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大行評級|瑞銀:下調網易目標價至211港元 下調2024財年收入預測

瑞銀髮表研究報吿指,網易2024財年首季營業收入及淨利潤表現出色,主要受惠於勝預期的手機遊戲收入、毛利率、較低的税收,不過相關表現亦部分被旗下游戲《蛋仔派對》的較高銷售費用所抵銷。該行表示,網易旗下《夢幻西遊》等主要遊戲近期發生重大變化,包括停止玩家之間的交易。管理層澄清相關變革純粹為改善玩家體驗,部分用户亦提供良好反饋,並認為對相關遊戲貨幣化的任何潛在影響均是可控。該行認為,管理層上述的言論或可以緩解市場對遊戲變革的一些擔憂。

該行亦指,網易現有的遊戲修正了以往數季的疲弱表現,並指《夢幻西遊》今年首季度的營業收入創下歷史新高。網易於今年7月或8月推出的新產品,應是公司業績表現下一個關鍵的催化劑。另外,該行將2024財年的收入預測下調5%,經調整淨利潤上調2%,主要由於預期的收入影響,將被低於預期的税收所抵銷。該行亦將2025及2026財年的經調整淨利潤,分別下調4%及3%。該行將網易H股目標價下調至211港元,維持“買入”評級。

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