《大行報告》中金:騰訊(00700.HK)降小微企費率顯平台責任 市場近期對降費較敏感
中金發表研究報告指,騰訊(00700.HK)旗下財付通宣布進一步降低小微商戶支付服務費,自2021年9月1日起至2024年9月30日,為符合標準的小微商戶提供九折降費優惠措施。
中金認為市場近期對互聯網平台降費消息反應較為敏感,但事實上是企業響應當局2020年6月提出的《關於進一步規範信貸融資收費 降低企業融資綜合成本的通知》,同時亦某程度上呼應近期發改委提出的服務業紓困舉措,認為措施顯示出騰訊助力實體經濟發展,承擔社會責任的積極態度。
同時,中金指出微信支付已在2020年6月通過的「全國小店煙火計劃」,小微商家提供部分補貼及經營支援,2021年上半年該計劃升級,繼續支援中小商家及個人收款碼客戶,因此此次降低費率並不突然。
據財付通表示,未來三年綜合降低小微商戶費用的舉措投入預計超過100億元人民幣。中金估算,騰訊2021年支付業務達1,200至1,300億元人民幣,降費整體影響有限,又指騰訊向來更注重提升用戶體驗及業務規模,利潤則為較次要考量,認為本次降費彰顯其社會責任,並與金融業務一貫戰略相符。
中金維持對騰訊2021至2023年收入及盈利預測及「中性」評級,目標價527元不變。
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