野村发表研报指，网易-S(09999.HK) 去年第四季度营收按年跌1%，较市场预期低2%，但较该行预测高1%；非通用会计准则每股盈利按年升33%，较市场及该行预测分别高20%及13%。细分业务方面，手机游戏营收按年跌11%，该行预期按年跌6%；电脑游戏营收按年增57%，该行预期按年增25%。期内递延游戏营收按季减2.5%，按年增16%，该行预计递延游戏收入将在今年第一季度恢复正增长。
野村表示，网易线上游戏收入可能会在今年复苏，同时预料该板块收入将在2025财年增长11%，高于上一财年6%的增幅。随着营业费用的优化，网易营业利润率可望进一步提升1.3个百分点。因此，该行预计网易2025财年非通用会计准则营业利润将增长12%，而上一财年的成长率为8%。
另外，野村将网易2025及2026财年的每股盈利预测分别上调6%，重申该股的“买入”评级，并将其H股目标价由159元上调至194元。(js/w)
(港股报价延迟最少十五分钟。沽空资料截至 2025-02-27 16:25。)
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