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《大行報告》匯豐研究上調騰訊(00700.HK)目標價至445元 評級「買入」
阿思達克 11-16 11:20
匯豐環球研究發表報告指出,騰訊(00700.HK)第三季毛利率勝預期,該行將其2023至2025年盈利預測上調4%至7%,並對公司能實現該行對其2024及2025年毛利擴張目標充滿信心。該行偏好騰訊在員工管理和行銷開支方面的嚴格成本控制,以及毛利率上行空間。 從細分市場來看,該行指由於騰訊研發周期更長、更為漸進的新遊戲變現路徑,以及競爭加劇,對公司國產遊戲的增長前景更具挑戰性。廣告方面,騰訊的視訊帳戶及電商廣告需求的高基數,或影響明年的增長前景。至於公司的金融科技和企業服務方面是一個亮點,主要受惠於視訊帳戶的電商服務費、強勁的小程序交易,以及軟件即服務(SaaS)的貢獻不斷增加。 匯豐環球研究維持對騰訊2023至2025年收入預測大致不變,目標價由425元上調至445元,認為公司短期內盈利增長將超越收入增長,另於股東回報的工具中,騰訊目前優先考慮股份回購計劃。
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