收盘价 目标价 潜在涨幅 美元 107.92 美元 135.00 +25.1% 网易 (NTES US) 4 季度业绩不及预期。收入同比增 7%至 271 亿元（人民币，下同），较我 们及市场预期低 4%，调整后净利润增 53%至 74 亿元，较我们及市场预期 低 7%，主要因游戏收入低于预期（5%），以及游戏推广投入增加所致。 游戏/增值服务/有道/云音乐收入同比+12%/-12%/+2%/-16%，有道及云音乐 收入增长及盈利能力提升趋势符合预期。游戏及增值服务毛利润率为 69.5%，环比提升 50bps。 营销推广费用同比增 24%，占收比为 15.6%，环 比/同比均有2个百分点的提升，主要与《蛋仔派对》应对竞争在竞品上线 前增加投放所致。 4 季度要点：手游/端游收入同比+29%/-23%，手游收入增长主要受《逆水 寒》及《蛋仔派对》带动，较预期低的原因或与季节性波动及收入摊销周 期差异所致，端游收入受代理终止的影响，预计 2024 年影响结束。 《蛋 仔派对》春节期间 DAU 突破 4000 万，日均流水超过 1 月的 2 倍，与竞品 拉开差距，证明营销投入带来可观回报，作为大DAU游戏，《蛋仔派 ...

2024年3月5日 公司研究 新一轮产品高峰有望开启，《射雕》先行、《燕云》《永劫》待发 ——网易-S（9999.HK）2023 年四季度业绩点评及游戏产品线跟踪梳理 要点 买入（维持） 事件：网易发布23Q4 业绩公告：23Q4 实现净收入 271亿元，YoY+7.0%， 当前价/目标价：172.8/ 205.4港元 低于彭博一致预期；经调整归母持续经营净利润74亿元，YOY+53.4%。 点评：收入低于预期或系此前《逆水寒》、《蛋仔派对》等游戏爆款持续火热 作者 推高市场预期所致，主营业务增势仍稳健，毛利率提升。1）23Q4 游戏及相 分析师：付天姿 关增值服务净收入 209 亿元，YoY+9.6%；毛利率 69.5%，YoY+10.4pcts， 执业证书编号：S0930517040002 021-52523692 系自研游戏贡献增加、逐步尝试引导玩家前往官网付费、休闲游戏《蛋仔派 futz@ebscn.com 对》成本较低。2）23Q4有道净收入15亿元，YoY+1.8%；毛利率49.9%， YoY-3.4pcts。3）23Q4 云音乐净收入 20 亿元，YoY-16.4%；毛利率 分析师：赵越 30. ...

股 票 研 究 [Table_industryInfo] 传播文化业 [ Table_Main[网I Tnaf 易bol]e -_ ST（itle 9] 999） [评Tab级le_：Inv est] 增持 当前价格（港元）： 172.80 坚定投入拥抱创新，精品游戏上线在即 2024.03.05 海 ——网易 23Q4 业绩点评 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 122.00- 秦和平(分析师) 梁昭晋(分析师) 183.20 公 0755-23976666 0755-23976666 当前股本（百万股） 3,224 司 qinheping027734@gtjas.com liangzhaojin027677@gtjas.com 当前市值（百万港元） 557,042 证书编号 S0880523110003 S0880523010002 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 公司四季度业绩符合预期，四大业务稳步发展，手游表现火爆储备丰富上线在即。 国 网易-S 恒生指数 香 摘要： 港 41% [T abl维e_S持u“mm增ar ...

浦银国际研究 公司研究 | 互联网行业 浦银国际 公司研究 HKD 186 HKD 176 HKD 249 HKD 207 SPDBI 目标价 目前价 市场预期区间 网易 网易（9999.HK/NTES.US）：《蛋仔派对》 取得阶段性胜利，游戏储备进入新周期 业绩整体弱于市场预期：公司 4Q23 收入人民币 271 亿元，同比增长 7.0%，低于市场预期 3.7%；毛利率同比提升 9.8pp 至 62.0%，主要受 益于自研游戏及渠道收入占比的提升；调整后净利润为 74 亿元，同比 增长 53.4%，低于市场预期 7.1%，主要受营销费用上升影响；调整后 净利率为 27.2%。 手游延续强劲增长势头，《蛋仔派对》守住领先地位。公司 4Q23 游戏 收入为 195 亿元，同比增长 11.5%，其中手游收入同比增长 29%，延 续强劲势头，主要受《逆水寒》、《巅峰极速》、《全明星街球派对》等 新游戏产品推动。随着腾讯推出《元梦之星》，派对游戏赛道迎来激烈 竞争，导致网易营销投入有所加大，4Q23 销售费用率同比上升 2.1pp。 在此次竞争中，《蛋仔派对》取得阶段性胜利，领先地位稳固，累计注 册用户已超过 5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company's performance has significantly increased due to blockbuster new products, and future releases are expected to continue driving growth [2][6] - In 2023, the company achieved operating revenue of 1,035 billion CNY (up 7.23% year-on-year) and a net profit attributable to shareholders of 294 billion CNY (up 44.64% year-on-year) [6] - The gross margin improved to 60.95% (up 6.27 percentage points year-on-year), primarily due to an increase in revenue from self-developed games and improved gross margin from cloud music [6] - The net profit margin reached 28.43% (up 7.35 percentage points year-on-year), attributed to the rise in gross margin and effective cost control [6] - The company has a strong pipeline of games, including "射雕" (scheduled for public testing on March 28) and "永劫无间" (mobile version approved in February), which are expected to further drive revenue growth [7][8] Financial Summary - In Q4 2023, the company reported operating revenue of 271 billion CNY (up 7.04% year-on-year, down 0.48% quarter-on-quarter) and a net profit of 66 billion CNY (up 66.52% year-on-year, down 16.01% quarter-on-quarter) [6] - The company forecasts net profits for 2024, 2025, and 2026 to be 331 billion CNY, 364 billion CNY, and 394 billion CNY respectively, with corresponding EPS of 10.3 CNY, 11.3 CNY, and 12.2 CNY [6][9] - The current stock price corresponds to P/E ratios of 15.5, 14.1, and 13.0 for 2024, 2025, and 2026 respectively [6][9] Growth Drivers - The company is leveraging AI technology in gaming, enhancing user experience and content richness, which is expected to open up further growth opportunities [8] - The game "蛋仔派对" has reached 500 million registered users since its launch in 2022, with daily active users exceeding 40 million during the 2024 Spring Festival [7]

CMB International Global Markets | Equity Research | Company Update NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn. NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY). Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. Game revenue growth was slower than our expectation due to soft ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrated robust overall performance, with a strong release of quality new game products expected in 2024 [1][4] - The financial results for Q4 2023 showed a revenue of 27.14 billion yuan, a year-on-year increase of 7.0%, and a net profit of 6.582 billion yuan, reflecting a significant year-on-year growth of 66.5% [3][8] - The company is well-positioned for continued growth due to a solid pipeline of new games and improvements in various business segments [4][37] Financial Performance Summary - The company achieved a gross margin of 62.0% in Q4 2023, an increase of 9.8 percentage points year-on-year, with an adjusted net profit margin of 27.2% [8][19] - The gaming and value-added services revenue reached 20.921 billion yuan in Q4 2023, with a year-on-year growth of 9.6% [21][22] - The company’s total revenue projections for FY2024-2026 are 1147 billion, 1271 billion, and 1398 billion yuan, respectively, with adjusted net profits of 370 billion, 420 billion, and 473 billion yuan [37] Business Segment Analysis Gaming Business - The gaming segment saw a revenue increase of 9.6% year-on-year, with mobile game revenue growing by 28.7% [5][21] - The flagship games, such as "Nirvana in Fire" and "Party of Eggs," have attracted significant user engagement, with over 400 million active users during the Spring Festival [25] - The company has a strong lineup of new games scheduled for release in 2024, including "The Legend of the Condor Heroes" and "Eternal Return" [25][21] NetEase Youdao - NetEase Youdao reported a revenue of 1.5 billion yuan in Q4 2023, a year-on-year increase of 1.8%, with a focus on AI applications in education [26][29] - The online marketing services segment achieved a record high revenue of 470 million yuan, reflecting a growth of 96.9% [26] NetEase Cloud Music - NetEase Cloud Music generated 2 billion yuan in revenue in Q4 2023, marking its first annual profit, driven by increased subscription revenue [30][32] - The platform has expanded its music library significantly, with a focus on original music and partnerships with various artists [30] Innovation and Other Businesses - The innovation segment achieved a revenue of 2.8 billion yuan in Q4 2023, a year-on-year increase of 12.9% [35] - The company is exploring new monetization avenues through short dramas and enhanced e-commerce strategies [35][36]

网易（纳斯达克代号：NTES及港交所代号：9999）29日发布财报。财报显示，网易2023年营收为1035亿元（146亿美元），较2022年同期的965亿元增长7.3%。 网易2023年游戏及相关增值服务净收入为816亿元（115亿美元），2022年为746亿元。2023年来自于在线游戏的净收入约占该分部净收入的92.9%。2023年手游收入占比同比增加，主要是由于《蛋仔派对》和《逆水寒》等手游的净收入占比增加。 2023年有道净收入为54亿元，云音乐净收入为79亿元，创新及其他业务净收入为86亿元（12亿美元）。 网易2023年归属于公司股东的净利润为294亿元（41亿美元），2022年为203亿元；非公认会计准则下归属于公司股东的持续经营净利润为326亿元（46亿美元），2022年为228亿元。 网易2023年第四季度净收入为271亿，同比增7%；非公认会计准则下归属于公司股东的持续经营净利润为74亿元（10亿美元）。 网易首席执行官兼董事丁磊说，“2023年是网易游戏在品类创新突破上具有里程碑意义的一年，我们的游戏产品线更加丰富和多样化，我们不仅延续了《蛋仔派对》的成功，更推出了《巅峰极速》和《全明星街 ...

网易[T(aNblTe_EStSoc kUNaSm/e9R9p9tT9yp eH] K ) 公司研究/美股点评 季节短期扰动，24 年产品储备强劲有望创造惊喜 投资评级：增持（维持） 主要观点： [Table_Rank] 报告日期： 2024-02-29 ⚫[ T2a3bQle4_业Su绩m情ma况ry：] 23Q4收入271.40亿元(yoy 7%, qoq -0.5%)，低于市场预期282.12亿 [收Ta盘bl价e_(B美a元se)D ata] 112.28 元；23Q4 Non-GAAP净利润73.79亿元(yoy 16%, qoq -4%)，低于市场 近12个月最高/最低(美元) 118/77 预期79.48亿元。公司本季度的股息分红率达到74%，是历史最高水平(除 总股本(亿股) 32.24 19Q3出售考拉时期的特殊分红)。收入与利润低于预期，主要有几个因 流通股本(亿股) 32.24 素：1) 游戏递延收入并未转化为营业收入，由于玩家消费节奏影响递延 流通股比例(%) 100.00 收入确认节奏，所以部分收入仍未从资产负债表转向利润表。2）PC端 总市值(亿美元) 724 流通市值(亿美元) ...

NetEase, Inc. (NASDAQ:NTES) Q4 2023 Earnings Conference Call February 29, 2024 7:00 AM ET Company Participants Brandi Piacente - President of Piacente Financial Communications William Ding - CEO Bill Pang - Vice-President of Corporate Development Conference Call Participants Felix Liu - UBS Alex Poon - Morgan Stanley Lei Zhang - Bank of America Securities Yang Bai - CICC Jialong Shi - Nomura Lincoln Kong - Goldman Sachs Ritchie Sun - HSBC Operator Good day, and welcome to the NetEase 2023 Fourth Quarter and ...