《大行》花旗料網易(NTES.US)次季收入按年增11% 微升目標價至157美元
花旗發表研究報告指,網易-S(09999.HK)(NTES.US)將於8月中旬公布2025年第二季業績,估計表現符合預期,主要來自《夢幻西遊》手遊、《逆水寒》及《燕雲十六聲》等遊戲穩健表現帶動,以及首季部分收入遞延確認,有助抵銷季節性因素的影響。花旗估計網易第二季總收入將按年增長11%至283億元人民幣,非通用會計準則(Non-GAAP)淨利潤料達94.6億元人民幣,對比市場預測為284億及96.6億元人民幣,線上遊戲收入預測按年增長15.2%至231億元人民幣。
展望下半年,隨著《暗黑破壞神IV》及《命運崛起》等重點新作進入測試或推出階段,花旗預期遊戲收入動力可望保持穩定,預測第三季網易收入將按年增長10.6%至289.8億元人民幣,Non-GAAP淨利潤達95億元人民幣。
花旗將網易美股目標價由156美元微升至157美元,維持「買入」評級,看好其盈利韌性、強勁現金流及穩定派息,將2025至2027年收入預測下調2.1%、上調0.4%及下調3.2%,Non-GAAP淨利潤預測下調1.7%、上調1%及下調2.8%。
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