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《大行报告》中金:腾讯(00700.HK)不直接参与同业巨头「超级大战」 料仍可藉布局分享行业红利
阿思达克 04-09 15:01
就腾讯(00700.HK)遭大股东Prosus减持1.92亿股腾讯股票,持股比例下降至28.9%,并承诺未来三年不减持。中金发表报告表示,对Prosus减持行为不必过分担心。在腾讯2004年上市後的十七年间,Prosus的持股时间和比例均显现出对腾讯业务的信念。本次大宗交易较4月7日收盘价折让5.5%,对应2021年非通用会计准则市盈率30.8倍。

该行认为腾讯2018年遭Prosus减持後的股价走势对本次参考意义有限,该行依然看好腾讯业务发展,认为腾讯2021年调整後净利润有望维持20%以上的增长。

中金指,从一至三年的中期维度看,腾讯旗下多项业务可明显好转,第一是认为其旗下视频号、小程序、云业务都逐渐找到了公司擅长的路线,通用型产品加社交关系强化的打法,将支撑未来三年的稳健成长;第二是目前互联网用户渗透率进入深水区,巨头面前要麽是低客单价且供应链要求高的生鲜(社区团购),要麽是涉及传统巨型产业改造的领域(造车),要麽是以十年为单位的超远期新业务(无人驾驶)。虽然每一项的成功都意味着很大空间,但几乎每个领域都有艰苦战役。

该行认为腾讯是几乎不直接参与上述「超级大战」,但依然有望凭借社交网络地位和投资布局分享行业红利的典范,腾讯依然是互联网板块的核心资产。该行维持对腾讯「中性」评级和目标价682元,对应预测2022年非通用会计准则预测市盈率31.7倍。

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