《大行報告》美銀證券料網易-S(09999.HK)上季業績符預期 調整盈測
美銀證券發表報告指,預計網易-S(09999.HK)上季業績將基本符合預期,受惠於良好的遊戲勢頭,料線上遊戲業務按年增18%,按季增1%,手機遊戲按年增37%,按季增1%。該行指,集團的主打遊戲《蛋仔派對》在農曆新年期間重拾升勢,每日活躍用戶突破4,000萬創歷史新高,躋身遊戲流水前五位,而騰訊(00700.HK)的《元夢之星》星則排名第20位。此外,數據顯示,《逆水寒》手遊和《FWJ》表現穩固,在今年1月遊戲排行榜躋身前10名。
該行表示,由於集團現有遊戲勢頭良好,相信公司不會急於推出新遊戲,而很多關鍵遊戲亦正在籌備,包括將於3月28日發布的《射鵰》,而《燕雲十六聲》和《零號任務》迄今尚未有更新。該行認為,《零號任務》或會在次季發布,而《燕雲十六聲》仍正在測試,可能需要進一步優化。另外,公司於2月27日獲得了《永劫無間》手遊的授權,並已基本準備就緒,該行料遊戲將在未來數個月內推出。
該行預計集團上季總收入為283億元人民幣,按年升12%,按季增4%,大致符合市場預期的282億元人民幣。該行又下調集團非遊戲相關收入預測至63億元人民幣。報告料末季毛利率61.5%,符合市場預測的61.4%。期內非通用會計準則淨利潤預測為84億元人民幣,淨利潤率為30%,高於市場預期。該行調整集團2023至2025年盈測,維持網易(NTES.US)美股目標價150美元,H股目標價則由236港元微降至235港元,評級「買入」。
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