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《大行報告》招商證券:網易(NTES.US)季績略遜 但不改今年樂觀前景
招商證券發表報告指出,網易(09999.HK)去年第四季收入271億元人民幣,按年增長7%,低於預期4%,主要由於手遊收入按年增長29%遜於預期;非公認會計準則下(non-GAAP)經營利潤率及調整後淨利潤按年增長45%及52%,主要受惠於遊戲及雲音樂的毛利率提升。 對於今年,該行預計網易現有遊戲將繼續表現強勁,例如《逆水寒手遊》、《蛋仔派對》、《巔峰極速》和《全明星街球派對》等。同時,像《燕雲十六聲》、《零號任務》及《射鵰》等有潛力在今年晚些時候推出的新遊戲,以及已經在2月獲得版號,並預計在第二季發布的《永劫無間手遊》都備受市場的期待。該行預期網易2023至2025年的收入年均複合增長率為12%,核心經營利潤符合增速為18%。 此外,雲音樂(09899.HK)去年下半年收入按年下跌16%至39億元人民幣,在線音樂訂閱用戶淨增加230 萬,達4,400萬,推動在線音樂收入按年增長22%,符合預期。該行預期雲音樂2023至2025年的收入年均複合增長率為11%,核心經營利潤率符合增速為55%,因為該行預計雲音樂將逐漸縮小與騰訊音樂(01698.HK)(去年預計為21%)在核心經營利潤率上的差距(去年雲音樂為5%)。 應是上調網易(NTES.US)目標價由134美元升至136美元,將網易(09999.HK)目標價由209港元升至212港元,認為公司去年第四季業績略遜預期,但不改今年樂觀前景,並看好網易遊戲強勁的遊戲研發能力、豐富的遊戲儲備和持續提升利潤率的舉措,以及雲音樂付費用戶增長和利潤率提升趨勢。
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