Zhongtong Finance APP learned that BOCOM International released a research report stating that it maintains the target price of Netease-C(09999) at HKD 182 and the investment rating remains "buy". The game "Eternal-C" will be launched on July 25th. It is estimated that in Q3/2024, Eternal-C will contribute 8%/5% to the company's mobile gaming revenue. It is expected that in Q3, driven by the return of WOW, "The Seven-Day World" (global public beta on July 10th), and the launch of "Yan Yun Sixteen Sounds" on July 26th, the revenue from the PC gaming business will show a recovery trend after the adjustment of Netease's "Dream" PC game in the first half of the year, and the PC gaming revenue for the whole year is expected to decline by a low single digit, and there is room for upward adjustment depending on the performance of new games. Based on the expectation of new game launches and optimization of non-gaming business profits, BOCOM International raised Netease's 2024 profit forecast by 2%.

The bank pointed out that the adjustment of Netease's "Dream" PC game will be completed in the first half of the year. The revenue from the PC game business is expected to show a recovery trend in Q3, driven by the return of WOW, the global beta launch of "The Seven-Day World" on July 10th, and the launch of "Yan Yun Sixteen Sounds" on July 26th. The bank currently expects a low single-digit decline in PC gaming revenue for the whole year, and there may be room for upward adjustment depending on the performance of new games. Based on the expectation of new game launches and optimization of non-gaming business profits, BOCOM International raised Netease's 2024 profit forecast by 2%.