《大行報告》大摩料網易(NTES.US)上季業績強勁 重申爲首選
摩根士丹利發表報告,預測在《逆水寒》手遊的帶動下,今年第三季將成爲網易(09999.HK)(NTES.US)有史以來表現最強勁的季度,收入料創新高,而憧憬遊戲業務可見度提升,明年業務收入增長估計將達到雙位數,因此將明年遊戲收入預測上調至900億元人民幣,增幅達15%,高於市場普遍預期的9%增幅。
大摩維持網易爲行業首選股,指出網易是該行所覆蓋的中國科網股中表現最好,遊戲產品線前景向好,有助抵禦市場競爭和宏觀風險的影響。該行又指,網易營運槓桿好過市場預期,股份回購及股息等資本回報不斷增長,旗下亦可能有更多新遊戲預期未來可取得版號。
大摩給予網易美股目標價135美元,對應2024年非通用會計準則下每股盈利預測約17倍,估計2022至2024年遊戲業務收入年均複合增長率將達到12%,評級爲「增持」。
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