瑞信:騰訊(0700.HK)仍然是內地網上游戲業首選股 評級“跑贏大市”
瑞信發表的研究報告指,認為手機遊戲將繼續成為主流,並屬環球線上遊戲行業的重要增長引擎,而中國的網上游戲參與者及現時的龍頭將繼續受惠相關勢頭。該行指出在中國市場上,免費遊戲仍然是主流,遊戲內付費則是重要的收入來源,認為這個勢頭所受影響有限,而對戰通行證相信有助帶動付費比率及付費用户平均消費。
該行認為騰訊(00700.HK)仍然是中國線上遊戲行業中的首選,評級“跑贏大市”,目標價469港元,主要受惠其現有遊戲組合增長穩定,加上陸續仍有強勁的遊戲推出,另外公司在知識產權、遊戲及生態上亦有較大規模的投資,同時也具高質素的渠道及分銷能力,瑞信估計騰訊2019/20年線上遊戲收入將分別按年增10%及13%。
另外,瑞信亦認為中國的線上遊戲公司可繼續受惠於海外擴張、國際遊戲開發合作等,而他們在推新遊戲及將現有遊戲轉至手機版本時亦有很好的研發能力,現時騰訊海外收入貢獻佔整體遊戲收入約10%左右,該行估計未來將有所提升。
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