騰訊控股(00700.HK)：手遊強勁，金融科技和廣告盈利持續提升，維持“買入”評級
機構：廣發證券
評級：買入
核心觀點：
公司披露20Q2業績公告，收入和業績超預期。
收入和NonGAAP歸母淨利分別實現1,149億元（+29%）和302億元（+28%）。毛利率同比提升2.2pct至46.3%，銷售費用率同比和環比分別提升1.5pct和0.3pct至6.8%。管理費用率同比略提升至14.4%。
手遊維持強勁增長，金融科技及企業服務、廣告毛利率繼續提升。手遊收入同比增長62%，環比增長3.5%，《王者榮耀》《和平精英》週年活動及新遊驅動收入增長，海外遊戲MAU同比及環比顯著增長。廣告毛利率提升超預期，社交廣告收入同比+27%，主要受流量上升，聯盟廣告價格提升、朋友圈廣告曝光增長推動；媒體廣告承壓，品牌廣告需求疲弱，部分內容延播導致騰訊視頻廣告收入下降。金融科技及企業服務毛利率提升至28.9%。金融科技收入同比及環比上升，商業支付日均交易量和單筆交易額均增加，理財平台的資產保有量及活躍客户量同比迅速增長。雲及其他企業服務收入同比及環比增長，受疫情影響，線下項目的交付工作尚未在Q2完全恢復。小程序GMV環比回升。付費用户持續增長，Q2付費賬户數同比+20%至2.03億，其中視頻服務會員數同比+18%至1.14億，音樂服務會員數同比+52%至4,700萬。
維持“買入”評級。預計20~21年NonGAAP歸母淨利為1,226億元、1,552億元，當前股價對應20~21年PE為37倍、29倍。遊戲強勁，金融科技及企業服務、廣告毛利率持續提升；小程序成為全民全場景工具，加速騰訊與B端的連接。上調手遊PE估值為28倍，基於SoTP，得到合理價值589.3港元/股。
風險提示：美國總統針對微信的行政命令尚有不確定性；疫情短期影響金融科技及企業服務增長；新遊版號發放和流水不達預期；微信商業生態進展不及預期；支付和雲行業競爭致費用提升。
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