网易-S(09999.HK)港股公司信息更新报告:《逆水寒》手游公测定档 看好给公司带来业绩弹性

NetEase - S (09999.HK) Hong Kong Stock Company Information Update Report: “Against Water Cold” Mobile Game Public Test Schedule Optimism Brings Performance Flexibility to the Company

開源證券 ·  03/05  · Researches

The public test file of "upstream and cold" mobile games will be set on June 30, which will be optimistic about the performance of the products and maintain the "buy" rating.

According to official account, the full-platform public test of the mobile game against the current will be launched on June 30. The mobile game will combine the open world with MMO, combining the RPG game experience with the fun of exploring the open world, as well as rich PVE and PVP games to meet the needs of different players and further expand the user base of MMO games. In addition, the "reverse current Cold" mobile game is equipped with the first game in China, GPT,NPC, which can talk freely with players, and independently gives logical behavior feedback based on the dialogue content, and is deeply integrated with the game mechanism, which can further enrich the game content. In the system of play and commercialization, "upstream cold" mobile games have remade the equipment system and nurturance system, promising not to sell numerical values, relying on appearance, monthly cards, advertising and other ways to obtain income, while the game mode is reset to a season system that does not need to buy cards, or further lower the game threshold, broaden the user base, and realize good flow performance through various forms of realization. Based on the company's performance and product expectations, we maintain the profit forecast for 2023-2025 and forecast that the company's net profit for 2023-2025 will be 228pm 254 / 28.1 billion yuan respectively, corresponding to EPS 6.9pm 7.7pm 8.6 yuan, the current share price corresponding to PE 17.2pm 15.5x14.0 times, reserve products will be launched one after another or drive the company's performance to maintain continuous growth, and maintain the "buy" rating.

The "egg party" helps the company achieve a breakthrough in the big DAU category, or further expand the company's growth space. According to the company's 2022Q4 financial report, the number of users and income of the "egg party" launched in May 2022 has increased rapidly, and the number of daily active users has reached 30 million, making it the game with the highest number of monthly active users in the company's history.

On the revenue side, according to Qimai data, from January 1 to March 5, 2023, "Egg Party" remained in the top 20 of the best-selling version of the IOS game, with the highest ranking at No. 2, and its overall performance was close to that of the core game Fantasy Westward Journey.

mobile game. We believe that the success of the "egg party" reflects the company's strong ability to create popular style products, and the breakthrough in the big DAU game category may continue to contribute considerable performance to the company and further expand the company's growth space.

Reserve games and global layout are rich, boutique games are coming online or driving continued growth, according to the company's 2022Q4 financial report, 2023 are expected to launch games including "extraordinary Pioneer", "forever robbing forever" mobile games, "Harry Potter: magic Awakening" overseas version and so on. In addition, according to the gaming gyroscope data, since 2019, the company has invested or laid out dozens of overseas R & D studios. In the future, the 3A products of overseas studios will be launched one after another or start a new round of product cycle, driving the company's performance growth.

Risk tips: the new game launch time or running water performance is not as expected, the old game running water decline and other risks.

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