Bank of America Securities published a research report stating that although NetEase's fourth quarter results last year fell short of expectations, the bank remains optimistic about its mobile game trends and gaming pipeline. The bank believes that in the face of macroeconomic uncertainty, the Group's mobile game business grew 29% year-on-year in the fourth quarter, and remained strong and higher than its peers. The bank expects NetEase to successfully expand the game genre last year, bringing more growth outside of MMOs and potential overseas opportunities. It also expects the good momentum of “Egg Boy Party” during the Lunar New Year period to continue this year. As a result, the bank expects total revenue from mobile games and games to increase by 13% and 8% year-on-year this year. Overall, after NetEase announced its results for the fourth quarter of 2023, the bank lowered its 2024-2025 earnings estimate by 8 to 9%, and lowered its target price from HK$235 to HK$223, reaffirming its “buy” rating. The bank said that NetEase's total revenue for the fourth quarter of last year increased 7% year-on-year to 27.1 billion yuan, lower than the forecast of 28.2 billion yuan; adjusted net profit increased 53% year-on-year to 7.4 billion yuan, with a net profit margin of 27.2%, slightly lower than the forecast of 7.9 billion yuan.
大行评级|美银:下调网易目标价至223港元 重申“买入”评级 手游业务仍强韧
Bank Ratings | Bank of America: Lowering NetEase's Target Price to HK$223, Reiterating the “Buy” Rating Mobile Game Business Is Still Strong
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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