Tiger Brokers

大行评级丨大和：上调网易目标价至260港元，维持“买入”评级

格隆汇
Aug 21
大和发表研报指，网易第二季业绩优于预期，收入及经调整EBIT分别较市场预期高出3%及15%，在线游戏收入同比增长10%，毛利率达76.1%，同比提升5.9个百分点，成为最大惊喜。经调整纯利同比跌18.7%，较市场预期跌21%，相信是受到约30亿元的投资亏损及较高税率所拖累。《永劫无间》手游7月推出后初期反应参差，惟管理层已透过高频内容更新来改善玩家体验，对长线发展有信心，而现有的《梦幻西游》及《蛋仔派对》等长青游戏势头仍然强劲，夏季更新及新玩法有助带动玩家活跃度。 该行认为网易的游戏毛利率已达较高水平，进一步改善空间有限，惟经营杠杆持续体现，将2026至2028年收入预测上调0.9%至1.3%，经调整纯利预测则因投资亏损下调4.8%，但上调2027至2028年每股盈利预测1%至2%，目标价由257港元上调至260港元，维持“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10