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大行評級丨摩根大通:重申網易為今年內地網絡遊戲板塊首選 H股目標價185港元
格隆匯 01-14 13:37
摩根大通發表研報,將網易ADR目標價定於120美元,H股目標價定於185港元,同時給予“增持”評級。該行重申網易為今年中國內地網絡遊戲板塊首選,並將其遊戲收入增長預測由8%上調至10%,主要由於《漫威爭鋒》及《燕雲十六聲》的成功推出。另外,網易的股價表現優於中國互聯網同業,主要受惠於其新遊戲的成功表現,以及在宏觀不確定性背景下作為網絡遊戲股票的防禦性。該行預期網易優異表現將在今年持續,料遊戲收入將由2024年的5%加速至10%;經營利潤率將擴大1.5個百分點;淨利潤率將擴大2.7個百分點;淨利潤將增長17%;海外收入貢獻將於年底達到15%至20%。摩通預計,網易2025年遊戲營收將出現兩個強勁增長動能,包括旗下最新一批新遊戲的表現將較去年更好;遊戲收入按年有所下降,但新遊戲表現更為可持續。該行預測,今年第二季起網易的遊戲營收按年增長將回到兩位數水平。
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