金融界4月18日消息，A股三大指数收盘涨跌不一，中证香港科技指数 (港股科技，931574)平盘报收， 报0.0点，成交额0.0亿元。 数据统计显示，中证香港科技指数近一个月下跌15.90%，近三个月上涨13.74%，年至今上涨13.70%。 据了解，中证香港科技指数从香港上市证券中选取50只市值较大、研发投入较高且营收增速较好的科技 龙头上市公司证券作为指数样本，以反映香港市场科技龙头上市公司证券的整体表现。该指数以2014年 12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港科技指数十大权重分别为：小米集团-W（12.3%）、阿里巴巴-W （11.35%）、腾讯控股（9.92%）、比亚迪股份（8.16%）、美团-W（7.21%）、京东集团-SW （6.39%）、网易-S（5.66%）、百度集团-SW（4.24%）、中芯国际（4.0%）、百济神州（3.22%）。 从中证香港科技指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港科技指数持仓样本的行业来看，可选消费占比41.51%、通信服务占比23.64%、信息技术占 比22.87%、医药卫生占比11.57%、工业占比0 ...

NetEase, Inc. 股份代號：9999 （於開曼群島註冊成立的有限責任公司） 年度報告 2024 目錄 中華人民共和國 杭州市 濱江區網商路599號 網易大廈 郵編：310052 香港地址 香港 干諾道中30-32號 莊士大廈8樓 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 獨立核數師報告 | 4 | | 合併資產負債表 | 11 | | 合併經營業績及綜合收益表 | 14 | | 合併股東權益變動表 | 16 | | 合併現金流量表 | 17 | | 合併財務報表附註 | 20 | | 20-F表格 | 86 | | 其他資料 | 87 | 公司資料 董事會 董事 丁磊， 首席執行官 獨立董事 鄭玉芬 唐徽 唐子期 梁民傑 主營業務主要辦公地址 註冊辦事處 PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands 授權代表 Paul W. Boltz Jr.╱鄭嘉利 香港 干諾道中30-32號 莊士大廈8樓 開曼群島主要股份登記處 Maples Fund Services (Cayman) L ...

恒生指数高开1.66%，恒生科技指数涨3.31%。科网股表现强势，网易涨6.8%，京东集团涨6.49%，小米 集团涨5.76%，阿里巴巴涨4.34%。 关于港股后市 方正证券发布研报称，目前这轮港股上涨的逻辑仍未被打破，当前港股市场整体估值基本处于历史平均 水平附近，估值并未达到极端水平。往后看，该行认为在中国经济回升向好、上市公司盈利触底回升、 流动性环境整体友好、科技产业逻辑催化等逻辑支撑下，中国资产吸引力有望持续提升，推动港股市场 行情继续向好前进。 中金最新研报指出，港股定价长期取决于盈利前景，若盈利兑现，相关股票甚至将出现股价越涨、估值 越低的情形。整体而言，从短期看，不排除部分前期涨幅较多的港股标的存在震荡回调的风险。不过， 中长期来看，中国科技资产重估逻辑未发生变化，依旧看好价值重估行情演绎。 华泰证券认为，中期视角下港股相对收益空间仍存，原因是：1）基本面上，国内3月PMI连续两个月扩 张、地产寻底迹象初现、政策逆周期调节存加码预期；2）港股结构上，科技+金融主导的上市公司特 征使其企业盈利对关税敏感度相对较低；3）资金面上，南向资金持续流入为港股提供资金支撑。操作 上，建议配置：1）存在政策 ...

Investment Rating - The report maintains a "Buy" rating for NetEase-S (09999.HK) [1] Core Views - The strong recovery in PC gaming has led to a positive turnaround in gaming revenue, with the game "Marvel Duel" exceeding expectations [2][22] - The company is expected to continue its growth in gaming revenue in Q1, driven by new product launches [3][23] - The valuation model suggests a target price range of HKD 175-207 for 2025, based on a sum-of-the-parts (SOTP) valuation approach [4] Financial Performance Summary - For the full year, gaming and related services generated revenue of CNY 836 billion, a year-over-year increase of 2.5%, with PC game revenue at CNY 219.46 billion (up 16.56%) and mobile game revenue at CNY 584.96 billion (up 2.7%) [2][22] - In Q4, gaming and related services revenue reached CNY 212 billion (up 1.54% year-over-year), with online gaming revenue at CNY 205.41 billion (up 5.12%) [2][22] - The gross margin for the gaming business in Q4 was 66.70%, reflecting a slight decrease [2][22] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is CNY 311.99 billion, CNY 339.94 billion, and CNY 361.22 billion, respectively [4] - The current stock price corresponds to a PE ratio of 15.0 for 2025, 13.8 for 2026, and 13.0 for 2027 [4] - The report highlights the importance of new product launches for future revenue growth, with several titles in the pipeline [3][23] Key Financial Metrics - Main revenue for 2024 is projected at CNY 105,295 million, with a year-over-year growth rate of 1.8% [5] - Net profit for 2024 is estimated at CNY 29,698 million, with a growth rate of 1.0% [5] - The report indicates a stable financial position with a debt-to-asset ratio of 27.30% [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The new games "燕云十六声" and "七日世界" are expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, adjusted from previous estimates due to changes in game launch schedules and sales expense rates [3][9]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, reflecting a modest growth of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a significant year-on-year increase of 19.56%. The forecast for 2024 is 29,584 million CNY, indicating a growth of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, showing a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a minimal growth of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, expected to rise to 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, projected to improve to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, expected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, projected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2024 to 17 in 2025 and further to 15 in 2026 [4][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The launch of new games such as "燕云十六声" and "七日世界" is expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, reflecting adjustments in game launch schedules and sales expense rates [3][8]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, with a growth rate of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a year-on-year growth of 19.56%. The projected operating profit for 2024 is 29,584 million CNY, with a growth rate of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, with a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a growth rate of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, projected to be 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, expected to increase to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, projected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, expected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 17 [4][15].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $125.00, indicating a potential upside of 23.44% for the US stock and 21.64% for the HK stock [1]. Core Insights - The company's revenue growth is driven by Blizzard games, with a notable increase in PC game revenue, while mobile game revenue is anticipated to improve with new product launches [2][3]. - The forecasted revenue CAGR for the company from 2025 to 2027 is 11.4%, with Non-GAAP net profit CAGR expected at 10.5% [2]. Financial Performance Summary - Total revenue for the fiscal year ending December 31 is projected to grow from $14,232 million in 2023 to $17,966 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.2% [2]. - Non-GAAP net profit is expected to increase from $4,485 million in 2023 to $5,633 million in 2027, with Non-GAAP earnings per ADS rising from $6.9 to $8.5 over the same period [2]. - The company achieved a GAAP net profit of 87.7 billion RMB in Q4 2024, a year-on-year increase of 33.2%, exceeding Bloomberg consensus estimates [2]. Game Segment Performance - The revenue from games and related value-added services grew by 1.5% year-on-year to 212.4 billion RMB, with PC game revenue increasing by 56.6% to 71.3 billion RMB, driven by titles like "World of Warcraft" and "Hearthstone" [2]. - Mobile game revenue, however, declined by 10.5% to 134 billion RMB due to a lack of new product releases, but upcoming titles are expected to boost this segment [2]. Other Business Segments - Youdao is projected to achieve its first profitable year in 2024, with revenue expected to grow by 4.4% to 56.3 billion RMB, driven by AI subscription services [2]. - Cloud Music's revenue for 2024 is forecasted to reach 79.5 billion RMB, with a year-on-year growth of 1.1%, supported by increased subscription revenue and cost control measures [2].

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company achieved revenue of 26.75 billion yuan in Q4 2024, a year-over-year decrease of 1.4% but a quarter-over-quarter increase of 2.1%. The gross profit was 16.27 billion yuan, with a gross margin of 60.8%, down 1.2 percentage points year-over-year. Adjusted net profit reached 9.68 billion yuan, reflecting a year-over-year increase of 31.2% and a net margin of 36.2%, up 9.2 percentage points year-over-year [6][10] - The launch of the PC game "Marvel Showdown" on December 6, 2024, significantly boosted user engagement, with over 10 million registered users within 72 hours and a current user base exceeding 40 million. The new game "Yanyun Sixteen Sounds" also performed well, achieving over 3 million downloads in four days and topping the iOS download charts for two weeks [6][10] - The company has a strong pipeline of games, including "Destiny: Rising" and "Marvel Secret Frenzy," which enhances its product matrix and long-term operational capabilities [8] - The profitability of the cloud music and Youdao businesses is improving, with cloud music subscription revenue growing by 22% year-over-year and a gross margin of 33.7%, up 7 percentage points year-over-year. Additionally, Youdao achieved its first annual operating profit due to AI integration [9] Financial Summary - The company’s projected revenues for CY 2025, 2026, and 2027 are 113.44 billion yuan, 122.35 billion yuan, and 132.98 billion yuan, respectively. The projected net profits (Non-GAAP) for the same years are 35.91 billion yuan, 39.16 billion yuan, and 42.96 billion yuan, respectively [10][13] - Key financial metrics include a return on equity (ROE) of 24% in 2024, projected to decline to 18% by 2027. The earnings per share (EPS) is expected to grow from 10.37 yuan in 2024 to 13.40 yuan in 2027 [13][15]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 185 / USD 119 [4][6][7]. Core Insights - The company's Q4 2024 revenue was RMB 26.75 billion, a slight year-on-year decline of 1.4%, primarily due to a decrease in non-gaming business [1]. - Game-related revenue increased by 1.5% year-on-year, with a notable 56.6% growth in PC game revenue, driven by titles such as "Naraka: Bladepoint" and "Dungeons & Dragons" [2][3]. - The launch of new games is expected to drive revenue growth, with strong performance from titles like "Marvel's Avengers" and "World of Warcraft" [3]. Summary by Sections Financial Performance - Q4 2024 adjusted net profit was RMB 9.68 billion, exceeding market expectations of RMB 8.12 billion, with an adjusted net profit margin of 28.6% [1]. - The company forecasts FY25E revenue of RMB 113.5 billion and FY26E revenue of RMB 121.5 billion, with adjusted net profits of RMB 34.5 billion and RMB 37 billion respectively [4][5]. Game Revenue Breakdown - Q4 2024 game revenue reached RMB 20.5 billion, a year-on-year increase of 5.1%, with mobile game revenue declining by 10.5% due to high base effects from the previous year [2]. - The share of PC games in total game revenue increased to 34.7%, reflecting the company's strong long-term operational capabilities [2]. New Game Pipeline - The company has a robust pipeline of new games, including "Destiny: Rising" and "Marvel's Secret Wars," which are expected to launch in 2025 [3]. - The successful launch of "Marvel's Avengers" has already seen over 40 million registered users, indicating strong market interest [3]. Shareholder Returns - The company is committed to shareholder returns, with a total of USD 2.88 billion allocated for dividends and buybacks in 2024, representing a return rate of approximately 4.3% [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][18] Core Views - The company reported a revenue of 26.7 billion yuan in Q4 2024, a year-on-year decrease of 1%, but achieved a Non-GAAP net profit of 9.7 billion yuan, representing a 31% increase year-on-year [1][6] - The online gaming business showed strong performance with a revenue of 20.5 billion yuan in Q4 2024, a 5% increase year-on-year, driven by significant growth in PC games [10][11] - The company has a robust game pipeline, with expectations for new flagship games like "Yanyun Sixteen Sounds" and the return of "Overwatch" [2][11] Summary by Sections Financial Performance - In Q4 2024, the company achieved a Non-GAAP net profit margin of 36%, up 9 percentage points year-on-year, aided by a foreign exchange gain of 1.54 billion yuan [1][6] - The sales expense ratio decreased to 11%, down 5 percentage points year-on-year, reflecting improved marketing efficiency [1][7] Gaming Segment - The mobile gaming revenue was 13.4 billion yuan, down 11% year-on-year, primarily due to a high base from the previous year, while PC gaming revenue surged to 7.1 billion yuan, up 57% [10][11] - The deferred revenue for the company reached 15.2 billion yuan, a 14% increase year-on-year, indicating strong future revenue potential [10] New Game Releases - "Marvel Showdown" performed exceptionally well, reaching the top of the Steam sales chart within 4 hours of release and accumulating over 40 million players [2][11] - The company anticipates that "Yanyun Sixteen Sounds" will become another flagship game, with a growing audience over time [2][11] Other Business Segments - Youdao's revenue decreased by 10% year-on-year to 1.3 billion yuan, with learning services revenue down 21% due to selective customer acquisition strategies [12] - NetEase Cloud Music reported a revenue of 1.9 billion yuan in Q4 2024, a 5% decline year-on-year, impacted by social entertainment business challenges, but online music revenue grew by 20% in H2 2024 [14][15]