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高盛料腾讯(00700.HK)第二季手游收入增长23%上望418元
格隆汇 07-23 15:29

高盛发表研究报告,指腾讯(00700.HK)将于8月14日收市后公布次季业绩,该行维持对公司“买入”评级,认为其手游收入将复苏,并按年增长23%,主要受惠版号审批及期内多个新游戏推出,另外《王者荣耀》及《和平精英》等表现亦理想。惟该行对其广告需求看法仍较审慎,并预期竞争对手变现规模扩大,将继续为腾讯带来定价压力,估计次季其广告收入将按年升20%,当中媒体及社交广告收入则分别升9%及25%。该行亦估计在金融科技及商业服务收入将按年升51%至248亿元人民币(下同),当中云服务贡献将达38亿元。

该行认为,内地线上广告行业竞争深化,将影响腾讯下半年的广告定价及增长,故决定将公司2019至2021年收入预测下调3%至4%,同时该行将公司2019至2021年预测净利润率上调0.9、0.4及0.2个百分点,以反映广告收入组合转变带动毛利率改善,目标价维持418港元。

高盛指出,公司面对的主要风险包括效果广告市场竞争加剧、游戏推出及变现或进一步推迟、长视频业务竞争增加、云服务或支付服务增长慢过预期等。

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