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中金:維持騰訊控股“跑贏行業”評級,目標價升至379港元,較當前股價有29%上行空間
uSMART盈立智投 11-17 14:14

中金髮布研究報告稱,維持$騰訊控股(00700.HK)$“跑贏行業”評級,將2022/23年收入預測均上調1%至5559/6131億元;鑑於部分業務毛利改善明顯,上調2023年經調整淨利潤預測2%至1472億元,目標價上調16%至379港元,較當前股價有29%上行空間。

2022年3季度收入高於該行預期,利潤略低於該行預期但高於市場預期。另宣佈向股東分配美團股份,短期來看對投資組合分配能讓股東在高利率的環境下掌握更多的即期收益,有助於更好地釋放股東價值。

報告中稱,分業務看,

遊戲:3Q22國內遊戲收入同比下降4%,大DAU遊戲《王者榮耀》《英雄聯盟》仍受整體消費水平疲軟影響出現流水下滑;期內海外遊戲收入展現小幅亮眼成績,在高基數的情況下同增4%,主因《VALORANT》表現強勁。

廣告:3Q22收入同比下滑5%收窄至214億元,遊戲、電商及快消行業廣告需求有所改善。相較媒體廣告收入同比大幅下降,社交廣告收入底盤更穩,同比下滑1%。4Q22視頻號廣告收入有望超過10億元,建議關注視頻號後續商業化進展表現。

金融與雲:3Q22收入同增4%至448億元,其中金融科技收入的增速因疫情緩和而環比上揚,商業支付金額同增超10%;雲業務整體由於仍在降本增效節奏當中,因此收入略有減少。該行預計2022全年金融與雲業務收入同增5%至1878億元。

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