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《大行報告》野村料內地科網股下半年營運溢利按年平均增26% 首選美團、騰訊及京東等
野村發表中國科網行業報告表示,科網企業於今年第二季收入平均按年下跌1%,按非美國通用會計準則營運溢利計按年升20%,指多數相關公司期內盈利增長均優於預期。該行指,內地科網企業維持強勁淨現金水平,在該行覆蓋範圍內,料相關公司淨現金相當於平均市值的37%。上半年,該行研究覆蓋的科網企共從公開市場回購了價值74億美元的股票,佔最新平均市值的2.1%。 該行指,新冠疫情和中國的防疫措施仍然是下半年前景的最大不確定因素,雖然宏觀經濟存不確定性,但該行傾向於認為最壞的時期已經過去,料4月和5月經歷的嚴重封鎖似乎不太可能在未來重演,指大多數互聯網公司在2022年初採取了積極措施來增加現金流,第一是關閉非核心和虧損業務、第二裁減人員、第三是收緊對新業務和營銷活動的投資。由於有利的成本基礎效應,這些措施將在下半年繼續提高利潤率。 野村預計內地科網企業下半年的平均收入增長將略有加速至6%(對比第二季按年跌1%),而該行對所覆蓋研究的內地科網企業,料今年下半年營業利潤平均按年增長26%,將高於第二季度的按年增長20%。 該行指投資者對內地科網行業下半年將關注四項因素,第一是中共舉行二十大會議後會否放鬆疫情防控措施、第二是中美兩國就中概股審計及監管問題的進展、第三是騰訊(00700.HK)會否出售其上市投資組合的股票資產、第四是螞蟻集團重組為金融控股的最新情況以及IPO時間表。 野村表示,該行的科網股首選股是美團(03690.HK)、京東(JD.US)、網易(NTES.US)、拼多多(PDD.US)、騰訊(00700.HK)及京東健康(06618.HK)。
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