NetEase (NTES US) Buy: The blockbuster games delivered New game launches bearing fruit: NetEase's share price rallied 15% in the morning session in the US, after it posted a 25% beat in earnings, 5% beat in game revenue, and 11% beat in deferred revenue. We revise up EPS growth to +18% y-o-y in 2025 on the back of a stronger game outlook and savings in sales and marketing (no heavy Eggy Party promotion like in 1Q24). We lift our TP to USD130 from USD120, implying 16x 2025e PE. The strong deferred revenue gr ...