大行評級|花旗:下調網易目標價至116美元 下調2024至26財年收入及淨利潤預測
花旗發表研究報吿指,網易最新的業績預測將考慮到集團與暴雪重新合作關係、《射鵰英雄傳》推出後表現較預期弱、《FWJ》最近更新對使用者可能產生的暫時影響、更新即將推出的新舊遊戲的預測。進入第二季或下半年,該行相信市場將關注在次季推出的《永劫無間》和第三季推出的《燕雲十六聲》。隨着集團在更多海外國家發行《蛋仔派對》和《巔峯時速》等休閒類遊戲,加上暴雪遊戲自夏季起逐步恢復,任何收入的增長都將有助於抵銷遊戲老化的下降趨勢。該行指,基於集團的防守性遊戲前景、強勁的現金生成及一致的股東回報,將集團目標價由138美元下調至116美元,維持“買入”評級。花旗將網易2024至26財年的收入分別下調7.3%、8.1%、8.7%,而非通用會計準則淨利潤則分別調低5.3%、5.4%、8.1%,以反映傳統遊戲和新遊戲貢獻較低的假設,部分被暴雪授權遊戲的貢獻恢復所抵銷。該行將首季收入預測下調6.4%至256億元,又將非通用會計準則淨利潤預測下調6.4%到69.6億元。該行料集團次季總收入按年增3.9%至249億元,非通用會計準則淨利潤則為63億元。
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