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<Research>BOCOMI: NetEase's Fixed Schedule for New Games Reinforces Certainty for Results Growth
Recommend 3 Positive 5 Negative 2 |
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BOCOMI issued a report, stating that NARAKA: BLADEPOINT, a mobile game developed by NTES-S (09999.HK), is slated to be launched on 25 July, with more than 30 million pre-orders across the network. It was expected to become the main driving force for the growth of mobile games in 3Q. The mobile game is refined for mobile operating habits, solving the difficulty of operating fighting games on touch-screen devices. The broker estimated that the sell-through of NARAKA: BLADEPOINT in 3Q and 2024 will whop RMB2 billion and RMB4.4 billion, contributing 8% and 5% to the company's mobile game revenue. BOCOMI expected that the adjustment of online games and the slowdown in the growth of mobile games have already been reflected in the current stock price. The company should see marginal recovery opportunities after the launch of new games in 2H. At this juncture, the valuation is lower than the industry average. Based on the expected launch of new games and the optimization of non-game business profitability, the broker raised its profit forecast for NetEase by 2% in 2024, maintaining its target price for NetEase (NTES.US) at US$117 and its target price for Hong Kong shares at HK$182. The growth of PC games will resume in 2H, and the fixed schedule of mobile games will enhance the certainty of performance growth. The Buy rating was maintained. AAStocks Financial News |
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