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《大行》高盛升嗶哩嗶哩(09626.HK)評級至「買入」 網易(09999.HK)目標價輕微下調

Goldman Sachs upgraded Bilibili (09626.HK) to a "buy" rating. Netease (09999.HK) target price slightly lowered.

AASTOCKS ·  Sep 26 09:58

Goldman Sachs released a research report stating that China's first AAA game 'Black Myth: Wukong' will be launched at the end of August, triggering a phenomenon-level response. Tencent's 'Dungeon & Fighters' mobile game, released in May, became the highest-grossing mobile game globally within a few months, both driving the advancement of the China gaming market.

Looking ahead to the fourth quarter of this year and early next year, Goldman Sachs expects the competition in the China gaming market to remain intense. Differential performance is expected among various games and publishers, with Tencent continuing to be the top choice, rated 'buy' with a target price of 464 yuan. Goldman Sachs raised the rating of Bilibili to 'buy,' citing the company's longer lifespan for gaming products and mid-term profit growth potential, with a target price of 176 yuan. Additionally, the target price of XD Inc. (02400.HK) was raised to 15 yuan, with a 12% increase in profit forecast for the year, and the rating maintained as 'sell.'

Considering the relatively slow monetization pace of the 'Justice' mobile game, restrictions on 'Egg Party' due to stricter measures for underage users, and the higher base number for 'Swords of Legends' mobile game compared to the same period last year, the bank currently predicts that NetEase (09999.HK)(NTES.US) may face pressure in the third quarter. As a result, the target price has been lowered from 179 yuan to 176 yuan, with revenue forecasts for 2024 to 2026 reduced by 1.4%, 1.9%, and 2%, and Non-GAAP net profit forecasts lowered by 1.5%, 1.9%, and 2%, while the rating remains 'buy'.

The translation is provided by third-party software.


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