CICC: Maintains Outperform rating on NetEase-S (09999), target price of 275 Hong Kong dollars.

According to the Wise Financial APP, Zhongjin released a research report stating that it maintains profit forecasts for NetEase-S (09999, NTES.US). The current price corresponds to a Hong Kong stock P/E ratio of 16/15x and a U.S. stock P/E ratio of 15/14x for 2025/2026 Non-GAAP. It maintains an outperform industry rating and a target price of HK$275/US$177 (Hong Kong stock 2025/2026 21/19x, U.S. stock 20/19x Non-GAAP P/E), with upside potential of 29% for Hong Kong stocks and 33% for U.S. stocks.