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大行評級|交銀國際:下調網易目標價至194港元 暴雪恢復合作對短期業績影響有限
交銀國際發表報吿指,網易4月10日與暴雪中國共同宣佈更新協議,將從夏季陸續重新返回中國市場。另外,微軟與網易達成協議,包括將新的網易遊戲上線XBOX等其他平台。該行認為暴雪恢復合作對短期業績影響有限,與微軟的協議有利於提升雙方海外長期合作空間。該行假設暴雪國服下半年迴歸,預計今明年端遊收入較此前上調分別11%和19%,對公司全年總收入上調幅度在2%至3%,利潤影響有限。根據近期流水波動,考慮新游上線或集中在第二季末,預計網易第一季和第二季手遊收入按年增速約為10%,略低於此前預期,後續《永劫無間手遊》、《燕雲十六聲》等新遊確立上線時間將為遊戲增長帶來更多確定性。預計全年遊戲收入增12%。交銀國際下調網易今年收入和利潤預期各2%和4%,目標價從206港元下調至194港元,維持“買入”評級。
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