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《大行报告》杰富瑞引述腾讯(00700.HK)指网游玩家基础强健 指广告业务趋势未变
阿思达克 09-19 15:24

杰富瑞表示参与了腾讯控股(00700.HK)的路演,认为尽管受PC游戏减少以及用户由电脑转向手游影响,公司在PC游戏层面仍在巩固用户基础,且有稳健的现金流,当中《英雄联盟》受惠七月份推出的新游戏模式,而《地下城与勇士》则聚焦於用户参与多於变现,认为整体而言PC游戏较手游有较长的延迟时间。

而在手游方面,今年夏季推出的《跑跑卡丁车》、《龙族幻想》以及《王牌战士》均有较好反应,游戏覆盖了不同的种类,而公司旗下的《和平精英》及《PUBG Mobile》在中国及海外均有成功的表现,吸引了大规模的日活跃用户,认为腾讯正聚焦改善游戏质素,并不认为同类型游戏同质化是大问题。在国际市场上公司透过推出季度通行证形式变现,相关表现稳健,而中国用户方面的牵引则需要较长时间。该行认为公司在海外拓展上正开放与外地夥伴合作,例如是共同开发《Call of Duty手游版》以及透过SEA於东南亚分销《Speed Drifters》等。

在广告业务势头方面趋势未变,该行认为受宏观环境、竞争及针对线上影片的监管影响,次季媒体广告呈弱势,而社交广告则受惠朋友圈、QQ浏览器及QQ看点广告增加。杰富瑞认为线上影片审批方面的不确定性将影响广告商赞助的力度,而现时腾讯的朋友圈广告较同业存溢价,同时亦聚焦於为客户提供高质广告及产品。

该行相信金融科技及商业服务将成公司长远机遇,在支付方面腾讯主要聚焦渗透低端城市、加强中小型商户网络并拓展支付场景,而提款减慢反映用户更愿意在其生态系统内消费,此外公司分销财富管理产品时亦不用承担有关风险。在云服务方面,腾讯的数据中心使用率较高,并期望可提供更多解决方案予客户,相信未来数年可继续留意公司在云服务方面市占率的增长。

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