NetEase Earnings Preview: Fourth Quarter Profit Maintains 4% Increase, Revenue Expected to be Approximately 27 Billion Yuan

Most institutions maintain a buy rating, with revenue continuing to grow in 2025. NetEase will release its 2024 Q4 financial report on February 20. Investment banks primarily rate the stock as a buy, with 9 investment banks giving buy ratings in the past 90 days, and the average target price in the past 90 days is HKD 175.29. CITIC Lyon maintained a "outperform the market" rating for NetEase in a research report released on January 22, 2025, and expects NetEase's total revenue in Q4 2024 to increase by 4% year-on-year, with adjusted EBITDA also expected to grow by 4% year-on-year, and revenue in 2025 may accelerate again to a year-on-year increase of 9%. China International Capital Corporation's latest research report gives NetEase an outperform industry rating, predicting operating revenue of 26.9 billion yuan and a target price of HKD 180. Guoyuan International Holdings Limited gives NetEase-S a "buy" rating with a target price set at HKD 163.0. Goldman Sachs also released a research report in mid-January, maintaining NetEase-S's last year's Non-GAAP net profit forecast at 31.72 billion yuan, raising the target price from HKD 169 to HKD 181, and expects NetEase to achieve accelerated revenue growth compared to the third quarter, with clearer performance prospects for 2025. As of the close on February 17, NetEase's Hong Kong stock closed at HKD 160.8 per share, down 2.72%