大行评级丨野村：网易去年第四季收入大致符合预期，评级“买入”

Group 1 - The core viewpoint of the report indicates that NetEase's revenue for Q4 2025 is expected to grow by 3% year-on-year to 27.5 billion yuan, which is in line with the firm's expectations but falls short of market expectations by 4% [1] - The non-GAAP operating profit margin is projected to increase by 0.6 percentage points year-on-year to 33.3%, which is 0.6 percentage points higher than the firm's expectations, primarily due to lower-than-expected growth in marketing expenses and a greater-than-expected decline in general and administrative expenses [1] - Non-GAAP operating profit is expected to rise by 5% year-on-year, exceeding the firm's expectations by 1% [1] Group 2 - The firm has set a target price of $160 for NetEase's U.S. stock and maintains a "Buy" rating [1]