大行评级丨中银国际:网易上季业绩喜忧参半 H目标价降至265港元

中金财经
Nov 21, 2025

  中银国际报告指,网易第三季总收入按年增长8%,在线游戏收入按年增长13%,均低于市场预期。经调整后净利润额95亿元,符合预期,其中由创下历史峰值的销售费用与投资收入相互抵消。现金收款按年增长14%,符合该行较为乐观的预测。该行认为,网易将持续致力于提升游戏研发和运营的资源分配效率,聚焦于数量更少但潜力更大的新游管线及关键长青游戏的运营,预计《燕云十六声》海外版的初步成功将在近期持续得到市场关注。该行维持网易“买入”评级,港股目标价由270港元下调至265港元,美股目标价由172美元下调至170美元。   

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