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大行評級|摩根大通:未來6至12個月有多個催化劑推動網易股價向上

摩根大通發表報吿指,網易自近期高位回落約16%後,現估值相當於預測今年市盈率13倍,相比全球遊戲同業藝電(EA)或任天堂折讓逾30%。該行認為公司旗下游戲《射鵰英雄傳》及《FWJ》計算機版的負面影響已被消化,公司於未來6至12個月有多個催化劑推動股價向上。當中包括摩通對網易於今年第二季新推出遊戲《永劫無間》手機版持正面態度,認為新手遊的營業收入貢獻與另一款遊戲《逆水寒手遊》相若;公司將於今年第二季將推出新遊戲《燕雲十六聲》;公司於今年5月舉辦年度遊戲大會,為2025及2026年的未來遊戲發展提供線索;以及中國監管機構最新發布的網絡遊戲監管草案。

該行亦認為網易及暴雪於中國市場的重新合作,足以抵銷旗下游戲《FWJ》的收入風險,並預期相關合作可為網易的網絡遊戲收入帶來3%至4%的上升空間。另外,摩根大通預計公司的業績表現於今年可實現10%的按年增長。摩通予網易H股目標價200港元,維持“增持”評級,籲投資者逢低吸納。

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