China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[NetEase, Inc. (NTES US, BUY, TP US$136) TP Change]: C1Q25 Review: Game Upcycle + Margin Leverage

[NetEase, Inc. (NTES US, BUY, TP US$110) TP Change]: C3Q24 Preview: Revenue Miss but Is Temporary

[NetEase, Inc. (NTES US, BUY, TP US$118) TP Change]: Growth Rebounds Ahead from Both PC and Mobile

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>NetEase reported C4Q24 rev., GAAP op. profit and GAAP net inc. in line/3.9%/27% vs. our est., and in line/9.3%/27% vs. cons. </li>
<li>We see NetEase entering a new phase of product-driven revenue growth, driven by rebounding mobile and accelerating PC game growth;</li>
<li>We raise TP to US$122 and keep NTES as our TOP PICK in gaming sector.</li>
</ul>


NetEase reported C4Q24 rev., GAAP op. profit and GAAP net inc. in line/3.9%/27% vs. our est., and in line/9.3%/27% vs. cons. 
We see NetEase entering a new phase of product-driven revenue growth, driven by rebounding mobile and accelerating PC game growth;
We raise TP to US$122 and keep NTES as our TOP PICK in gaming sector.


[NetEase (NTES US, BUY, TP US$122) TP Change]: C4Q24 Review: Getting Ready for Accelerated Growth

NetEase Inc

[NetEase (NTES US, BUY, TP US$122) TP Change]: C4Q24 Review: Getting Ready for Accelerated Growth