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大行評級|花旗:上調騰訊目標價至681港元 管理層有信心保持利潤增長快於收入增長
格隆匯 03-20 15:31

花旗發表報吿指,騰訊去年第四季收入恢復雙位數增長,按年增長11%。毛利、營運利潤及淨利潤分別增長17%、21%及30%,歸功於在線廣吿和國內遊戲收入的出色表現、高利潤收入的更快增長組合及營運槓桿效應。騰訊去年資本支出768億元,佔收入的12%,管理層預計今年資本支出佔比將維持低雙位數。

該行又指,管理層清晰説明人工智能如何增強內部產品,如廣吿定位和內容創作,並清楚解釋同時部署內部和外部模型的理由,並規劃企業和消費人工智能產品路線圖。隨着資本開支增加後GPU處理器制約逐步緩解,雲收入可能加速增長。強勁收入增長和用户參與支持遊戲業務。管理層有信心在較高折舊下保持利潤增長快於收入增長。該行重申對騰訊“買入”評級,目標價由648港元上調至681港元。

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