We reaffirm the right of Netease OW-V rating, with discounted cash flow method (DCF) estimates a reasonable price for the 34.8 U.S. dollars, the shares still rose more than 50 percent of the space.

• 我们重申对网易的OW-V评级； 用现金流折现方法(DCF)估得合理价位为34.；8美元，即股价还存在50%25以上的上涨空间。