Core Viewpoint - Goldman Sachs indicates that recent pressure on NetEase's stock price may stem from market concerns regarding slowing game revenue growth, high profit margin comparisons for Q4 2025 and Q1 2026, and potential impacts from the Genie 3/AI game creation tool [1] Group 1: Financial Performance Expectations - For the upcoming Q4 2025 earnings report, Goldman Sachs expects NetEase's online gaming revenue to grow by 9% year-on-year and adjusted EBIT to increase by 10% year-on-year [1] - The stock is currently trading at a forecasted 2026 price-to-earnings ratio of 14 times, which is below its historical average over the past five years, suggesting limited room for further valuation multiple declines [1] Group 2: Revenue and Profit Forecast Adjustments - Goldman Sachs has slightly reduced its revenue forecasts for NetEase from 2025 to 2027 by approximately 1% to reflect a pipeline skewed towards the second half of this year and next year [1] - The firm has also lowered its profit estimates for the same period by about 3% due to anticipated slower profit margin expansion against a high base [1] Group 3: Ratings and Price Targets - Goldman Sachs reaffirms its "Buy" rating on NetEase, with a minor reduction in the target price for H-shares from HKD 266 to HKD 264, and for U.S. shares from USD 170 to USD 169 [1]

高盛发表研报指，网易近期股价压力可能源于市场对近期游戏流水增长放缓、2025年第四季度及2026年 第一季度的利润率面临高基数，以及近期Genie 3/AI游戏创作工具潜在影响的担忧。对于即将公布的 2025年第四季度业绩，高盛预计，网易在线游戏收入将按年增长9%，调整后息税前利润(EBIT)按年增 长10%。该股目前交易于预测2026年市盈率14倍，低于其过去五年历史平均水平，该行认为其估值倍数 进一步下调的空间有限。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。 来源：滚动播报 ...