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《大行报告》中信证券料腾讯(00700.HK)上季非通用准则多赚逾38% 上望742元
阿思达克 01-15 14:48
中信证券发表报告表示,认为腾讯(00700.HK)在游戏、广告及支付业务仍有较大提升空间,游戏端、竞技类游戏支撑游戏业务增长,新游戏储备丰富贡献增长弹性,社交网络业务中,直播、长视频、音乐等业务有望迎来付费率和ARPU提升。微信交易生态驱动公司旗下金融业务持续增长,同时企业服务盈利能力有望持续提升。

该行看好腾讯作为内地互联网巨头的成长性和盈利能力,经过测算该行认为腾讯潜在市值提升空间料可达至6.4万亿人民币,维持「买入」评级,目标价742港元,该行予腾讯游戏业估值2.26万亿人民币(相当预测市盈率25倍)、予腾讯旗下金融业务估值1.9万亿人民币(相当市销率15倍)。

中信证券料腾讯去年第四季营业收入可达1,348亿人民币,按年升27.5%,其中网游、社交网络、广告及金融科技及企业业务营收可各达433.22亿、284.08亿、247.52亿及353.4亿人民币,分别按年升43%、29%、22.4%及18.1%,料公司毛利率基本维持稳定,估计腾讯2020年第四季纯利录406.78亿人民币,按年升88.5%,主要是由於公司营收保持较高增速,以及公司录得强劲的投资收益增长,估计公司非通用会计准则纯利352.78亿人民币,按年升38.4%。

该行指,上调对腾讯2020年非通用会计准则纯利预测由1,244亿元升至1,248亿元人民币,升2021年非通用会计准则纯利预测由1,460亿元升至1,480亿元人民币、调高2022年非通用会计准则纯利预测由1,758亿元升至1,779亿元人民币。

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