Guokai Securities: Maintains a "buy" rating on NetEase-S (09999.HK) with a target price of 250 Hong Kong dollars.

According to a report from Guohai Securities, it is expected that the revenue of NetEase-S (09999.HK) will be 121.1/131.5/141.9 billion yuan in 2026-2028, and the adjusted net profit attributable to the mother will be 41.2/43.9/46.7 billion yuan, corresponding to adjusted EPS of 13/14/15 yuan, and corresponding adjusted PE of 12.3/11.5/10.8 times. The bank values SOTP based on the profitability and competitive landscape of different business sectors (giving corresponding premiums/discounts), giving a target price of 250 Hong Kong dollars for 2026 and maintaining a "buy" rating.