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ORD 【官网直达】Daily Insight

发布时间:2019-09-13 17:35编辑:行业资讯浏览(186)

    1. We forecast the new park’s five-month operation in 18Ewill contribute at least 10% of total revenue and c.8.3% of parks’ total gross profit.

        We anticipate revenue of Rmb13.1bn in 2Q17(-3.8% QoQ), with diluted net income perAmerican depositary share (ADS) of Rmb25.22. We maintain our diluted EPS forecasts ofRmb106.65in 17E (+21.6% YoY), Rmb120.70in 18E (+13.2% YoY), and Rmb138.27in 19E(+14.6% YoY). We maintain our target price of US$380and, with 27.0% upside, maintain ourBUY rating.

        Flagship park in Shanghai on schedule. Shanghai Disneyland attracted 11m visitors during its first yearof operation, in line with industry expectations. The average spending per visitor reached c.Rmb600,with c.40% coming from non-ticket sales. Our previous forecasts of 2.8m visitors (25% of Disneyland’stotal visitation) and non-ticket sales contribution of less than 20% were very conservative. Therefore,we expect the park alone to contribute more than 20% of the firm’s total revenue for the full year.

    Last week, we attended the 15th Chinajoy event in Shanghai. NetEase displayed over 50onlinegames, and offered trials for games that have not been commercialised yet, such as PC gameWar Rage and mobile game Indentity 5. We note flagship mobile titles slipped a few places inrankings in 2Q17, while PC titles lacked new expansion packs. However, the company’s ecommercesegment performed well during the “618” online shopping promotion on 18June.

        According to management, the progress of the company’s flagship park in Shanghai is on schedule andthe park is expected to open in August

    1. 官网直达,Both games featured uniqueness in graphics andgameplay. Based on our own testing, we note that some of the games that were displayed areclose to their final version, extending NetEase’s mobile game portfolio in 2H17. Two of themost anticipated PC games were also exhibited at the event. In War Rage, players can enjoythe experience of fighting with thousands of soldiers on the battle field, while Open Range is aromantic oriental fantasy massively multiplayer online game (MMO), based on Wen Runan'sfamous Wuxia novel. The second round of testing is to be announced for both games. Besides,Blizzard game exhibition area attracted a large number of loyal players, while new contentand updates were announced for five games licenced by NetEase.

    We had a conference call with Haichang Ocean Park’s management this week to discuss the company’slatest developments. We note the construction of its flagship park in Shanghai is on schedule. Inaddition, the firm’s headquarters officially moved to Shanghai on 5 December, in preparation for theopening of the new flagship park in August 2018. Given the solid performance of existing parks and thesmooth development of Haichang’s Shanghai park, we maintain our EPS forecasts of Rmb0.06 in 17E(+20.0% YoY), Rmb0.08 in 18E (+33.3% YoY), and Rmb0.10 in 19E (+25.0% YoY). Our target price isunchanged at HK$2.35. With 39.9% upside, we maintain our BUY recommendation.

        Maintain BUY. NetEase released a new expansion pack for PC game Fantasy WestwardJourney Online in July. With other new PC and mobile games expected to start new rounds oftesting in 2H17, we maintain our diluted EPS forecasts of Rmb106.65in 17E (+21.6% YoY),Rmb120.70in 18E (+13.2% YoY), and Rmb138.27in 19E (14.6% YoY). We maintain ourtarget price of US$380and, with 27.0% upside, maintain our BUY rating.

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