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《大行报告》摩通料腾讯(00700.HK)游戏业务增长潜力厚 2021至22年网游收入复合增长率18%
阿思达克 12-08 14:48
摩通发表的研究报告指,腾讯控股(00700.HK)是全球收入规模第一的线上游戏企业,估计公司游戏业务有强劲增长潜力,相信海外市场属「蓝海市场」,公司可进一步抢占市场份额。在现有游戏,例如是《PUBG Mobile》、《英雄联盟手游版》等,变现方面仍有提升空间。而在内地市场,公司有庞大的用户基础,相信随着游戏品种扩张亦有变现的上行空间,料用家会由低ARPU的小游戏转向高ARPU的游戏,相信将带动平台整体ARPU提升,故料腾讯线上游戏收入在2021-22年的年复合增长可达18%。

在海外业务方面,该行估计腾讯在未来数年将继续扩张,而公司透过自家培育及股权投资等成功建立世界级的游戏开发能力,估计来自五至六款国际游戏的单季收入占整体收入25%,或手游收入的30-35%,并料海外占比到2023年将升至40-50%。

在本地市场方面,该行指出公司在内地市占约五成,渗透不同类型的游戏,不过在变现比例较高的游戏中腾讯市占率则少於两成,反映公司有潜力发掘机遇提升平台ARPU。该行维持对腾讯「增持」评级,目标价655元。(el/u) ~

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