游戏行业事件点评：网易24Q1：手游收入增长强劲，云音乐毛利率同比大增

Investment Rating - The industry investment rating is "Outperform" [5] Core Viewpoints - The gaming industry is expected to maintain steady growth, with innovations in mini-games, interactive games, and AI games emerging. Future benefits are anticipated from advancements in AI and XR technologies [1][2] - The report highlights that NetEase's gaming segment continues to demonstrate strong R&D and operational capabilities, with a rich product pipeline and significant revenue growth [1][2] - The report suggests continuous monitoring of NetEase due to its impressive performance in new game launches and collaborations with major companies like Microsoft [1] Summary by Sections Financial Performance - NetEase's Q1 2024 revenue reached 26.852 billion yuan, a year-on-year increase of 7.2%, with a GAAP net profit of 7.634 billion yuan, up 13.0% year-on-year [1] - The gaming and related value-added services revenue was 21.46 billion yuan, a year-on-year increase of 6.95%, with a gross margin of 69.5%, up 2.8 percentage points [1] - Mobile gaming revenue was approximately 16.1 billion yuan, reflecting a year-on-year growth of 19.4% [1] Product Pipeline - Upcoming games include "燕云十六声" (expected Q3 2024), "永劫无间手游," and "七日世界," among others, indicating a strong self-developed game pipeline [2] - The report lists several games in various stages of development, showcasing a diverse range of genres and formats [2] Advertising and Other Revenue - Youdao's revenue for Q1 2024 was 1.39 billion yuan, a year-on-year increase of 19.65%, with a gross margin of 49.0% [1] - Online advertising revenue reached 493 million yuan, a significant year-on-year increase of 125.9%, marking a new high for quarterly revenue [1] Overall Margins and Costs - NetEase's overall gross margin for Q1 2024 was 63.37%, an increase of 3.89 percentage points year-on-year [1] - The report notes stable expense ratios for sales, management, and R&D, indicating effective cost management [1]