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《大行报告》汇丰研究上调腾讯(00700.HK)目标价至559元 评级「买入」
阿思达克 05-14 10:03
汇丰研究发表的报告指,腾讯控股(00700.HK)首季表现强劲,但公司展望相对保守,并指出游戏增长在内地复工後或回复正常,而在广告及云服务方面短期亦有挑战。该行认为公司的游戏产品线强劲,而令人期待的《地下城与勇士》(Dungeon & Fighter)手游确认会在夏季推出,配合《王者荣耀》及《和平精英》两大游戏,估计势头可以持续并可抵销下行风险有余,而腾讯亦应可应对相关挑战。该行将公司2020-22年净利预测升2-4%,目标价由511元升至559元,认为催化剂包括是《地下城与勇士》手游推出、支付业务盈利能力复苏等。

该行指出公司在内地的游戏产品线十分强劲,虽然《地下城与勇士》的推出日期稍延至夏季,但公司亦将在6月中前推出《Chess Rush》、《一人之下》(The Outcast)及《荒野乱斗》(Brawl Stars),管理层料随着复工,游戏内消费将回复正常,虽然《王者荣耀》及《和平精英》用户表现在4月有所下滑,但两个游戏日活跃用户仍分别达7,500万户及6,900万户,分别按年增13%及4%,而用户每日平均游戏时长亦分别达171分钟及135分钟,分别按年增16%及46%,按营收计亦未见显着放慢,两只游戏在「五一」假期内仍有很好表现。

在金融科技方面,在4月的最後一周日均商业交易量已回复至2019年尾的水平,认为未来数季金融科技服务收入增长将加快,另外留意到「微粒贷」及「零钱通」过去数年规模以倍数增长,估计相关业务将成长远的利润增长引擎,对公司在首季收入下降的情况下仍能维持稳健利润感惊喜。

广告业务方面,社交广告增长再次加速,按年升47%,是六个季度以来最高,而媒体广告则维持弱势。公司指出次季或有挑战,主要因为复工後用户使用时间将回复正常,加上国际品牌及广告商削减广告预算等,但该行对公司社交广告业务维持正面看法,认为将受惠广告商多元化等。(el/u) ~

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