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《大行》花旗料網易(NTES.US)次季業績符合預期 微升目標價至157美元
阿思達克 07-30 11:00
花旗研究報告指,預期網易-S(09999.HK)(NTES.US)次季業績將符合預期,料總收入按年升11%、按季跌1.9%至283億元人民幣(下同),非公認會計準則(non-GAAP)計淨利潤料達94.6億元,低於市場預期的96.6億元。預期線上遊戲收入將按年升15.2%、按季跌4%至231億元,主要受惠於《夢幻西遊》、《逆水寒》及《燕雲十六聲》的穩健表現,加上首季的延後收入,部分抵消了季節性疲軟。該行預計次季銷售與行銷支出達29.7億元,佔總收入10.5%。若遊戲收入或利潤增長超預期,將對股價產生正面影響。 至於第三季,該行預測總收入按年升10.6%、按季升2%至289.8億元,non-GAAP淨利潤95億元,均高於市場預期。線上遊戲收入預計按年增長13.5%至237億元,網易雲收入按年跌5%至19億元。 該行對網易2025年至27年淨收入預測分別降2.1%、升0.4%及降3.2%,non-GAAP淨利潤預測分別降1.7%、升1%及降2.8%,以反映2025年電腦遊戲收入預測被下調。至於2025年第二季,將淨收入與non-GAAP淨利潤預測分別下調3.1%及4%,因《漫威爭鋒》與《界外狂潮》熱度常態化,以致電腦遊戲收入增長放緩。將美股目標價由156美元微升至157美元,維持「買入」評級。
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