Ge Long Hui·2025-11-24 03:16Core Viewpoint - Morgan Stanley's research report indicates that NetEase's third-quarter revenue increased by 13% year-on-year and 3% quarter-on-quarter, which, although below market expectations, is considered reasonable given the limited new game releases during the period [1] Group 1: Financial Performance - NetEase's net profit met market expectations [1] - Cash revenue, accounting for contract liabilities, grew by 14% year-on-year and 18% quarter-on-quarter, indicating strong performance and suggesting stable game revenue for the fourth quarter [1] Group 2: Future Outlook - Morgan Stanley's outlook on NetEase's main game product line for next year is becoming increasingly positive, maintaining an "overweight" rating with a target price of HKD 295 [1] - The game "ANANTA" is expected to become the company's largest revenue-generating game, with projected first-year revenue of RMB 12 billion [1] - The game "Sea of Remnants" is anticipated to drive an average annual growth of 12% in game revenue from 2026 to 2027 [1] - NetEase may meet the conditions for interconnectivity next year, and its current valuation is below that of major A-share gaming companies, which is expected to trigger further re-evaluation of its stock price [1]