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%。 + ...

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]

2024 年 03 月 03 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 整体表现稳健， 年迎来优质新游产品释放 2024 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 周期 yinr@ghzq.com.cn ——网易 （ ） 财报点评 -S 9999.HK 2023Q4 最近一年走势 事件 : 2024 年 2 月 29 日公司公告 2023Q4 财报，实现营收 271.40 亿元 （YoY+7.0%、QoQ-0.5%）；归母净利润为65.82亿元（YoY+66.5%、 QoQ-16.0%），non-GAAP 归母净利润为 73.79 亿元（YoY+53.4%、 QoQ-14.6%）。 我们的观点：  1、主要财务指标分析：营收稳健，利润同比大幅增长，毛利率同比 相对恒生指数表现 2024/03/01 显著改善至62.0%（YoY+9.8pct，QoQ-0.2pct），受市场竞争影响， 表现 1M 3M 12M 销售费用率同比有所提升，经调整归母净利率同比提升至 27.2% 网易- ...

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) ...

Financial Performance - NetEase reported Q4 2023 net revenue of RMB 27.1 billion (USD 3.8 billion), a year-over-year increase of 7.0%[3] - Revenue from games and related value-added services reached RMB 20.9 billion (USD 2.9 billion), up 9.6% year-over-year[3] - Youdao's revenue was RMB 1.5 billion (USD 208.5 million), reflecting a year-over-year increase of 1.8%[3] - Cloud Music revenue decreased to RMB 2.0 billion (USD 279.7 million), down 16.4% year-over-year[3] - The company reported a total net revenue of RMB 103.5 billion (USD 14.6 billion) for 2023, an increase from RMB 96.5 billion in 2022[13] - The gross profit for 2023 was RMB 63.1 billion (USD 8.9 billion), up from RMB 52.8 billion in 2022, with growth attributed to increased net income from online games and other services[14] - The company reported a total net income of RMB 74,566,471 thousand for the year ending December 31, 2023, compared to RMB 81,565,449 thousand for the previous year[28] Profitability - Gross profit for Q4 2023 was RMB 16.8 billion (USD 2.4 billion), representing a 27.0% year-over-year increase[3] - Net profit attributable to shareholders was RMB 6.6 billion (USD 927.1 million) for Q4 2023[4] - In Q4 2023, the net income attributable to shareholders was RMB 6.6 billion (USD 927.1 million), a decrease from RMB 7.8 billion in the previous quarter and an increase from RMB 4.0 billion year-over-year[12] - The non-GAAP net income attributable to shareholders for Q4 2023 was RMB 7.4 billion (USD 1 billion), compared to RMB 8.6 billion in the previous quarter and RMB 4.8 billion year-over-year[12] Expenses and Margins - The total operating expenses for Q4 2023 amounted to RMB 10 billion (USD 1.4 billion), up from RMB 9.4 billion in the previous quarter and RMB 8.8 billion year-over-year, primarily due to increased marketing and R&D expenditures in gaming and related value-added services[9] - The gross margin for gaming and related value-added services in Q4 2023 was 69.5%, up from 69.0% in the previous quarter and significantly higher than 59.1% year-over-year, driven by increased net income contribution from self-developed games[12] - The gross margin for Youdao in Q4 2023 was 49.9%, down from 55.9% in the previous quarter and 53.3% year-over-year, primarily due to decreased contributions from learning services[12] - The gross margin for Cloud Music in Q4 2023 was 30.3%, up from 27.2% in the previous quarter and 17.8% year-over-year, driven by increased subscription revenue and improved cost control[12] Cash and Investments - As of December 31, 2023, the company's net cash balance was RMB 110.9 billion (USD 15.6 billion), an increase from RMB 95.6 billion at the end of 2022[16] - The company's cash and cash equivalents increased to RMB 24,889,000 thousand from RMB 21,428,902 thousand, representing a growth of approximately 11.5%[24] - The company's short-term investments increased significantly to RMB 7,622,673 thousand from RMB 4,436,057 thousand, reflecting a growth of approximately 71.5%[24] Shareholder Returns - The board approved a quarterly dividend of $0.21597 per share, payable on March 25, 2024, for common stockholders and approximately $1.07985 for American Depositary Share holders[17] - The third quarter dividend was $0.0990 per share, which has already been paid in December 2023[17] - The company announced a share repurchase plan of up to $5 billion, initiated on January 10, 2023, with approximately 7.2 million American Depositary Shares repurchased for about $644.1 million as of December 31, 2023[18] User Engagement - Daily active users for "Party Animals" reached 40 million during the Spring Festival, with total registered users surpassing 500 million since its launch in 2022[5] - "Nirvana in Fire" mobile game series attracted over 100 million active users, showcasing strong user engagement[5] Corporate Responsibility and Innovation - The company emphasized its commitment to social responsibility by enhancing its anti-addiction system for minors in its gaming products[6] - NetEase's diverse product line in gaming has seen significant innovation, contributing to healthy revenue growth across various segments[6] - NetEase is a leading internet and gaming service provider, continuously expanding its gaming ecosystem with a rich product matrix[20] - The in-house R&D team focuses on mobile, PC, and console game development, enhancing user experience and community engagement[21] Market Outlook and Risks - Forward-looking statements indicate potential risks related to market growth, competition, and regulatory changes that may impact business performance[22] Assets and Liabilities - As of December 31, 2023, the total assets of the company amounted to RMB 172,760,985 thousand, a decrease from RMB 185,924,978 thousand on December 31, 2022[24] - The total liabilities rose to RMB 63,887,505 thousand, up from RMB 57,840,897 thousand, indicating an increase of about 10.5%[24] - The total equity attributable to shareholders decreased to RMB 104,731,317 thousand from RMB 124,285,776 thousand, a decline of about 15.7%[24] - The company's current liabilities totaled RMB 56,828,847 thousand, an increase from RMB 53,842,484 thousand, marking a rise of approximately 5.8%[24]

记者从交通运输部获悉，预计2024年2月12日，全国高速公路网流量将处于高位运行状态，部分热门城市、景区周边路网易发生拥堵，华北南部、黄淮大部及河南、湖北等地可能受到大雾影响，9—11时、15—17时为高峰时段，请密切关注路况，注意错峰出行。 交通运输部路网监测与应急处置中心发布春节假期公路出行信息提示，2月12日，预计热门城市路网及城际间公路：北京、广州、长沙、成都、西安周边路网，北京—石家庄、杭州—宁波、广州—深圳、成都—重庆、西安—郑州之间通道。 (责任编辑：王晨曦) ...