《大行報告》中銀國際下調騰訊(00700.HK)目標價至407元 料上季毛利率和盈利穩健
中銀國際發表報告指出,預期騰訊(00700.HK)將於3月底披露去年第四季業績,該行估計公司收入按年增長8%至1,558億元人民幣,較市場預期低1%;毛利率及盈利穩健。增值服務(VAS)、線上廣告與金融科技及企業服務收入分別按年增長1%、16%及14%。當中,VAS遊戲收入按年增長放緩至2%,儘管迷你遊戲和音樂貢獻強勁,但串流媒體調整仍繼續拖累社交網絡表現。
該行預期,騰訊上季毛利率達48.5%,經調整淨利率26.4%,均符合市場預期。另估計在宏觀、競爭和公司高質量增長優先策略下,騰訊三個細分市場的毛利率將保持一致的擴張趨勢。騰訊與字節跳動的深化合作、視訊號變現(尤其是電商閉環整合)、遊戲海外擴張以及人工智能生成內容(AIGC)應用是公司主要的積極催化劑。該行維持對騰訊的「買入」評級,目標價由418元下調至407元。
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