M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Netease (NTES US) Solid pipeline to fuel FY24 revenue growth Target Price US$130.50 NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7$132.50) YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn. Non- Up/Downside 16.2% GAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus Current Price US$112.28 estimate, mainly due to the higher-than-expected marketing ex ...