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標普:騰訊(00700.HK)明年收入增長和利潤率或大幅下降
阿思達克 11-16 10:10
標普全球評級表示,廣告和網絡遊戲的低迷期延長,對騰訊(00700.HK)具有負面信用影響,該機構對騰訊今年收入增長和利潤率的基本假設大體不變,收入增速可能處於15%至20%區間的較低端,明年收入增長和利潤率或將大幅下降,收入處於高單位數增長,EBITDA利潤率處於26%至30%區間的較低端,反映了在數大業務板塊的持續投資,包括雲、網遊、自開發內容,以及網遊和廣告的競爭不斷加劇。 標普認爲,因投資、收購等因素,騰訊今年和明年經調整債務對EBITDA比率或將從去年的0.4倍上升,至0.6至0.8倍,另外隨着中國限制青少年在線消費的政策變動,網絡遊戲收入增長或將放緩,於今年9月,未成年人僅佔騰訊國內遊戲總收入的1.1%,低於去年9月的4.8%。該公司國際業務將支撐網遊收入。 標普說,表示由於宏觀經濟和監管狀況趨於不利,影響到網絡遊戲、保險和教育的多個廣告垂直行業,騰訊發佈了更負面的在線廣告業績展望,未來數個季度在線廣告收入將下降,不過標普認爲,相較其他中國互聯網企業,騰訊的處境更佳,源於其大規模、廣大的用戶羣體、積極地應對監管,以及多元化的在線服務,包括網遊、音樂、視頻、雲和金融科技。
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