交銀國際:維持騰訊(0700.HK)買入評級 目標價801港元
交銀國際發表報吿表示,維持騰訊(0700.HK)買入評級,目標價801港元;考慮到短期內強勁的新遊戲計劃,及技術投入驅動長期增長,認為仍處於業務穩健增長的階段。現價對應核心業務(除金融科技及雲)2021年市盈率23倍,對應淨利潤增速20%。
報吿指,騰訊首季度收入超市場預期。收入為1354億元人民幣,按年增25%,調整後EPS為3.42元,按年增21%,對比市場預期1338億元和3.57元人民幣。預計,第2季度收入1440億元人民幣,按年增25%,按季增6%,社交/遊戲/金融科技和雲/廣吿按年增8%/13%/50%/32%,利潤率將在下半年承壓,因加大投資策略,例如2B服務、遊戲研發,以及短視頻變現延遲進程。預計調整後淨利潤374億元人民幣,按年增24%。

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