Market Brief

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何國穎先生 (Paul Ho)
助理經理

現任職輝立助理經理,除了鑽研圖表和數據分析外,也著重股票基本分析面。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
22776655

網易. - S (9999)

Friday, October 29, 2021 Views5795

網易 主要通過與可變利益實體訂立合約安排在中國從事提供在線遊戲服務,以及學習服務及其他業務。

在線遊戲服務方面,集團的遊戲產品和服務包括自主研發的手遊和端遊,以及代理遊戲。集團已發行了100多款手遊,包括自主研發和代理的MMORPG(大型多人在線角色扮演遊戲)、CCG(收集式卡牌遊戲)、第一人稱射擊遊戲、對抗競技類遊戲和SLG(模擬遊戲)遊戲。集團的手遊及多款端遊主要採用道具盈利模式,遊戲玩家可以免費使用遊戲,但需付費購買遊戲中的虛擬道具。集團透過附屬公司「有道」(其於紐約證券交易所上市)提供學習服務、在線知識產品及相關智能設備(外包予第三方製造商)。其中,學習服務包括在線課程、互動學習應用程序,以及OCR(光學字符識別)及NMT(神經網絡機器翻譯)技術和解決方案等;在線知識產品則包括在線語言工具、筆記工具、翻譯工具。集團的其他業務包括音樂媒體平台
電商平台、互聯網媒體平台、直播平台、郵件服務等。

- 截至2021年6月止半年度,集團營業額上升16﹒4%至410﹒42億元(人民幣;下同),股東應佔
    溢利則下降1﹒3%至79﹒81億元。期內,集團業務概況如下:
    (一)整體毛利增長16%至222﹒42億元,毛利率則下降0﹒2個百分點至54﹒2%;
    (二)線上遊戲服務:營業額增加7﹒9%至295﹒1億元,佔總營業額71﹒9%,毛利增長10﹒3%
       至192﹒85億元,毛利率上升1﹒5個百分點至65﹒4%;
    (三)有道:營業額增長1﹒3倍至26﹒33億元,毛利增加1﹒8倍至14﹒44億元,毛利率上升
       10﹒4個百分點至54﹒8%;
    (四)創新及其他業務:營業額上升32﹒1%至88﹒99億元,佔總營業額21﹒7%,毛利增長
       29﹒6%至15﹒13億元,毛利率則下降0﹒3個百分點至17%;
    (五)於2021年6月30日,集團之現金及現金等價物為99﹒36億元,短期借款為271﹒88億元。

中國科網巨企的監管在近期見緩和,這從一眾巨企的圖表走勢可見。此外,網易《哈利波特:魔法覺醒》於9月初上線,這有望利好網易的表現。

買入價 140元
目標價 170元



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