2025-05-15-Jefferies-网易（NTES）_业绩超预期；更多新游戏即将推出_11页_305kb

报告摘要

Equity Analysts: Thomas Chong and Zoey Zong maintain a "Buy" rating for NetEase (Ticker: NTES / 9999 HK), with a revised 12-month price target of USD 131 (HKD 205) from the previous USD 120 (HKD 188). The target represents a 22% upside based on a Sum of the Parts (SOTP) valuation.
Following Analyst Certification: Analysts filed certifications stating personal views reflect their opinions, and compensation not tied to recommendations, while noting non-US registration exclusions.
Total NetEase Revenue: NetEase Total Net Revenue increased by 7.4% YoY to RMB 28.8 billion in 1Q25, exceeding consensus (consensus was 35, up from 30.8) and demonstrating strong performance in PC and mobile games, offsetting a decline in Youdao revenue (down 6.7% YoY).
- Game Revenue: Games and related services (including online operations) increased 12.1% YoY to RMB 24 billion, with online operations composing 97.5% of the segment's revenue, showing sustained YoY and reliable long-term cash generation.
Conference Call Insights: Discussion centered on new games and future strategies: Marvel Mystic Mayhem and Destiny:Rising are set for release in 2025; Ananta applies AI to game development for efficiency, and Title Identity V remains strong due to years of investment.
Analyst and Client Use

Rating summary:

Analyst ratings are weighted towards "Buy," mainly in the brokerage services, investment advice, merchant banking.
Risk/Catalysts:
- Primary risks include decline in flagship game popularity, increased investment in new areas (e.g., e-commerce), and regulatory strains on game license approvals.
- Catalysts involve stronger game performance overseas and successful title launches.
Valuation:
- Price target of $107.11 weighed against the market cap.
Target Change: Revenue projections higher for key segments.
Additional Links: Other companies and product mentions within context.