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大行評級|摩根大通:重申對網易的正面看法 暴雪迴歸料支持近期及長期遊戲前景

摩根大通發表報吿指出,網易與暴雪更新合作協議,暴雪迴歸料支持網易近期及長期遊戲前景。該行預期,相關合作將為網易今明兩年的遊戲收入帶來1%及3%的額外上行空間(主要為PC遊戲),料今明兩年暴雪PC遊戲於中國的收入將貢獻8億及25億元,考慮到暴雪的收入分成後,該行估計相關合作的毛利率將低於網易自研遊戲。因此,預期有關合作可為網易今明兩年帶來1%至2%的利潤上行空間,雖然較為輕微,但相信可抵銷近期遊戲玩家對《夢幻西遊》PC版的負面影響。

此外,網易與微軟另達成協議,探索將網易旗下游戲作品將進入Xbox等微軟旗下游戲平台。該行認為網易未來與微軟在遊戲發行方面的合作,可能會為網易國際遊戲收入帶來上升空間,尤其是在美國/歐洲市場。該行重申對網易的正面看法,並建議投資者在今年第二季/第三季推出各種遊戲之前增持。該行仍然相信網易在線遊戲今年可實現10%的按年增長。該行對其H股目標價200港元,重申“增持”評級。

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