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《大行報告》摩通料騰訊(00700.HK)下半年盈利復甦 受惠各種提升效率策略
摩根大通發表報告表示,據內地遊戲工委的數據,今年8月中國網絡遊戲市場銷售額為200億元人民幣,按年下降22%(按月跌4%),按年增速較7月份進一步放緩,手遊市場收入140億元人民幣(佔內地線上遊戲市場份額70%),按年下降28%(按月跌5%)。 該行認為,內地手機遊戲市場增長減速,是由於後疫情下正常化和宏觀環境疲軟,全球網絡遊戲市場整體疲軟。基於內地青少年保護政策,令2022年青少年暑假期間的季節性使用量增加較少,加上今年推出的重磅遊戲亦有所減少。 摩通表示,內地移動遊戲增長前景惡化,對中國互聯網內的網絡遊戲相對於其他子行業(電子商務、本地服務、廣告)保持相對謹慎的看法。該行預計網絡遊戲市場增長將落後於電子商務/廣告介乎3至6個月,因缺乏重磅新作發布。雖然騰訊(00700.HK)和網易(09999.HK)均在今年9月獲得了休閒遊戲的許可,這是自2021年7月以來的首次,但未來重磅遊戲能否獲得批准尚無定論。該行認為電子商務/本地服務從宏觀恢復和成本節約計劃中提供更多可見性。在網遊股中,該行看好騰訊而不是網易,因為騰訊在今年下半年的盈利增長復甦以及視頻號的廣告貨幣化。 該行看好騰訊各種提升效率的策略,料可推動其下半年盈利復甦,並指其目前估值具一定吸引力。
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