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《大行報告》招商證券下調網易(09999.HK)目標價至173元 評級「買入」
招商證券發表報告指,網易(09999.HK)第二季度收入240億元人民幣,按年升3.7%,較該行預期低3%,其中遊戲收入按年升2%,個人電腦遊戲受累於終止與動視暴雪的合作,收入按年跌20%。期內整體遊戲業務較為疲弱,主要受季節性因素影響。在監管政策穩定及行業復甦的情況下,預期網易維持健康增長,《逆水寒手遊》及《巔峰極速》表現繼續強勁,部分準備推出的遊戲亦令市場高度期待,例如《永劫無間》、《燕雲十六聲》,以及將會在海外推出的《蛋仔派對》。 該行預期遊戲業務利潤率維持強勁,有道及雲音樂業務亦繼續推動整體利潤率提升。該行將目標價由177元下調至173元,認為近日遊戲業務的強勁表現,短期已大致反映,維持「買入」評級。
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