金吾财讯 | 交银国际发研报指，网易(09999)2024年4季度收入同比降1%，较该行及一致预期低4%/2%。调整后净利润同比增31%，较该行及一致预期高15%/21%。调整后运营利润较该行预期高13%，主要因营销推广费用（同比降33%，环比降26%）缩减好于预期。

该行指，游戏收入同比增5%，基本符合VA一致预期，其中端游同比+57%，手游同比-11%，对比VA预期的32%/-3%。端游增长主要受《漫威争锋》（累计4000万用户）上线首月、暴雪游戏回归带动，手游同比降幅与3季度的-10%基本一致，老游戏流水趋于稳定，波动或与季节性因素有关。2024年4季度端游超预期，手游收入同比降幅与3季度基本一致，老手游流水趋于稳定，预计1季度流水有望转正并带动收入恢复。

该行续指，端游增速仍将维持高位，关注3月/4月《界外狂潮》及《七日世界》手游上线。基于非核心业务收缩微调盈利预测，维持目标价124美元/193港元及买入评级。

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