美银:网易转双重主要上市早于预期,维持“买入”评级

智通财经
Jun 29
【美银:网易转双重主要上市早于预期,维持“买入”评级】美银证券发表报告指,网易上周五宣布,在完全遵守适用于双重主要上市发行人的相关香港上市规则后,已选择成为香港双重主要上市公司,自明日起生效。转换时间明显早于该行及市场共识预期的2027年第一季。报告称,由于对公司营运没有影响,该行认为在港双重主要上市的关键好处是具备纳入南向交易的潜在资格,因双重主要上市是纳入南向通的前提。鉴于网易并未采用不同投票权架构,该行预期网易在双重主要上市后不久将符合南向交易资格。该行认为,网易2026年第一季应为短期盈利增长的谷底,随着新游戏发行集中在后期,收入和盈利将在2026年下半年重新加速。美银维持网易“买入”评级,基于2026年预测市盈率15倍,加上净现金190亿美元,美股目标价172美元,H股目标价268港元。

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