Zhi Tong Cai Jing·2025-11-24 03:44Core Viewpoint - Morgan Stanley's report indicates that NetEase-S (09999) achieved a 13% year-on-year revenue increase and a 3% quarter-on-quarter growth in Q3, which is considered reasonable given the limited new game releases during the period [1] Financial Performance - NetEase's Q3 cash revenue increased by 14% year-on-year and 18% quarter-on-quarter when accounting for contract liabilities, demonstrating strong performance [1] - The company's net profit met market expectations [1] 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] - The company may meet the conditions for interconnectivity next year [1]