《大行報告》國泰君安下調網易(09999.HK)目標價至150元 評級「買入」
國泰君安發表報告指出,網易-S(09999.HK)第三季非通用會計準則下持續經營股東淨利潤按年增長93.6%至74.7億元人民幣,高過該行及市場預期。總收入升10.1%至244.27億元人民幣,毛利率升至56.3%,股東淨利率爲30.6%,派季度息每股8.7美仙,並上調股票回購金額至30億美元。
該行表示,預測網易2022至2024年的非通用會計準則下的市盈率爲19.7倍、18.7倍和16.9倍,估計其股東淨利潤分別按年增長14.8%、4.1%和9.6%,各至226.79億、236.09億及258.86億元人民幣。另由於公司第三季的投資收入和匯兌收益,該行上調對網易的全年純利預測。
此外,國泰君安預期網易2022至2024年總收入分別爲960.89億、1,046.06億和1,131.02億元人民幣,相當於按年增長9.7%、8.9%及8.1%;下調期內遊戲收入預測,主要考慮到公司國際合作受挫;但基於公司強勁的表現,上調其有道收入。該行維持對網易「買入」評級,惟基於行業估值倍數下移,將其目標價由173元下調至150元。
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