业绩快报丨网易 Q1 营收净利均超市场预期，云音乐和有道持续高速增长

财报显示，Q1 网易营收 170.6 亿元，市场预期 156.54 亿元，同比增长 18.3%（2019 年 Q1 为剔除考拉后的数据）；归属于网易公司股东的持续经营净利润为 35.5 亿元人民币，超出市场预期，同比增长近 30%。

发布财报后，网易盘后股价涨 2.35%，市值达 511.22 亿美元。

Q1，网易在线游戏服务净收入为 135.2 亿元，同比增长 14.1%，连续第八个季度保持百亿以上营收。其中手游和海外市场表现亮眼。在 App Annie 最新公布的全球发行商 52 强榜单中，网易排名第二，中国厂商出海收入榜单中，网易排名 19，仅此于腾讯。《荒野行动》在日本等海外市场继续表现良好，在 Q1 中国出海游戏收入榜单中排名第 3。

中金公司曾表示，游戏全球化将持续作为网易营收长期增长动力。例如《哈利波特》、《暗黑手游》、《率土之滨》等游戏都将稳步推动公司全球化进程。未来 2 年内，网易或有望实现海外收入贡献收入 30% 的目标。

2020 年 4 月中国厂商出海收入排行，2020 年一季度中国 Top 10 出海游戏收入排行榜，来自 APP Annie

Q1 业绩发布前，中金公司、华泰证券都曾明确指出，疫情将对网易的端游、电商等业务造成较大影响，但将对教育、音乐等业务带来利好。

Q1 财报验证了这一预测。创新业务依然成为网易的高增长业务，网易云音乐、网易有道等业务均高歌猛进。

网易云音乐净收入显著增长，付费会员数不断增加，拉动创新及其他业务板块净收入同比增加 28%，达到 30 亿元，占总营收比重为 17.6%。网易云音乐净收入和付费会员不断增加，主因仍是加速开拓版权库，过去三个月内，网易云音乐密集拿下四项重要版权合作项目，合作伙伴包括滚石唱片、华纳版权、少城时代。在版权合作之外，网易云音乐还广泛布局覆盖音乐产业链条上下游。例如，网易云音乐与滚石唱片就艺人发掘培养、音乐 IP 深度开发、原创音乐、音乐演出、在线 K 歌等领域展开合作。

网易有道已连续 5 个季度保持高速增长，净收入达 5.4 亿元，同比增长 139.8%。其中，占比超八成的学习服务和产品净收入达 4.4 亿元，同比增长 226.4%，毛利率提升至 43.5%，整体实现了经营性现金流为正。高增速的背后，是网易有道精品课规模效应的持续扩大。财报显示，有道精品课销售额达 4.5 亿元，同比增长 311.9%，K12 正价付费人次达到 15.3 万，同比增长 358.7% 。

今年为网易上市第 20 个年头，集团在资本市场也将迎来新的变化。多家媒体报道称，网易或最早在 6 月迎来在港二次上市，成为中概股集体回港大军中的一员。5 月 5 日，路透社援引消息人士称，网易也将成为在香港招股的重要内地公司。而据 IFR 此前报道，网易可能考虑通过在港上市最多筹资 20 亿美元。消息人士称，网易已选定中金公司、瑞士信贷和摩根大通负责上市事宜。36 氪曾就此事向网易方面求证，网易表示「不予置评」。

截至 5 月 19 日，彭博跟踪的 39 位分析师中，30 位予网易「买入」评级，8 位予「持有」评级，1 位予「卖出」评级。综合分析师意见给出的平均 12 个月目标价为 377.89 美元。
The financial report shows that the revenue of Q1 Netease one hundred and seventy point six Billion yuan, market expectation one hundred and fifty-six point five four Billion yuan, year-on-year growth 18.3% (Q1 in 2019 is the data excluding Koala); the net profit of continuing operation attributable to shareholders of Netease is thirty-five point five Billion yuan, exceeding market expectations, up nearly 30% year-on-year.
After the release of the financial report, the stock price of Netease rose after trading 2.35% , market value up to five hundred and eleven point two two Billion dollars.
Q1, net income of Netease online game service is one hundred and thirty-five point two Billion yuan, year-on-year growth 14.1% For the eighth quarter in a row, the company maintained a revenue of more than 10 billion yuan. Among them, the mobile games and overseas markets are outstanding. In the latest list of APP Annie’s top 52 global publishers, Netease ranked second, and in the list of Chinese manufacturers’ overseas revenue, Netease ranked 19th, just for Tencent. “Wilderness action” continues to perform well in overseas markets such as Japan, ranking third in Q1 China’s outbound game revenue list.
CICC has said that game globalization will continue to be the driving force of Netease’s long-term growth in revenue. For example, games such as Harry Potter, darkmobile, and the land will steadily promote the globalization of the company. In the next two years, Netease may be expected to achieve the target of 30% of overseas revenue contribution.
China’s top 10 outbound game revenue ranking in the first quarter of 2020, from app Annie
Before the Q1 performance was released, CICC and Huatai Securities clearly pointed out that the epidemic will have a great impact on Netease’s end game, e-commerce and other businesses, but will bring benefits to education, music and other businesses.
The Q1 financial report confirms this prediction. Innovation business is still the high growth business of Netease, and Netease cloud music, Netease Youdao and other businesses are advancing rapidly.
The net income of Netease cloud music increased significantly, the number of paid members increased continuously, and the net income of innovation and other business sectors increased by 28% year on year, reaching 3 billion yuan, accounting for the proportion of total revenue 17.6% 。 Netease cloud music’s net income and paid members continue to increase, mainly due to the accelerated development of copyright library. In the past three months, Netease cloud music has won four important copyright cooperation projects intensively, including rolling stone records, Warner copyright and Shaocheng era. In addition to copyright cooperation, Netease cloud music also covers the upstream and downstream of the music industry chain. For example, Netease cloud music and rolling stone records have cooperated in the fields of artist exploration and training, music IP deep development, original music, music performance, online karaoke, etc.
Netease Youdao has maintained rapid growth for five consecutive quarters, with net income reaching five point four Billion yuan, year-on-year growth 139.8% 。 Among them, more than 80% of the net income of learning services and products reached four point four Billion yuan, year-on-year growth 226.4% , gross margin increased to 43.5% As a whole, the operating cash flow is positive. Behind the high growth rate is the continuous expansion of the scale effect of Netease’s excellent courses. According to the financial report, the sales volume of Youdao excellent course reached four point five Billion yuan, year-on-year growth 311.9% , the number of K12 positive price payers reached fifteen point three Million yuan, year-on-year growth 358.7% 。
This year is the 20th year of Netease’s listing, and the group will also usher in new changes in the capital market. A number of media reported that Netease may have its second listing in Hong Kong as early as June, becoming a member of the group of Chinese companies returning to Hong Kong. On May 5, Reuters quoted a source as saying that Netease would also become an important mainland company offering shares in Hong Kong. According to IFR, Netease may consider raising up to $2 billion through listing in Hong Kong. Netease has selected CICC, Credit Suisse and JPMorgan Chase to take charge of the listing, sources said. Krypton asked Netease to confirm the matter, which said it would not comment.
As of May 19, 30 of the 39 analysts Bloomberg tracked were rated “buy”, 8 “hold” and 1 “sell” by Netease. The average 12-month target price given by the comprehensive analyst is three hundred and seventy-seven point eight nine Dollars.