大行評級丨建銀國際:上調網易目標價至226.2港元 首季業績超預期
建銀國際發表報吿指,網易在2025年第一季度實現穩健的超預期表現。展望未來,該行預計遊戲業務的勢頭將持續,得益於自2025年第二季度起的手機遊戲較低基數、近期遊戲如《漫威爭鋒》、《燕雲十六聲》和《Once Human》的持續強勁表現,以及傳統遊戲展示的更大韌性。鑑於網易審慎的營銷策略和縮減非盈利非遊戲業務的集中努力,該行預計利潤率將保持良好。該行將網易2025年、2026年及2027年盈利預測分別上調8%、4%和4%,以反映2025年第一季度超預期表現、遊戲增長更強勁以及營運費用降低。該行將網易H股目標價從184.6港元上調至226.2港元,ADR目標價由118.3美元上調至145美元,維持“跑贏大市”評級。
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