《大行報告》瑞銀:騰訊(00700.HK)今年聚焦視頻、小程序及網遊等 上望830元
瑞銀發表的研究報告指,騰訊(00700.HK)本周舉行了微信會議,聚焦於微信近期的進展及策略,受惠用戶參與度強勁,該行留意到數個未來變現的正面因素,其中微信及朋友圈日活躍用戶分別達11億及7.8億,帶動生態系統上的增長,小程序數目按年升75%,而企業夥件則按年更升400%,相關用戶交易增加,去年的GMV按年增一倍達到1.6萬億元人民幣。據該行分析,大部分GMV是來自電商及本地服務。公司繼續開放微信的生態系統,並與短片產品等連結,開放影片動態及外部搜尋功能,相信長遠將有廣告、支付、訂閱及打賞等的變現機會,而相關因素未反映在股價上,予「買入」評級,目標價830元。
瑞銀指出短視頻一直是微信的策略焦點之一,公司成功拉近與字節跳動及快手的用戶差距,認為在動態方面有很大潛力,估計微信可利用視頻流量優勢轉向其他渠道,包括是小程序、遊戲及搜尋等,並進一步提升用戶參與度及變現等,而視頻本身亦是更好的廣告載體。另外管理層亦指出計劃在之後的微信更新中加入直播功能,意味應用將進一步「視頻化」。
去年小程序的日活躍用戶達到4億人,而每戶平均小程序及GMV分別升25%及67%,去年小程序變現方面亦有改善,付予非遊戲類開發商的廣告收入按年增長25%,GMV則按年升逾100%。去年小程序月活躍用戶首次突破5億人,使用時長及遊戲數目分別增50%及20%,整體小遊戲營收則按年升20%。(el/u) ~
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