《大行報告》大摩下調騰訊(00700.HK)目標價至430元 評級「增持」
摩根士丹利發表研究報告,預測騰訊(00700.HK)今年第四季及2024年利潤率將持續擴張,主要來自於增值服務、小遊戲及線上直播電商等高利潤率業務的內生增長。在廣告業務增長及明年持續推出的新遊戲產品推動下,預計騰訊的收入增長亦將保持穩定。
該行預測騰訊第四季遊戲業務收入將按年增長4%,主要受到國際遊戲業務的高基數影響,以及國內遊戲業務因農曆新年提前所帶來的遞延收入減少。廣告業務方面,大摩認為增值服務仍是主要驅動力,預計第四季廣告收入將保持穩健增長,增幅達約18%。
大摩預計騰訊第四季金融科技及企業服務收入將增長16%,其中金融科技業務將繼續保持穩定增長,另外預料混元LLM融入微信生態系統、SaaS應用和行業模式應用,將在中長期內推動雲業務增長。
大摩將騰訊2023至2025年收入預測下調 1%至3%,但將非國際財務報告準則經營利潤預期上調1%至3%,目標價降至430元,維持「增持」評級。
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