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《大行報告》華泰證券下調騰訊(00700.HK)目標價至440元 料次季經調整淨利潤按年升27%
華泰證券發表報告,預計騰訊(00700.HK)第二季營收按年增長13%,經調整淨利潤按年增長27%,符合此前預期。該行持續看好騰訊下半年業績增速,鑒於新遊戲暑期陸續上線、電商和垂類廣告加碼投放視頻號、雲業務步入低基數+線下支付持續反彈、收入結構優化持續改善毛利率。 華泰證券認為騰訊估值未充分反應龍頭遊戲和微信長期商業潛力。該行預計騰訊次季毛利率按季收窄0.8個百分點,新遊戲收入上漲和業務加速存在等待期,費用改善或在下半年因基數放緩。 該行微調騰訊今年至後年各年經調整淨利潤預測,分別降2.6%、降2.1%,及升0.6%,對應1,475億、1,774億及2,088億元人民幣。目標價由460元下調至440港元,維持「買入」評級。
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