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With effective from 24 Jun 2024, physical scrip deposited to account can only be sold after 10 working days for verification.
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基金經理觀點
> 正文
網易高速增長 目標價199港元
5/27/2024 4:13:34 PM
網易高速增長 目標價199港元
網易(09999.HK)作為中國互聯網科技企業中的領先者,以其卓越的遊戲開發能力和多元化的業務佈局,不斷促進著數位化生活的發展。在2023財年,網易以816億元人民幣的遊戲及相關增值服務收入,再次證明了其在遊戲行業的深厚底蘊與盈利能力,這一成績不僅彰顯其市場領導地位,更反映出公司在產品創新和市場擴展方面的不懈追求。
創新驅動下的業績增長
根據今年網易4月份的官方公佈:與微軟、暴雪娛樂達成新的遊戲發行協定,《魔獸世界》、《爐石傳說》等暴雪旗下遊戲將於2024年夏季開始陸續重返中國大陸市場,且各國服玩家的帳號數據將被完整保留。《魔獸世界》等暴雪旗下遊戲的歸來有望吸引暫時前往其他服務器、等待國服的老玩家重返國服,利好公司端遊業績,且此次與暴雪的合作也擴大了網易產品線,提升其品牌價值和市場競爭力。此外,得益於《蛋仔派對》和《逆水寒》等重點手遊新品的上線,網易在國內市場引發了下載熱潮,網易手遊收入快速增長,未來隨著《永劫無間》手遊等新品上線,手遊收入有望保持較高增速。
海外市場的戰略擴張
網易正在積極擴張海外市場,加深與全球娛樂巨頭如漫威遊戲和微軟合作,豐富其IP資源庫。目前網易已經啟動海外發行廠牌“Exceptional Global”,開啟對於《Blood Strike》等遊戲的投放。隨著公司與微軟展開更廣泛的合作,《永劫無間》端遊也已經成功登陸Xbox平臺。考慮到公司目前遊戲海外市場收入佔比較低,這一系列動作不僅拓寬了收入渠道,更為公司的長期增長開闢了新的藍海,預示著網易在全球市場的新一輪戰略擴張。
風險管理的嚴謹與透明
在財務管理和風險控制方面,網易同樣展示出高度的專業性。面對虛擬道具收入確認的複雜性,公司採取了嚴謹的估算方法,並通過有效的內部控制確保了會計處理的合理性和準確性。同時,網易在權益法核算下股權及長期股權投資的減值評估上表現出的審慎態度,進一步增強了財務報告的透明度,有效降低了潛在的財務風險。
量化模型預測未來波動率處於高水平
波動率(volatility) 是量化模型中常會出現的一個術語,其意思是指股票回報率在一個特定時間內的變化有多大。因此,要量度波動率,就需要觀察股票回報一段時間,在LSEG Workspace 的數據顯示,觀察最近200個交易日量度得出的波動率為49.39%, 而觀察最近10個交易日量度得出的波動率則為34.36%。從表面看波動率有回落的趨勢,但波動率其實是有聚集性(clustering)的,所以利用如GARCH 的量化模型更能準確預測波動率。根據GARCH 摸型的預測,未來三個月的波動率約為49.6%。這代表如果投資者看好中短期股價,並希望利用近期的高波動率提早獲利,可以199港元作為三個月內的目標價。
馬家俊博士
時富量化金融董事總經理
從事金融科技業多年,是香港首批量化投資策略師及量化投資組合經理,重點研究量化投資策略在金融市場上的應用,涵蓋多種不同資產類別。馬博士於香港多間大學任教量化/計量金融及風險管理學,是特許金融分析師 (CFA)、專業風險管理師 (PRM)、精算師學會之專業會員 (ASA), 特許工程師 (CEng)等。
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