BOCOM International·2025-05-21 07:51Investment Rating - The report maintains a "Buy" rating for NetEase (NTES US) with a target price of $143, indicating an expected potential upside of 18.2% from the current price of $120.99 [6][9]. Core Insights - NetEase's game launch event on May 20, 2025, showcased over 40 game updates, including 9 new titles, with 7 being self-developed. The games cover various themes such as Three Kingdoms, space, Marvel/Destiny IP, ocean adventure, and party life simulation, reflecting a strategy of global positioning, multi-platform deployment, and diverse genre exploration [1][5]. - The report expresses optimism about the ongoing positive trend in the gaming sector, highlighting the company's differentiated expansion in competitive gaming genres and the long-term operation of existing games through new gameplay, technological updates, and international events [1][5]. Summary by Relevant Sections New Game Releases - "万民长歌：三国" (Three Kingdoms) - A self-developed historical strategy game launching a demo on June 10, 2025 [2][4]. - "命运：群星" (Destiny: Stars) - A mobile shooter game developed in collaboration with Bungie, with pre-registration already open [2][4]. - "漫威秘法狂潮" (Marvel Secret Law) - A card RPG mobile game based on the Marvel IP, currently in closed testing [2][4]. - "unVEIL the world" - A strategy card RPG mobile game, developed in collaboration with Shueisha, with a preview released [2][4]. - "头号追击" (Top Pursuit) - A PC game combining MOBA, hero shooting, and battle royale elements, set for a paid test from June 6 to June 30, 2025 [2][4]. - "无主星渊" (Uncharted Star Abyss) - A space FPS game expected to launch in summer 2025, with a final open test during the Steam Summer Festival [2][4]. - "灵兽大冒险" (Spirit Beast Adventure) - A self-developed mobile MMO game currently open for pre-registration [2][4]. - "Planet Party Time" - A party social game for PC, currently in global testing, with a domestic test planned for 2025 [2][4]. - "遗忘之海" (Forgotten Sea) - An ocean adventure RPG developed by the Joker Studio, with pre-registration open [2][4].