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《大行報告》中金下調騰訊(00700.HK)目標價至527元 料上季經調整溢利按年跌25%
阿思達克 01-19 10:19
中金髮表研究報告,預計騰訊(00700.HK)2021年第四季收入將按年增長5%至1,409億元人民幣,調整後淨利潤則預期下降25%至248億元人民幣,預期2021年全年調整後淨利潤將達到1,237億元人民幣,按年增長1%。 中金指,騰訊遊戲業務表現符合預期,預計去年第四季遊戲業務收入將增長4%,期內《王者榮耀》及《英雄聯盟手遊版》相互競爭,推動兩款遊戲去年10月份收入增長,認爲未成年人防沉迷措施經過數月調整後已達到穩定運行,相信措施對國內手遊業務的影響持續至2021年第四季。 廣告業務方面,中金認爲由於宏觀需求疲軟和監管措施趨嚴,騰訊廣告業務短期仍面臨壓力,電商業務增長放緩,線上服務需求下降,因此將第四季廣告收入跌幅預測由跌8%下調至跌13%;金融科技及雲業務收入符合預期,但因基數增長放緩,預計收入增幅將收窄至22% 考慮到宏觀消費環境疲軟及疫情不確定性,中金將騰訊2022年收入預測下調2%,2021至2022年調整後淨利潤預測分別下調4%及6%,維持「中性」評級,目標價下調至527元。
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