金吾财讯 | 网易(NTES)股价走低，暂报122.11美元，跌幅4.87%。 金吾财讯 | 网易(NTES)股价走低，暂报122.11美元，跌幅4.87%。 高盛报告指出，由于缺乏近期新游戏贡献，该行预计，网易现金流水增长将在2025年第四季度放缓至按 年增长5%。按游戏来看，该行数据追踪显示《FWJ》手游/PC版持续强势，且《蛋仔派对》在2025年第 四季度恢复按年正增长，而《燕云十六声》国内周年庆及海外上线将有助于贡献第四季度流水。 该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及明年，并降2025至27年盈 测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易"买入"评级，H股目标价由266港元微降 至264港元，美股目标价由170美元微降至169美元。 高盛报告指出，由于缺乏近期新游戏贡献，该行预计，网易现金流水增长将在2025年第四季度放缓至按 年增长5%。按游戏来看，该行数据追踪显示《FWJ》手游/PC版持续强势，且《蛋仔派对》在2025年第 四季度恢复按年正增长，而《燕云十六声》国内周年庆及海外上线将有助于贡献第四季度流水。 该行轻微降网易2025至27年收入预测 ...

Core Viewpoint - Citigroup reports that NetEase's game revenue of 23.4 billion RMB in Q1 exceeded expectations, driven by successful games like "Yanyun Shiliusheng," the positive momentum since Blizzard games' return, and the steady performance of the "FWJ" series [1] Group 1: Financial Performance - NetEase's Q1 game revenue reached 23.4 billion RMB, which is stronger than anticipated [1] - The revenue growth is attributed to the contributions from successful titles and the return of Blizzard games [1] Group 2: Future Outlook - New games such as "Destiny: Rise" and "Marvel's Midnight Suns" are expected to expand the user base as global player awareness increases in Q2 and Q3 [1] - Citigroup has raised the target price for NetEase's American Depositary Receipts from $118 to $156, maintaining a buy rating [1]