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騰訊四季度經調整淨利潤不及預期,廣告業務或在年末轉暖
uSMART盈立智投 03-24 09:29

騰訊公佈第四季度業績。分析師對業績看法略有分歧,不過中金和Jefferies認爲公司經調整淨利潤不及預期,廣告業務繼續承壓,預計在今年後期可恢復增長。中金和花旗均調降了騰訊的港股目標價。

3月23日週三,騰訊控股發佈2021財年第四季度業績及全年財報。

第四季度營收1441.9億元,同比增長8%,不及市場預期的1453.1億元;第四季度淨利潤950億元人民幣,超市場預期的314.9億元人民幣,同比增長60%。第四季度非國際財務報告準則調整後淨利潤248.8億元,同比下跌25%。是繼三季度淨利下跌2%後,騰訊連續第二個季度出現單季淨利負增長。

2021年全年,騰訊實現營收5601.18億元,同比增長16%,調整後淨利潤1237.88億元,同比微增1%,是近十年來公司淨利增幅最低的一年。

隔夜騰訊ADR下跌5.4%。

中金公司分析師白洋等在報告中指出

  • 四季度騰訊經調整淨利潤同比下滑,低於市場預期15%,不過符合中金預期,主要因聯營公司虧損大於預期
  • 遊戲表現好於預期,預計未成年人監管的影響將於下半年消化,待版號重啓發放之後,遊戲收入增速有望恢復平 穩
    • 預計2022年遊戲收入將增長10%至1916億元人民幣,呈前低後高態勢
  • 廣告業務受宏觀經濟波動及監管影響持續承壓,預計2022年後期可恢復增長
  • 由於疫情和競爭環境等影響,分別下調公司今明兩年收入預期2%和5%
    • 由於被投企業估值下降,下調目標價3%至513港元,維持中性評級

Jefferies分析師Thomas Chong等在報告中表示

  • 騰訊四季度收入基本符合市場預期,同時高於Jefferies的預期;非國際財務報告準則的利潤低於預期
  • 四季度在線廣告業務不及預期,該業務預計會在2022年末恢復增長
  • 維持買入評級,目標價584港元

花旗集團Alicia Yap

  • “我們認爲相對疲軟的業績符合廣泛預期,在線廣告收入尤爲如此”
  • “從積極的方面來看,金融科技和企業服務部門的收入仍然相對堅韌,表現優於我們的預期,但我們認爲這可能和華爾街預期一致”
  • 下調目標價11%至562 港元,維持買入評級

Vital KnowledgeAdam Crisafulli

  • “報告的和非GAAP每股收益都有很多噪音,這使得與華爾街的比較很難,但營收略低於華爾街預期而月度活躍用戶人數喜憂參半的同時,經調整的EBITDA數字沒擔心的那麼差”
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