騰訊股價績後飆漲！一文速覽大行最新評級與目標價
來源：金吾資訊
$騰訊控股(00700.HK)$於3月22日公佈2022年全年及第四季度業績。其中第四季度錄得權益持有人應佔盈利297.11億元，同比增長19%。實現收入1449.54億元，持續環比改善，同比增長 0.5%。擬派末期股息2.4港元。多家大行均指其第四季度業績符合預期，一致維持原有評級，其中兩家機構上調其目標價。
財報發出後，騰訊股價應聲上漲。截至發稿，騰訊漲超5%，報365港元，成交額近80億港元。
傑富瑞表示，騰訊去年第四季度的總收入和盈利符合該行預期。重申對騰訊的積極看法，料其在遊戲、廣告、金融科技和雲計算等不同領域有多種增長動力。料在線遊戲前景持續改善，且海外市場具增長潛力。視頻號的貨幣化正處於早期階段。生成式人工智能作爲增長的強勁催化劑被強調，而利潤增長也是一個關鍵重點。該行維持“買入”，將目標價從456港元上調1%至460港元。
大摩認爲，騰訊去年第四季度業績符合預期，廣告業務取得較大進展。2023年第一季度的前景穩健，毛利恢復，廣告勢頭持續，重新開發或推動市場預期，尤其是廣告和遊戲增長。騰訊仍屬其中國互聯網股的第二選擇（首選爲阿里巴巴）。該行對2023年的收入預測基本不變，但將非國際財務報告準則的營業利潤下調2%，主要考慮到對S&M的投資和潛在的AI佈局計劃。維持“增持”評級與450港元目標價。該行續指，除了美團的股息分配和持續的股票回購外，末期股息爲2.4港元，股東回報率有所提高。
匯豐研究表示，其更看好騰訊2023年收入和盈利增長的增長前景。在遊戲方面，去年第四季度《王者榮耀》等遊戲的總收入恢復正增長，PC遊戲表現強勁，且多個遊戲計劃於今年在海內外相繼推出，爲2023年遊戲的穩健復甦奠定基礎。廣告方面，業務增長已在去年第四季度恢復至約10%的同比增幅（不包括視頻號）。儘管消費復甦的進程仍具不確定性，但微信上交易能力的提高帶來的強勁需求可以緩衝增長。大量的人工智能投資或被記入資本支出，對損益的影響有限。末期股息提升50%。該行維持基本預測不變；維持“買入”評級與目標價440港元。
瑞信指出，騰訊去年第四季度營收同比增長1%，符合預期。由於財務成本和所得稅的增加，經調整的淨利潤同比增長19%，遜該行及市場預期，而經調整的營業利潤則符合預期。基於業績，該行將2023-24年的業績預測略微上調3%。繼續看好騰訊在豐富的遊戲管道和宏觀復甦推動下的強勁增長前景。在運營費用控制和運營槓桿帶動下，利潤率亦有擴張空間。維持“跑贏大市”評級與461港元目標價。
麥格理認爲，騰訊去年第四季度業績大致符合預期：收入按年增長1%，調整後淨利潤按年增長19%。期內強於預期的廣告復甦爲業績亮點。視頻號的貨幣化正在進行，國內遊戲的勢頭或隨着新遊戲的推出和ARPPU的恢復而加強。該行認爲，人工智能將成爲長期增長的增倍催化劑，並推動微信生態系統內的協同效應。該行持續看好騰訊的增長前景。維持“跑贏大市”評級與453港元目標價。
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