《大行報告》中信證券料騰訊(00700.HK)監管下廣告業務受影響 估遊戲研發週期延長
中信證券近日發表報告表示,騰訊(00700.HK)旗下各項核心業務目前仍保持穩健。當前環境下,雖然公司仍然面對數據安全保護、遊戲未成年人保護和防沉迷建設以及反壟斷監管下更多合規性要求等挑戰,但該行認爲騰訊在海外遊戲、微信生態等領域仍具有較強的產品優勢和發展空間,並且在元宇宙、內容IP等佈局均具備長期價值,同時積極地加大在ESG(環境、社會及管治)領域、雲業務以及創新內容等投入以保持長期可持續發展的動力。
該行指,考慮到騰訊加大投入、遊戲企業所得稅優惠可能有所變化、整治App開屏廣告和《數據安全法》等政策或將對廣告業務產生一定影響,預計短期騰訊盈利增速會有所承壓,但中長期依然有持續上行空間,該行維持對騰訊「買入」評級及目標價613元。
就騰訊目前所面對的挑戰,中信證券指在數據安全保護趨嚴的背景下,認爲內地《數據安全法》、《個人信息保護法》、《互聯網信息服務算法推薦管理規定(徵求意見稿)》等法律法規的出臺或導致基於大數據和算法能力的程序化廣告的投放和收入規模受到一定影響,同時互聯網公司需要在數據安全監測、評估、維護以及數據去標識化和匿名化等方面加大投入。
該行指,騰訊遊戲仍需加強對未成年人保護和防沉迷的建設,未來遊戲行業的發展方向將沿着降低遊戲成癮性和堅持內容向遊戲的戰略發展。長期看遊戲產品的研發週期預計將延長,股本回報率或將有所下滑,但是該行認爲這將推動更加側重內容和技術的高質量遊戲和中輕度遊戲發展。在反壟斷監管趨嚴的形勢下,騰訊在開展業務和對外投資過程中需要面對更多合規性要求。
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