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《大行報告》中金料騰訊(00700.HK)下半年遊戲業務仍將面臨一定壓力 維持「中性」評級
阿思達克 08-18 14:22
中金發表研究報告指,騰訊(00700.HK)第二季收入按年跌3%,基本符合預期,期內經調整淨利潤下跌17%,高於該行預期2.9%及市場預期15.4%,相信主要是由於部分業務毛利超出預期及銷售開支管控措施見成效。 報告指出,遊戲業務收入按年跌1%,表現低於預期,反映未成年人保護及疫情基數因素持續造成影響。該行預期預計下半年遊戲業務仍將面臨一定壓力,預計全年遊戲收入將按年下降4%至433億元人民幣。 中金又指,期內金融及雲業務增長明顯放緩,業務收入增長1%低於預期,預計第三季按年及按季增長均會提升,但提升增速上依然有較大壓力。廣告業務第二季收入按年下滑18%,該行預期全年跌幅將收窄至10%。 計及疫情、宏觀經濟及監管壓力,中金將今明兩年收入預測下調2.5%及1.5%,達到5,567億及6,258億元人民幣。考慮到視頻號等新產品即將進入收穫週期,以及公司降本增效策略,中金基本保持今明兩年經調整淨利潤預期,並維持「中性」評級及410元目標價。
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