金吾财讯 | 交银国际发研报指，预计网易(09999)2024年4季度收入同比增2%，调整后净利润同比增15%，分别较该行此前预期上调3%/10%，反映端游表现好于预期以及汇兑损益收益，该行的预测较VA一致预测高3%/5%。预计4季度游戏收入同比增8%，其中端游增36%，较3季度的29%进一步加速，预计手游收入同比持平，对比3季度10%的同比下降表现持稳。该行预计2025年游戏收入同比增10%，其中端游有望在《漫威争锋》等新游带动下收入增30%+，其中该行预计《漫威争锋》、《燕云十六声》对2025年端游收入贡献达到16%/4%，预计手游保持稳定。基于近期新游表现好于预期，该行分别上调公司2025年收入/利润1%/3%，预计网易端游将在未来几个季度持续加速增长，手游持稳，推动全年游戏收入双位数增长。基于2025年17倍市盈率（预计2025年调整后运营利润增速17%），目标价从113美元/176港元上调至124美元/193港元，维持买入。
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.