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網易(09999.HK)升逾3% 獲大摩及摩通上調目標價
網易-S(09999.HK)今日(27日)高開4.49%,最高見198.1元。現報196.1元,升3.59%,成交486.11萬股,涉資9.55億元。摩根士丹利發表研究報告指,網易正憑藉其領先的開發能力搶佔市場份額,並通過自建工作室及與業界資深人士合作進行全球擴張。該行認為,《夢幻西遊》手遊及《燕雲十六星》的海外流水表現強勁,應有助於抵銷未來兩季因新遊戲發行...
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網易(09999.HK)升逾3% 獲大摩及摩通上調目標價
Recommend
8
Positive
21
Negative
13
 
 

網易-S(09999.HK)  -0.772 (-0.398%)    Short selling $190.70M; Ratio 14.148%   今日(27日)高開4.49%,最高見198.1元。現報196.1元,升3.59%,成交486.11萬股,涉資9.55億元。

摩根士丹利發表研究報告指,網易正憑藉其領先的開發能力搶佔市場份額,並通過自建工作室及與業界資深人士合作進行全球擴張。該行認為,《夢幻西遊》手遊及《燕雲十六星》的海外流水表現強勁,應有助於抵銷未來兩季因新遊戲發行有限所帶來的高基數影響。

摩根士丹利維持對網易的「增持」評級,主要看好其持續增長的遊戲收入來自長青遊戲,以及新遊戲發佈帶來的潛在上行空間。該行對網易2026至2028年各年純利預測分別上調2.2%、4.3%及5.2%,主要考慮到首季業績中毛利率較強及更佳的經營開支管理。

基於盈利預測調整,該行將網易(NTES.US)      美股目標價上調2%,由154美元升至158美元。樂觀情境及悲觀情境目標價分別為191美元及106美元。

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摩根大通發表研究報告指,重申網易為其數碼娛樂領域的首選股,並將其港股目標價由280港元上調至290港元,網易(NTES.US)      美股目標價由180美元上調至185美元,評級「增持」。該行表示,上調目標價主要由於將2026年每股盈利預測上調2%,以反映現有遊戲利潤率增強。

摩通稱,對網易在首季業績公佈後的遊戲前景看法趨向正面。首季遊戲收入按年升7%及按季升18%,表現強於預期,而期內並無新遊戲發佈,且面臨去年同期的高基數。該行指出,期內《燕雲十六聲》收入創新高,其表現強於Steam用戶流量所反映的情況,顯示許多玩家使用網易的官方遊戲啟動器。此外,《夢幻西遊》系列表現強勁,PC版推出逾十年後,最高同時在線用戶數仍達到900萬的新高,並在首季錄得最高季度收入;手遊版則創下歷史最高每日活躍用戶(DAU)紀錄。

同時,網易的利潤率顯著擴張,遊戲及相關增值服務的毛利率達到75%的歷史新高,按年及按季分別提升600及430個基點,受惠於個人電腦/跨平台遊戲收入佔比提升,以及移動應用商店收入分成比例降低。該行相信毛利率仍有進一步擴張的空間。

該行預計,由於去年次季的基數較低,網易今年第二季遊戲收入增速將加快至8%。預期新遊戲《遺忘之海》將於今年第三季推出,料帶動第三及第四季遊戲收入增長加快至11%及16%。該遊戲將於5月28日開始最終封閉測試。摩通目前預計該遊戲年度現金總流水可達50億元人民幣。

該行認為,網易目前的估值相當於預測2026年市盈率12倍,具吸引力,而2026至2027年經營利潤的年複合增長率料達19%。主要催化劑包括《遺忘之海》於第三季推出及納入港股通。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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