CITIC Securities: Maintains NetEase(09999, NTES.US) "Buy" rating with a target price of HKD 234

2026-02-23 14:34:26

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CITIC Securities released a research report stating that NetEase (09999, NTES.US) demonstrated steady operational performance in Q4 2025, with deep AI integration across all scenarios, highlighting sustained growth resilience. The gaming business continued to be driven by the dual engines of “long-term operation of classic IPs” and “globalization of new games,” with AI technology integrated throughout the entire development, gameplay, and operations processes, becoming an important tool for efficiency improvement and player retention. Non-gaming businesses showed differentiation, with Youdao’s AI-native strategy producing outstanding results. Looking ahead, with a strong pipeline of quality titles such as “Sea of Oblivion” and “Infinite,” the global, multi-platform, and AI-driven layout will form synergistic advantages, emphasizing long-term growth potential. The firm maintains a “Buy” rating, with a 2026 non-GAAP PE of 16x, corresponding to a target price of $150 per ADR in the US market and HKD 234 per share in Hong Kong.

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