网易-S维持跑赢行业评级,上调目标价至225港元

中金公司
16 May

一、核心观点与评级调整中金公司 发布研报,维持对网易-S(09999)的“跑赢行业”评级,并上调目标价至225港元。基于公司控费高效及游戏业务稳健表现,中金将2025年和2026年的Non-GAAP净利润预测分别上调6%至368亿元和382亿元。当前股价对应港股13.5/13倍、美股13/13倍的2025/2026年Non-GAAP P/E。非游戏业务迈向盈利,估值切换至P/E,对应港/美股18/...

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