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大行評級|花旗:維持對騰訊正面看法 將攜程及美團納入至核心持股

花旗發表研究報吿指,今年第四季及邁向明年首季,維持對騰訊正面看法,並將攜程及美團納入至核心持股。該行未來兩至三個月電商偏好排名順序,依次為京東、阿里、拼多多,考慮到收入和利潤增長趨勢的更高可見度以及潛在的以舊換新計劃的延續。該行同時建議加入網易及騰訊音樂作為防守性投資標的,將滿幫視為快速增長的選擇,阿里影業則專注於內容。

該行指,內地互聯網公司在2024財年第三季間,盈利勝預期發生多於收入勝預期,儘管盈利未達預期的情況也比2024財年次季增多。經歷了平淡的7月和8月後,9月份的需求出現了按月回升,這得益於家電以舊換新補貼和政府政策的重大轉變。更長的“雙11”大促期和更高的家電需求支持了相對強勁的“雙11”銷售。儘管針對VIP會員的消費補貼(如免運費)仍然存在,越來越多的公司加強了對商家的支持,導致訂單量增長超過平台交易總額(GTV)和收入增長。

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