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《大行報告》傑富瑞引述騰訊(00700.HK)指網遊玩家基礎強健 指廣告業務趨勢未變
阿思達克 09-19 15:24

傑富瑞表示參與了騰訊控股(00700.HK)的路演,認為儘管受PC遊戲減少以及用戶由電腦轉向手遊影響,公司在PC遊戲層面仍在鞏固用戶基礎,且有穩健的現金流,當中《英雄聯盟》受惠七月份推出的新遊戲模式,而《地下城與勇士》則聚焦於用戶參與多於變現,認為整體而言PC遊戲較手遊有較長的延遲時間。

而在手遊方面,今年夏季推出的《跑跑卡丁車》、《龍族幻想》以及《王牌戰士》均有較好反應,遊戲覆蓋了不同的種類,而公司旗下的《和平精英》及《PUBG Mobile》在中國及海外均有成功的表現,吸引了大規模的日活躍用戶,認為騰訊正聚焦改善遊戲質素,並不認為同類型遊戲同質化是大問題。在國際市場上公司透過推出季度通行證形式變現,相關表現穩健,而中國用戶方面的牽引則需要較長時間。該行認為公司在海外拓展上正開放與外地夥伴合作,例如是共同開發《Call of Duty手遊版》以及透過SEA於東南亞分銷《Speed Drifters》等。

在廣告業務勢頭方面趨勢未變,該行認為受宏觀環境、競爭及針對線上影片的監管影響,次季媒體廣告呈弱勢,而社交廣告則受惠朋友圈、QQ瀏覽器及QQ看點廣告增加。傑富瑞認為線上影片審批方面的不確定性將影響廣告商贊助的力度,而現時騰訊的朋友圈廣告較同業存溢價,同時亦聚焦於為客戶提供高質廣告及產品。

該行相信金融科技及商業服務將成公司長遠機遇,在支付方面騰訊主要聚焦滲透低端城市、加強中小型商戶網絡並拓展支付場景,而提款減慢反映用戶更願意在其生態系統內消費,此外公司分銷財富管理產品時亦不用承擔有關風險。在雲服務方面,騰訊的數據中心使用率較高,並期望可提供更多解決方案予客戶,相信未來數年可繼續留意公司在雲服務方面市佔率的增長。

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