FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------|--------------------------------------------------------| | | NETEASE, INC. | | | (Exact name of Registrant as specified in its charter) | | | N/A | | | (Translation of Registrant's name into English) | | | Cayman Islands | Table of Contents Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered ...

交银国际研究 公司更新 网易 (NTES US) 暴雪恢复合作对短期业绩影响有限，提升海外长期合作空间 近期流水更新：我们根据第三方追踪的网易流水数据显示，《射雕》（3 月 28 日上线）表现不及预期，估算手游首月流水 1-2 亿元，低于我们此前 预期的 5-8 亿元，《逆水寒》3 月流水降至 7 亿元，考虑新游上线或集中 在 2 季度末，我们预计网易 1 季度/2 季度手游收入同比增速约为 10%，略 低于此前预期，后续《永劫无间手游》、《燕云十六声》等新游确立上线 时间将为游戏增长带来更多确定性。预计全年游戏收入增 12%，其中端游 /手游分别增 15%/10%。 估值：我们基于近期流水波动，下调 2024 年收入/利润预期 2%/4%，基于 18 倍 2024 年游戏市盈率不变，目标价从 135 美元/206 港元下调至 127 美 元/194 港元（9999 HK），期待今年重磅手游《永劫无间手游》、《燕云 十六声》上线提振游戏收入增长，维持买入。 收盘价 目标价 潜在涨幅 美元 100.62 美元 127.00↓ +26.2% 互联网 2024 年 4 月 10 日 4 月 10 日暴雪中国与网易共 ...

11 Apr 2024 Renewed agreement with Blizzard; expect games revenue growth to reaccelerate in 2H24E NetEase on 10 Apr announced the renewal of publishing agreement with Blizzard Entertainment to bring Blizzard game titles back to China. Popular titles such as World of Warcraft, Hearthstone, and Diablo will return to the Chinese market sequentially starting in summer 2024. NetEase also reached an agreement with Microsoft to bring NetEase titles to Xbox and other platforms. We expect the return of Blizzard game ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 205.4 HKD, compared to the current price of 158.8 HKD [3]. Core Insights - The return of Blizzard's games to the Chinese market is expected to have a limited positive impact on the overall growth of the company, despite the potential to attract returning players [2]. - The company's online gaming revenue is projected to recover slightly due to the return of Blizzard titles, but reliance on these titles is expected to decrease as new mobile games are launched [2]. - The partnership with Microsoft is anticipated to enhance the company's overseas market presence, which currently accounts for only about 10% of its gaming revenue [2]. Financial Performance and Forecast - The company’s revenue for 2023 is estimated at 103,468.2 million RMB, with a growth rate of 7.2% [8]. - Non-GAAP net profit for 2023 is projected to be 32,608.3 million RMB, reflecting a significant growth of 43.0% compared to the previous year [8]. - The forecast for adjusted net profit for 2024, 2025, and 2026 is 34,018.0 million RMB, 38,248.3 million RMB, and 41,474.9 million RMB respectively [8]. Revenue Breakdown - The company’s gaming revenue is expected to be increasingly driven by mobile games, which accounted for 76.7% of total gaming revenue by Q4 2023 [2]. - The anticipated revenue from the return of Blizzard games is expected to be a small positive contributor to the overall revenue growth [2]. Market Position and Strategy - The report highlights the potential for the company to leverage its expertise in mobile game development alongside popular overseas IPs, which could lead to increased revenue streams [2]. - The company is also focusing on expanding its overseas market presence, which is currently lower than competitors like Tencent [2].

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《 ...

Core Insights - NetEase, Inc. will showcase its game development expertise at the 2024 Game Developers Conference (GDC), highlighting its leadership in creating immersive gaming experiences [1][4] - The company will present various topics related to game development, including insights into the Chinese game market and innovative technologies [2][3] Company Overview - NetEase is a leading internet and online game services provider in China, known for its premium content and extensive gaming ecosystem [5] - The company operates popular mobile and PC games, supported by one of the largest in-house game R&D teams [5] GDC Presentations - Presentations will cover a range of topics, including: - The operation of Chinese game studios and their market dynamics [1][3] - Bug root cause analysis using causal models to enhance user experience [2] - The application of machine learning in game rendering techniques [2] - The evolution of China's board game market over the past 15 years [3] - NetEase developers will participate in discussions at the GDC Machine Learning Summit, sharing insights on AI technology in game development [3] Event Details - The GDC will take place from March 18-22, 2024, at the Moscone Convention Center in San Francisco, providing networking opportunities for industry professionals [4]

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].