《大行报告》中金:腾讯(00700.HK)增长明确 以稳健姿态迎接AI大模型趋势
中金发表评级报告指,腾讯(00700.HK)首季内地游戏呈较强的复苏趋势,多个重点游戏流水再创新高,集团预计未来或将呈正常季节性特征;中金认为,海外游戏增速或高于内地,腾讯将继续践行其海外投资战略,自研出海以及与IP方合作也同步进行。中金表示,腾讯内部给予AI领域其高度重视,视其为业务发展的倍增器,并以更长期的眼光对AI事业进行投入。
中金又指,除大模型AI等带来变革型机会外,腾讯未来潜在增长点将在视频号、海外游戏、「一门三杰」(腾讯会议、企业微信、腾讯文档)引领下的SaaS生态、金融科技业务等。中金认为,考虑到新业务带来的经营杠杆和公司效率提升,利润增速有望超越收入增速。
中金维持对腾讯盈利预测基本不变,同时亦维持其目标价为475元,以及其评级为「跑赢行业」。(ca/u)
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