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$118) TP Change]: Growth Rebounds Ahead from Both PC and Mobile

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Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>We expect NTES to report C3Q24 revenue, GAAP operating profit and GAAP net income in (3.8%), in-line and in-line vs. consensus. </li>
<li>Main reason for the revenue miss was product aging in &lt;Justice Mobile&gt; and &lt;Eggy Party&gt; offsetting &lt;Naraka Mobile&gt;;</li>
<li>We cut TP from US$122 to US$110 to reflect the downward pressure from product aging to sustain, but maintaining a BUY rating due to the promising pipeline. </li>
</ul>


We expect NTES to report C3Q24 revenue, GAAP operating profit and GAAP net income in (3.8%), in-line and in-line vs. consensus. 
Main reason for the revenue miss was product aging in &lt;Justice Mobile&gt; and &lt;Eggy Party&gt; offsetting &lt;Naraka Mobile&gt;;
We cut TP from US$122 to US$110 to reflect the downward pressure from product aging to sustain, but maintaining a BUY rating due to the promising pipeline. 


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

NetEase Inc

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