In view of the solid business performance of games, we raise FY25-27E revenue forecast by 2-6%. We lift our SOTP-derived target price to US$136.5 (previous: US$125.5). Maintain BUY.
What is covered in the Full Insight:
Introduction to NetEase's 1Q25 Results
Games Business Performance and Future Outlook
Non-Gaming Business Performance
Operational Expense Control and Profitability
Financial Summary and Analyst Estimates
SUMMARY
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