《大行报告》汇丰研究上调腾讯(00700.HK)目标价至854元 评级「买入」
汇丰研究发表的报告指,腾讯控股(00700.HK)将在3月份公布第四季业绩,该行估计公司收入及经调整溢利将分别按年升26%及18%,广告方面相信将有上行惊喜。而《王者荣耀》表现维持健康,《和平精英》及来自Supercell的营收则料分别按季跌28%及17%,《天涯明月刀》方面则较该行预期弱30%,故该行将公司去年第四季手游收入预测降12%,但对2021年的游戏产品线看法乐观,料将有43款游戏推出,当中有27款已获版号,相信其生态系统亦有变现机会,将2021/22年盈利预测分别升3%及6%,目标价由691元升至854元,评级维持「买入」。
该行指出去年12月公司小程序日活跃用户逾4亿人,而活跃程度及交易亦有改善,在微信支付分方面用户逾2.4亿,而蚂蚁则有5亿户。值得留意的是搜一搜的月活跃用户逾5亿户,接近百度的水平,企业微信则服务550万户企业及1.3亿用户,小游戏月活跃用户由2018年的4亿户增至5亿户。
另一方面,受惠微信日活跃用户达10.9亿,视频号可更好定向并拥低成本流量,此外留客方面亦较有效,因为过去五年微信视频消费增长强劲,由於具社交功能故内容增长方面亦快过同业,此外公司内容成本亦较低,估计收入机遇将来自直播、广告及支付等。
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