You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》大和升網易(09999.HK)目標價至235元 新遊戲產品線穩健
阿思達克 05-23 13:57
大和發表報告,預計網易-S(09999.HK)遊戲業務的增長勢頭將增強,受新遊戲穩健的產品線和傳統遊戲的韌性推動。在其年度遊戲日上,網易展示了即將推出的遊戲,包括《漫威祕法狂潮》(預計2025年下半年,尚未獲得許可)、《命運:羣星》(預計2025年下半年,5月21日獲中國批準)、《遺忘之海》、《Supervive》、《unVEIL the World》、《無主星淵》、《萬民長歌:三國》、《星繪友晴天》和《靈獸冒險》(預計10月推出)。《暗黑破壞神2》近期獲得重新推出的許可。該行還注意到《Frostpunk》將於6月5日發佈。關於傳統遊戲,《夢幻西遊》在2024年第三季度穩定並在2025年第一季度改善。《蛋仔派對》從未成年人保護措施中恢復,玩家活躍度強勁。管理層預計《燕雲十六聲》將成爲常青遊戲,因玩家從單人模式轉向社交模式。 該行表示,PC和主機遊戲比例的上升正在緩和網易的利潤率表現。國內分發的PC遊戲因平臺費用低而提供高毛利率,而全球發行和知識產權(IP)許可遊戲,如《Marvel Rivals》,因平臺傭金(Steam約20%,PlayStation約30%)和IP收入分成而毛利率較低。隨着跨平臺和國際遊戲的增長,預計利潤率將出現波動,但通過嚴格的成本和資源管理,總體盈利能力應保持穩定。然而,營銷支出將從2025年第一季度水平上升,未來幾季將重新聚焦於品牌建設。 大和基於更高的遊戲收入預測,將網易2025至2027年每股盈利預測上調2%至5%,重申「買入」評級,並將基於總和估值法的12個月目標價,由210元上調至235元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account