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$122) TP Change]: Strong Games Pipelines Offering More Potentials

[NetEase (NTES US, BUY, TP US$122) Review]: Growth Will Materially Accelerate in C2H24 and 2025

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

[NetEase, Inc.(NTES US,BUY,TP US$138)TP Change]: Raise TP for Upcoming and Highly Anticipated Titles

[NetEase (NTES US, BUY, TP US$105) TP Change]: Raise TP for and Upcoming Pipeline

[NetEase(NTES US, BUY, TP US$102) TP Change]: Cut TP to $102 Due to More Near-Term Downside Risks

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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 NetEase to report C4Q23 revenue, GAAP op. profit and GAAP net income 4.9%, 5.7% and 8.5% vs. consensus.</li>
<li>The robust topline growth was mainly contributed by revenue recognition of &lt;<em>Justice Mobile</em>&gt; in the peak summer season. </li>
<li>The grossing of legacy titles like &lt;FWWJ&gt; is also growing steadily due to the low-price strategy. We raise our TP to US$118 to reflect the rich and diversified pipeline...</li>
</ul>


We expect NetEase to report C4Q23 revenue, GAAP op. profit and GAAP net income 4.9%, 5.7% and 8.5% vs. consensus.
The robust topline growth was mainly contributed by revenue recognition of &lt;Justice Mobile&gt; in the peak summer season. 
The grossing of legacy titles like &lt;FWWJ&gt; is also growing steadily due to the low-price strategy. We raise our TP to US$118 to reflect the rich and diversified pipeline...


[NetEase, Inc. (NTES US, BUY, TP US$118) TP Change]: Strong In-House Game Performance Drives Margins

NetEase Inc

[NetEase, Inc. (NTES US, BUY, TP US$118) TP Change]: Strong In-House Game Performance Drives Margins