Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The collaboration between Blizzard and the company has been reestablished, with Blizzard's games set to return to the Chinese market in summer 2024, which is expected to boost the company's revenue and performance [3] - The company has a rich pipeline of quality products, including several games that have already received approval, which are anticipated to support sustained revenue growth [4] - The company is actively enhancing its global market presence and AAA game development, which may further expand its gaming business growth potential [5] Financial Summary - Revenue (in million) is projected to grow from 96,496 in 2022 to 118,125 in 2024, reflecting a year-over-year growth of 14.2% [6] - Net profit (in million) is expected to increase from 20,338 in 2022 to 33,862 in 2024, with a year-over-year growth of 15.1% [6] - The company's gross margin is projected to improve from 54.7% in 2022 to 61.7% in 2024, while the net margin is expected to remain stable around 28% [6] - Earnings per share (EPS) is forecasted to rise from 6.3 in 2022 to 10.5 in 2024 [6] - The current price-to-earnings (P/E) ratio is projected to decrease from 23.2 in 2022 to 14.0 in 2024 [6] Market Data - The current stock price is HKD 158.80, with a market capitalization of HKD 5,274.19 billion [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 211 HKD based on the current price of 149.80 HKD [6][8]. Core Insights - The company achieved a revenue of 27.14 billion CNY in Q4 2023, representing a year-over-year increase of 7.04% and a quarter-over-quarter decrease of 0.48%. The net profit attributable to shareholders was 6.582 billion CNY, up 66.52% year-over-year [2][14]. - The gaming segment showed robust growth, with revenue from games and related value-added services reaching 20.921 billion CNY, a year-over-year increase of 9.62%. Mobile game revenue was particularly strong, growing by 28.83% year-over-year [3][24]. - The company is expected to continue high growth in gaming revenue in the first half of 2024, driven by the performance of new games such as "Egg Party" and "Nirvana in Fire Mobile" [4][24]. Summary by Sections Q4 Revenue Growth and Margin Improvement - The company reported a total revenue of 271.40 billion CNY in Q4 2023, with significant contributions from gaming and related services, which accounted for 209.21 billion CNY. The overall gross margin for gaming services improved from 59.10% to 69.50% year-over-year [2][14][24]. Gaming Business Performance - The mobile gaming revenue reached 149.87 billion CNY, marking a 28.83% increase year-over-year, while PC gaming revenue declined by 22.66% due to the termination of contracts with Blizzard [3][24]. The deferred revenue stood at 133.62 billion CNY, indicating a release of deferred income [3][24]. Business Outlook and Cost Efficiency - The company is focusing on cost reduction and efficiency improvements across various business segments, with notable increases in gross margins for cloud music and innovation businesses [4][31]. The gross margin for cloud music improved from 14.4% in 2022 to 26.7% in 2023 [4]. Product Pipeline and Future Expectations - The company has a strong product pipeline, with key upcoming titles such as "Nirvana in Fire Mobile" and "Yanyun Sixteen Sounds" expected to drive future growth [5][24]. The strategic focus on product development and market expansion is anticipated to yield positive results in the medium to long term [5]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 30.879 billion CNY, 33.407 billion CNY, and 35.355 billion CNY respectively, with corresponding PE ratios of 14.2, 13.1, and 12.4 [6][11].

公司研究 | 动态跟踪 网易-S 09999.HK 买入（维持） 版号储备丰富，头部项目陆续上线 股价（2024年03月20日） 164.9港元 目标价格 167.92港元 52周最高价/最低价 183.06/114.95港元 ——网易（9999.HK）23Q4点评 总股本/流通H股（万股） 322,362/322,362 H股市值（百万港币） 531,576 核心观点 国家/地区 中国 行业 传媒 ⚫ 23Q4营收271.40亿( yoy+7.0%,qoq-0.5%)，环比下滑主要系游戏收入减少，同比 报告发布日期 2024年03月21日 增长主要由《逆水寒》等带来。 Q4毛利率62.0%(yoy+9.8pp,qoq-0.2pp)，同比增 长主要由游戏增长带来。Q4合同负债133.6亿（与上期差值-8.3亿)。销售费用 1周 1月 3月 12月 42.3亿(yoy+23.6%,qoq+18.5%)；管理费用12.5亿(yoy-3.9%,qoq-16.2%)；研发费 绝对表现% -4.07 -2.38 2.74 27.37 用44.8亿(yoy+9.5%,qoq+3.0%)。Non-GAAP归母净利润74亿( ...

图文 | 躺姐  一般情况下，在短时间内发行数款题材、玩法类似的游戏，让玩家和市场来决定哪个活下来的策略，就会被戏称为“养蛊”。过去，这个词一般都是形容另一家大厂——腾讯的发行策略，依靠这种策略，腾讯成功发行了诸如王者荣耀、和平精英等多款大热游戏。  而网易这边，凭借《逆水寒》和《蛋仔派对》的成功，在去年一时风光无两，成为中国市值第四大的科技公司，虽然第四季度的业绩不及预期，可市场对他们的新游依然抱有巨大的期待，看他们能否在保持上述两款游戏的成绩同时，再度做出爆款。  此后，网易的策略却让人有些迷惑：在接下来的几个月里，网易已拿到版号且计划上线的大型武侠网游就有三款，分别是《射雕》、《燕云十六声》和《永劫无间手游》，这些游戏其实都包含了“角色扮演（RPG）”、“动作”、“大型多人在线（MMO）”、“多端”、“开放世界”等等类似的元素。  再加上于2023年中旬上线的MMORPG武侠手游《逆水寒》，差不多一年时间，四款武侠题材的大型游戏接连上线，说是“养蛊”也不为过。只不过，这样的“养蛊”更像是加强进阶版，网易的目的显然不是让这四款投入甚巨的游戏最后只活下一两个来。  毕竟，在四季度业绩会上，当投资人提出对《 ...

HANGZHOU, China, March 18, 2024 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), one of China's leading internet and online game services providers, today announced that the Company will be featured in multiple sessions to share trail-blazing game development expertise at the 2024 Game Developers Conference (GDC). Showcasing top-notch technologies at GDC, the premier professional event in the gaming industry, the featured presentations will highlight how NetEase has b ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][7]. Core Insights - The company achieved a revenue of RMB 27.14 billion in Q4 2023, representing a year-on-year growth of 7.0%. The net profit attributable to shareholders was RMB 6.58 billion, a significant increase of 66.5% year-on-year. The Non-GAAP net profit was RMB 738 million, up 53.4% year-on-year. The gross margin improved by 9.8 percentage points to 62.0%, primarily due to the increased proportion of self-developed games and channel revenue [4][5]. - The gaming segment continues to perform well, with Q4 2023 game revenue reaching RMB 19.54 billion, a year-on-year increase of 11.5%. Mobile game revenue grew by 29% to RMB 14.99 billion. The company is expected to enter a new product cycle in Q1 2024, with key releases planned [4][5]. - The online music business maintained high growth, with Q4 2023 revenue of RMB 1.99 billion, despite a year-on-year decline of 16.4%. The annual revenue for 2023 was RMB 7.867 billion, down 12.5% year-on-year, but the Non-IFRS net profit turned positive at RMB 819 million [5][6]. - The company’s advertising business saw significant growth, becoming a TikTok advertising agent and connecting with over 1 million overseas influencers, covering more than 2 billion users across 75 countries [7]. Financial Summary - The company’s revenue for 2023 is projected at RMB 103.468 billion, with a year-on-year growth of 7.2%. The net profit is expected to be RMB 32.608 billion, reflecting a substantial increase of 43.0% year-on-year. The gross margin is anticipated to improve to 60.9% in 2024 [6][10]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 33.889 billion, RMB 37.900 billion, and RMB 42.626 billion, respectively [7][10]. - The company’s valuation is estimated using a dynamic PE ratio of 18-20 times for 2024, resulting in a reasonable value range of HKD 208.14 to HKD 231.27 per share [7][9].

Several companies have been delivering positive news to shareholders lately, including announcements of higher dividend payouts. A company opts to raise its dividend when confident in its current standing and cash-generating abilities. Of course, it also reflects the company’s commitment to returning value to shareholders, which is undoubtedly encouraging.Three companies — NetEase (NTES) , Verisk Analytics (VRSK) , and Waste Management (WM) — recently declared dividend hikes. For those with an appetite for ...

证券研究报告 | 2024年03月08日 网易-S（09999.HK） 买入 24 年游戏储备丰富，关注新游戏上线进展 核心观点 公司研究·海外公司财报点评 23Q4收入同比增长7%，经调利润率同比提升8pct。23Q4，公司实现营收 271 互联网·互联网Ⅱ 亿元，同比增长7%。收入增长主要由手游业务驱动，部分被 PC 端游和云音 证券分析师：张伦可 联系人：陈淑媛 乐的收入下滑所抵消。23Q4，公司总经营费率为37%，同比提升2pct。经营 0755-81982651 021-60375431 zhanglunke@guosen.com.cnchenshuyuan@guosen.com.cn 费用同比增长，主要因新游戏上线带来市场推广开支和人员成本增加，公司 S0980521120004 在23Q4加大《蛋仔派对》竞争营销投放力度。Non-GAAP 归母净利润 74亿 基础数据 元，同比增长53%；Non-GAAP 归母净利率 27%，同比提升8pct。 投资评级 买入(维持) 合理估值 201.00 - 233.00港元 在线游戏业务收入为195.4亿元，同比增长12%。其中，手游收入150亿元， 收盘 ...

[Table_Contacts] 游戏基本盘稳固，多款武侠自研游戏今年上线 [Table_Summary] 核心观点： ⚫ 公司披露 23Q4 业绩：23Q4 营业收入 271.40 亿元，YOY+7.04%。Q4 毛利润 168 亿元，同增 27%，毛利率 61.99%。23Q4 GAAP 归母净利 润 65.82 亿元，Non-GAAP 归母净利润 73.79 亿元，Non-GAAP 归母 净利率为 27.19%。2023 年实现营业收入 1035 亿元，同增 7.23%， 2023 年 GAAP 归母净利润为 294.17 亿元， Non-GAAP 归母净利润 326.08 亿元，Non-GAAP 归母净利率为 31.52%。 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------|-------|--------|-----------------------------------|-------------|--- ...

网易（NTES.US/9999.HK） 更新报告 买入 2024年3月6日 《蛋仔》《逆水寒》休闲 玩法促增量，24Q2迎来新品周期 曹凌霁  2023Q4 业绩摘要：2023Q4 公司实现营收 271 亿人民币，同比增长 +852-25321539 7.0%，低于一致预期282亿人民币。得益于高毛利自研手游产品占比提 Rita.cao@firstshanghai.com.hk 升及渠道费用优化，毛利率同比增长980bps达到62.0%；经营利润率为 25.3%，同比增长 780bps。GAAP 归母净利润为 65.8 亿元，同比增长 韩啸宇 66.5%；Non-GAAP归母净利润为73.8亿元，同比增长53.4%，低于一致 +852-25222101 预期79.5亿元，摊薄EPA为11.34元。 Peter.han@firstshanghai.com.hk  自研手游产品表现不俗，AI+武侠 RPG 开启新一轮产品周期：本季度游 戏及相关增值服务收入为 219 亿元，同比增长 9.6%，其中手游收入 Chuck Li 149.9 亿元，同比增长28.8%；端游收入 45.5亿元，同比下降22.7%。 + ...