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富瑞:疫情提升騰訊(0700.HK)旗艦手遊盈利能力 給予買入評級
格隆匯 04-09 17:20

富瑞發表研究報告指,騰訊(0700.HK)國內外有豐富的遊戲研發計劃,隨着用户活動恢復正常,營銷策略將得到調整,在疫情期間,用户將更多的時間花在家中,因此提升旗艦手遊《王者榮耀》的變現能力。該行給予其目標價483港元,以及“買入”評級。

富瑞指,集團廣告收入組合從媒體廣告向社交廣告轉移,導致去年第四季的毛利率上升。該行指,微信的朋友圈、小程序是移動廣告網絡主要的增長動力,認為其移動廣告網絡的利潤率應繼續藉不斷擴大的規模有所提高。

該行續指,對於媒體廣告,前景很大程度上取決於新冠肺炎之後的復甦,並且今年將播出更多電視劇。至於在線類別,如遊戲教育和醫療保健已有正面的趨勢,而奢侈品、化粧品和旅遊業則正受到影響。

另外,該行指,其商業支付受益於二線城市的滲透率、數量和訂單規模的增加。而云業務方面,集團則超過了行業增長。

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