金吾财讯 | 网易(NTES)股价走低，暂报122.11美元，跌幅4.87%。高盛报告指出，由于缺乏近期新游戏贡献，该行预计，网易现金流水增长将在2025年第四季度放缓至按年增长5%。按游戏来看，该行数据追踪显示《FWJ》手游/PC版持续强势，且《蛋仔派对》在2025年第四季度恢复按年正增长，而《燕云十六声》国内周年庆及海外上线将有助于贡献第四季度流水。该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及明年，并降2025至27年盈测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易“买入”评级，H股目标价由266港元微降至264港元，美股目标价由170美元微降至169美元。
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