大行评级丨花旗:上调网易目标价至178美元,次季游戏收入表现强劲

格隆汇
Aug 21
花旗发表研报指,游戏收入表现强劲推动下,网易第二季总收入同比增长7.9%至301亿元,胜预期;非通用会计准则纯利达到77.5亿元,逊于市场预期,相信是受到投资亏损、减值拨备及较高实际税率的拖累。新游戏《无限大》将于下周在德国科隆游戏展中亮相,《血源诅咒》等新作亦在开发中,管理层对《无限大》独特的城市开放世界定位有信心。基于次季表现、管理层对现有游戏表现与新游戏发布的指引,花旗将今年收入预测轻微上调0.1%,2027及2028年收入预测分别下调1%及1.3%,非通用会计准则纯利预测则下调4.8%、0.6%及1.3%;将网易美股目标价由174美元上调至178美元,维持“买入”评级,认为网易是防守型股份,可受惠于游戏开发的AI乘数效应、多元化游戏组合及持续股东回报政策。

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