Financial Performance - NetEase reported Q1 2024 net revenue of RMB 26.9 billion (USD 3.7 billion), a year-over-year increase of 7.2%[3] - Gross profit for Q1 2024 was RMB 17.0 billion (USD 2.4 billion), representing a 14.2% year-over-year increase[3] - Operating expenses totaled RMB 9.4 billion (USD 1.3 billion), an increase of 22.4% year-over-year[3] - Net profit attributable to shareholders was RMB 7.6 billion (USD 1.1 billion), with a non-GAAP net profit of RMB 8.5 billion (USD 1.2 billion)[4] - Basic earnings per share were USD 0.33, with a non-GAAP basic earnings per share of USD 0.37[4] - The company reported a net profit attributable to shareholders of RMB 7.6 billion ($1.1 billion) in Q1 2024, compared to RMB 6.6 billion in the previous quarter and RMB 6.8 billion year-over-year[12] - The net income for the three months ended March 31, 2024, was RMB 6,582,263 thousand, compared to RMB 6,754,634 thousand for the three months ended December 31, 2023, indicating a slight decrease of about 2.55%[23] - The company reported a net cash inflow from financing activities of RMB 5,139,264 for the three months ended March 31, 2024, compared to a net cash inflow of RMB 572,429 for the same period in 2023, showing a substantial increase[24] Revenue Breakdown - Revenue from games and related value-added services reached RMB 21.5 billion (USD 3.0 billion), up 7.0% year-over-year, with online games contributing approximately 95.2% of this segment's revenue[7] - Youdao's net revenue was RMB 1.4 billion (USD 192.8 million), reflecting a 19.7% year-over-year increase[3] - Cloud Music generated net revenue of RMB 2.0 billion (USD 281.1 million), a 3.6% increase year-over-year[3] - In Q1 2024, net revenue from innovation and other businesses was RMB 2 billion ($272.8 million), down from RMB 2.8 billion in the previous quarter and up from RMB 1.9 billion year-over-year[8] - Total net revenue from online games and related value-added services was RMB 20,921,355 for the three months ended March 31, 2024, compared to RMB 20,065,597 for the same period in 2023, representing an increase of 4.3%[25] - The total revenue from Youdao was RMB 1,480,521 for the three months ended March 31, 2024, compared to RMB 1,163,270 for the same period in 2023, marking an increase of 27.3%[25] - The total revenue from Cloud Music was RMB 1,985,548 for the three months ended March 31, 2024, compared to RMB 1,959,841 for the same period in 2023, reflecting a slight increase of 1.3%[25] Expenses and Costs - Operating expenses totaled RMB 9.4 billion ($1.3 billion) in Q1 2024, down from RMB 10 billion in the previous quarter and up from RMB 7.7 billion year-over-year[9] - Research and development expenses for the three months ended March 31, 2024, were RMB 4,479,219 thousand, compared to RMB 3,749,732 thousand for the three months ended December 31, 2023, marking an increase of about 19.5%[23] - The company's general and administrative expenses for the quarter ending March 31, 2024, were RMB 40,114 thousand, a decrease from RMB 289,636 thousand in the previous quarter[27] - The company’s sales and marketing expenses for the quarter ending March 31, 2024, were RMB 2,475 thousand, reflecting a decrease from RMB 17,869 thousand in the previous quarter[27] Cash and Assets - As of March 31, 2024, the company's net cash balance was RMB 113.4 billion ($15.7 billion), up from RMB 110.9 billion at the end of 2023[14] - The company's cash and cash equivalents decreased to RMB 21,428,902 thousand as of March 31, 2024, down from RMB 43,026,904 thousand as of December 31, 2023, reflecting a decline of approximately 50.19%[22] - Cash and cash equivalents at the end of March 31, 2024, were RMB 24,206,658, up from RMB 18,158,066 at the beginning of the period, indicating a net increase of RMB 6,048,592[24] - The total assets of the company amounted to RMB 195,064,872 thousand, an increase from RMB 185,924,978 thousand as of December 31, 2023, representing a growth of approximately 6.15%[22] Strategic Initiatives - The company plans to release several anticipated new games, including "Yanyun Shiliu Sheng" and "Marvel: Contest of Champions," in the upcoming quarters[5] - NetEase has updated its distribution agreement with Blizzard Entertainment to reintroduce popular games to the Chinese market and is expanding collaboration with Microsoft Gaming[5] - NetEase's self-developed R&D team focuses on mobile, PC, and console game development, positioning itself among the industry's leaders[19] - The company integrates cultural and educational elements into games, enhancing user engagement and community value[19] - NetEase's strategic focus includes developing innovative online services and expanding its global operations[20] Non-GAAP Metrics - Non-GAAP financial metrics are used to assess operational performance, excluding stock-based compensation expenses from net profit attributable to shareholders[21] - The non-GAAP net profit attributable to shareholders is defined as net profit excluding stock-based compensation, providing a clearer view of operational performance[21] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and have limitations compared to GAAP metrics[21] - The net profit attributable to shareholders under non-GAAP for the quarter ending March 31, 2024, was RMB 876,898 thousand, up from RMB 797,194 thousand for the previous quarter, reflecting a growth of approximately 10%[29] - Basic non-GAAP earnings per share for the quarter ending March 31, 2024, was RMB 2.65, compared to RMB 2.35 for the same quarter in 2023, marking an increase of about 12.8%[29] - The diluted non-GAAP earnings per American Depositary Share (ADS) for the quarter ending March 31, 2024, was $1.84, compared to $1.81 for the previous quarter, showing a slight increase of approximately 1.7%[29] Risks and Challenges - Forward-looking statements indicate potential risks, including the online gaming market's growth sustainability and NetEase's ability to maintain its market position[20] - Risks related to government regulation changes and cybersecurity threats may adversely affect NetEase's operations and financial performance[20] - The company encourages a comprehensive review of its financial information rather than relying on any single financial metric[21] Upcoming Events - The company will hold a conference call on May 23, 2024, to discuss quarterly performance and answer questions[17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to accelerate growth with the launch of multiple new games, with over 10 new titles announced, including "Firefly Assault" and "Yanyun Sixteen Sounds," which have already received approval for release [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 33.9 billion, 37.3 billion, and 40.4 billion CNY respectively, with corresponding EPS of 10.5, 11.6, and 12.6 CNY [5] - The company has a diverse product matrix that continues to yield successful products, driving long-term growth [6] - The company is expanding its global product cycle, which may further open up growth opportunities in overseas markets [7] Financial Summary - The company's total revenue for 2022 was 96.5 billion CNY, with a projected increase to 118.1 billion CNY in 2024, reflecting a year-on-year growth of 14.2% [8] - The net profit for 2022 was 20.3 billion CNY, expected to rise to 33.9 billion CNY in 2024, indicating a year-on-year growth of 15.1% [8] - The 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% [8]

Financial Performance - Net revenue increased to RMB 103,468,159 thousand in 2023 from RMB 96,495,809 thousand in 2022, representing a growth of 7.2%[5] - Gross profit rose to RMB 63,063,394 thousand in 2023 from RMB 52,766,126 thousand in 2022, marking a 19.5% increase[5] - Net profit attributable to the company's shareholders grew to RMB 29,416,552 thousand in 2023 from RMB 20,337,600 thousand in 2022, a 44.6% increase[5] - Net revenue for 2023 reached RMB 103,468,159 thousand (USD 14,573,185 thousand), a 7.2% increase from 2022[22] - Gross profit for 2023 was RMB 63,063,394 thousand (USD 8,882,293 thousand), up 19.5% from 2022[22] - Operating profit for 2023 increased to RMB 27,709,144 thousand (USD 3,902,751 thousand), a 41.2% rise from 2022[22] - Net profit attributable to the company's shareholders for 2023 was RMB 29,416,552 thousand (USD 4,143,234 thousand), a 44.7% increase from 2022[22] - Net profit increased to RMB 29,357,223 thousand in 2023, up from RMB 19,843,290 thousand in 2022, representing a growth of 47.96%[23] - Total comprehensive income reached RMB 29,579,095 thousand in 2023, compared to RMB 21,284,704 thousand in 2022, a 38.97% increase[23] - Net profit increased from RMB 16,976,190 thousand in 2021 to RMB 29,357,223 thousand in 2023, representing a growth of 72.9%[25] - NetEase's total net revenue for 2023 reached RMB 90.789 billion, up from RMB 83.367 billion in 2022[33] - NetEase's net profit for 2023 was RMB 328.357 million, a significant improvement from a net loss of RMB 81.329 million in 2022[33] - Net profit attributable to the company's shareholders increased to RMB 29,077,216 in 2023, up from RMB 20,724,629 in 2022[172] Assets and Liabilities - Total assets increased to RMB 185,924,978 thousand in 2023 from RMB 172,760,985 thousand in 2022, a 7.6% rise[5] - Total liabilities decreased to RMB 57,840,897 thousand in 2023 from RMB 63,887,505 thousand in 2022, a 9.5% reduction[5] - Shareholders' equity increased to RMB 127,968,322 thousand in 2023 from RMB 108,737,040 thousand in 2022, a 17.7% growth[5] - Total assets as of December 31, 2023, were RMB 185,924,978 thousand (USD 26,186,985 thousand), up 7.6% from 2022[19] - Total liabilities as of December 31, 2023, were RMB 57,840,897 thousand (USD 8,146,720 thousand), a 9.5% decrease from 2022[20] - Total equity attributable to the company's shareholders as of December 31, 2023, was RMB 124,285,776 thousand (USD 17,505,285 thousand), up 18.7% from 2022[21] - Total assets grew to RMB 188,620,527 in 2023, compared to RMB 175,901,186 in 2022[173] - Total liabilities rose to RMB 57,908,744 in 2023, up from RMB 64,083,689 in 2022[173] - Total equity attributable to shareholders reached RMB 130,711,783 in 2023, up from RMB 111,817,497 in 2022[173] Investments - Equity method investments totaled RMB 6,109.2 million as of December 31, 2023[12] - Long-term equity investments without readily determinable fair values amounted to RMB 12,021.5 million as of December 31, 2023[12] - Management conducts regular impairment tests on equity method investments and long-term equity investments[12] - The company evaluates the fair value of long-term equity investments qualitatively to identify potential impairment indicators[12] - Long-term investments increased from RMB 18,544,358 thousand in 2022 to RMB 21,783,187 thousand in 2023, with significant growth in equity method investments and investments with readily determinable fair values[107] - Equity method investments generated profits of RMB 473.9 million in 2023, down from RMB 1.3 billion in 2022 and RMB 1.6 billion in 2021[108] - Investments with readily determinable fair values recorded a fair value gain of RMB 535.3 million in 2023, compared to a loss of RMB 3.4 billion in 2022 and a gain of RMB 91.1 million in 2021[109] - Impairment losses on investments without readily determinable fair values increased to RMB 274.2 million in 2023, up from RMB 85.2 million in 2022 and RMB 19.2 million in 2021[110] Revenue Streams - The company recognized RMB 81.6 billion in game and related value-added service revenue for the year ended December 31, 2023[11] - The company generates revenue through online gaming, tutoring services, smart hardware sales, online music, live streaming, advertising, e-commerce, and other paid value-added services[36] - The company's revenue is primarily derived from online game services, tutoring services, smart hardware sales, online music services, live streaming services, advertising services, e-commerce, and other paid value-added services[44] - Net revenue for games and related value-added services increased from RMB 67.8 billion in 2021 to RMB 81.6 billion in 2023, representing a growth of 20.3%[158] - Net revenue for Youdao decreased from RMB 5.4 billion in 2021 to RMB 5.0 billion in 2022 but rebounded to RMB 5.4 billion in 2023[158] - Net revenue for Cloud Music peaked at RMB 8.99 billion in 2022 but declined to RMB 7.87 billion in 2023[158] - Total net revenue grew from RMB 87.6 billion in 2021 to RMB 103.5 billion in 2023, an increase of 18.1%[158] - Gross profit for games and related value-added services rose from RMB 41.8 billion in 2021 to RMB 55.6 billion in 2023, a 33.1% increase[158] - Total gross profit increased from RMB 47.0 billion in 2021 to RMB 63.1 billion in 2023, up 34.3%[158] Audit and Financial Reporting - The company's financial statements were prepared in accordance with U.S. GAAP and were audited by PricewaterhouseCoopers[7] - The company’s directors are responsible for preparing the consolidated financial statements in accordance with US GAAP[15] - The audit committee oversees the company’s financial reporting process[15] - The auditor’s responsibility is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement[16] - The auditor evaluated the appropriateness of the accounting policies and the reasonableness of the accounting estimates made by the directors[17] - The audit partner for the independent auditor’s report is Tang Haobang[18] - The audit identified no material misstatements in the other information provided by the company[14] - The company's financial statements are prepared in accordance with U.S. GAAP, requiring management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, and expenses[43] - The company's revenue recognition involves judgments on the estimated lifespan of virtual items purchased by game players, unredeemed game points, and sales returns[44] VIE Structure and Risks - The company has contractual arrangements with VIE entities for additional financial support or guarantees if needed[35] - The company believes that its contractual arrangements with VIE entities comply with Chinese law and are legally enforceable, but uncertainties in the Chinese legal system may limit its ability to enforce these arrangements[40] - The company consolidates VIE entities if it has the power to significantly influence their activities and the obligation or right to bear or obtain significant losses or benefits from them[42] - The company faces risks related to VIE entity arrangements, including potential government actions that could revoke business licenses, restrict operations, or require restructuring[41] - The company's VIE entity arrangements include irrevocable voting rights and exclusive purchase options, which are critical to its financial performance and cash flows[39] - The company acknowledges that changes in Chinese laws or regulations could lead to significant disruptions in its business operations and financial reporting[40] - The company's management considers the likelihood of losses related to its VIE entity arrangements to be minimal[39] - The company's VIE entity arrangements are designed to ensure control over economic activities and benefits, but legal uncertainties could impact their enforceability[40] - VIE entities accounted for 85.9%, 86.4%, and 87.7% of the company's total net revenue in 2021, 2022, and 2023 respectively[188] - VIE entities' total assets (excluding receivables from other NetEase Group companies) represented 7.1% of the company's consolidated total assets as of December 31, 2022 and 2023[188] - The company's operations are primarily conducted through subsidiaries in mainland China and contractual arrangements with VIE entities[188] - The company's structure poses unique risks to investors due to its Cayman Islands holding company status and VIE arrangements[183] - VIE structure contracts may not be as effective as direct ownership and could incur significant costs to enforce[189] - Uncertainty exists regarding the interpretation and application of current and future Chinese laws, regulations, and rules related to VIE structures[189] - If VIE entities or nominal shareholders fail to fulfill obligations, the company's ability to enforce contracts and consolidate financials may be limited[189] - The Foreign Investment Law in China does not explicitly list contractual arrangements as a form of foreign investment, creating potential future risks[190] - A significant portion of the company's revenue is generated by VIE entities, which hold necessary licenses for operations in China[190] - Chinese government actions could impact the enforceability of VIE contracts, potentially affecting financial performance[190] - The Chinese government has significant power to influence the company's operations, foreign investment, and ability to list on U.S. exchanges[191] - Recent regulatory actions by the Chinese government, including those related to overseas securities issuance, could adversely affect the company[191] - The company faces risks related to antitrust investigations, cybersecurity, and data privacy compliance in China[191] Cash Flow and Financing - Operating cash flow rose from RMB 24,926,727 thousand in 2021 to RMB 35,331,275 thousand in 2023, an increase of 41.7%[25] - Investment cash outflow increased from RMB 7,078,294 thousand in 2021 to RMB 17,043,431 thousand in 2023, a significant rise of 140.8%[26] - Financing cash outflow grew from RMB 12,585,569 thousand in 2021 to RMB 21,467,054 thousand in 2023, up by 70.6%[26] - Cash and cash equivalents decreased by RMB 3,381,667 thousand in 2023, compared to an increase of RMB 10,212,210 thousand in 2022[27] - Net cash inflow from third-party transactions increased from RMB 61,272,031 in 2021 to RMB 72,325,460 in 2023[34] - Net cash outflow from technology consulting and services with group companies rose from RMB 59,439,552 in 2021 to RMB 73,298,667 in 2023[34] - Net cash outflow from investment activities increased from RMB 39,430 in 2021 to RMB 82,645 in 2023[34] - Net cash outflow from financing activities decreased from RMB 1,301,096 in 2021 to RMB 37,166 in 2023[34] - The company canceled a $500 million unsecured syndicated loan facility in early 2024[132] - The company declared cash dividends of RMB 6.3 billion and RMB 11.7 billion ($1.7 billion) for the fiscal years 2022 and 2023, respectively[153] - The company completed a $3 billion share repurchase plan, repurchasing approximately 33.6 million ADS by January 9, 2023[154] - A new share repurchase plan of up to $5 billion was approved, with 7.2 million ADS repurchased for approximately $644.1 million by December 31, 2023[154] - The company repurchased approximately 2.7 million ADS of Youdao for about $22.0 million under a separate repurchase plan by December 31, 2023[154] Taxation - Hong Kong subsidiaries are subject to a profits tax rate of 16.5%, with a reduced rate of 8.25% for the first HKD 2 million of profits starting from the 2021 tax year[114] - The company's subsidiaries, including Bo Guan and NetEase Hangzhou, qualified as high-tech enterprises and enjoyed a preferential tax rate of 15% for 2021, 2022, and 2023[115] - The total impact of corporate income tax exemptions and rate reductions was RMB 3,228,359 thousand in 2023, up from RMB 2,631,764 thousand in 2022 and RMB 2,238,907 thousand in 2021[117] - The company's actual effective tax rate decreased to 13.8% in 2023, down from 20.7% in 2022 and 19.6% in 2021, primarily due to the impact of lower tax rates for high-tech enterprises[120] - The company's deferred tax assets related to net operating tax losses amounted to RMB 3,424,344 thousand as of December 31, 2023, down from RMB 3,781,233 thousand in 2022[123] - The company's deferred tax liabilities for withholding tax increased to RMB 2,165,573 thousand in 2023, up from RMB 1,947,190 thousand in 2022[123] - The company's total income tax expense was RMB 4,699,704 thousand in 2023, down from RMB 5,031,838 thousand in 2022 and RMB 4,128,269 thousand in 2021[118] - The company's payable corporate income tax decreased to RMB 1,790,393 thousand in 2023, down from RMB 2,116,014 thousand in 2022[128] - The company's deferred tax asset impairment provision decreased to RMB 3,718,678 thousand in 2023, down from RMB 3,971,516 thousand in 2022[125] - The company's withholding tax liabilities were RMB 1.5 billion in 2023, down from RMB 2.1 billion in 2022 and RMB 1.1 billion in 2021[126] Operational Risks - The company faces risks related to the development and popularity of new online games and the enhancement of existing ones[195] - Risks associated with the Chinese government implementing more restrictions on online gaming[196] - Risks related to the internationalization of the company's online gaming operations[196] - Risks concerning the maintenance of existing game copyrights or intellectual property[196] - Risks related to the company's overall operational expansion and internationalization[197] - Risk of delisting from NASDAQ if PCAOB fails to inspect the company's independent registered public accounting firm for two consecutive years under the Holding Foreign Companies Accountable Act[200] - Risk of volatility in the trading price of the company's American Depositary Shares (ADS) and shares[200] - Risk associated with different listing rules and regulations applicable to the company[200] - Risk related to the voting, inspection, and other rights of ADS holders[200]

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《 ...

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].

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 ...