億元人民幣。
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