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大行評級|摩根大通:預計網易首季收入同比增長4% 重申為內地網遊股首選
摩根大通發表報吿指出,網易將於下週四(23日)披露首季業績,該行對公司的收入預測為260億元,同比增長4%,按季跌4%,較市場預期低2%,主要由於季內缺乏新遊戲的推出。惟預測非美國通用會計準則下的淨利潤為88億元,按年增長16%,按季升19%,比市場預期高出5%,因為其在線遊戲毛利按年有所擴張。該行對網易首季的遊戲收入預測相對保守,預計總遊戲收入為195億元,按年增長5%,按季持平,這是由於去年春節基數較高(《蛋仔派對》表現強勁),以及缺乏重大遊戲推出。該行重申網易為內地網遊股首選,目標價200港元,評級“增持”,現價相當於今年預測市盈率14倍,接近過去五年的低位,相對於亞洲網遊股有所折讓,但相信公司在未來三至六個月推出新遊戲後,預測市盈率有望重回20倍水平,類似於公司於去年6月成功推出《逆水寒》手遊時的估值。
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