网易公司-WWM早期成功，全球扩张信心增强；常青游戏表现强劲；买入

We are Buy rated on NTES/9999.HK with 12-month SOTP-based target prices of US$160/HK$250. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Luqing Zhou +852-3465-4207 | luqing.zhou@gs.com Goldman Sachs (Asia) L.L.C. Key highlights Recent trend by title and pipeline Management elaborated that NTES operates its games in a very long-lasting cycle manner with a community mindset, though each game ...