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《大行報告》大和下調網易-S(09999.HK)目標價至180元 評級「買入」
大和發表研究報告,指網易-S(09999.HK)第二季純利符該行預期,但較市場普遍預測則高出12%,當中遊戲及音樂業務均展現出強勁韌性,跑贏同業表現。 但考慮到網易仍未獲當局批出新遊戲版號,或導致新產品推出時間延遲,加上《永劫無間》許可銷售於去年下半年至今年上半年的高基數效應,大和決定下調2023至2024年遊戲業務收入預測。 惟該行預期,由於獲批新遊戲版號稀缺,網易對未來中國新遊戲的投資取態將更嚴格,同時憧憬有道 (DAO.US)及雲音樂(09899.HK)的虧損收窄將有助於支撐集團盈利,將2022至2024年收入預測削減4%至5%,以反映下調遊戲收入預測,盈利預測則下調1%至4%,目標價由193元降至180元,重申「買入」評級。
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