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《大行報告》麥格理恢復覆蓋騰訊(00700.HK)重申「跑贏大市」評級 目標價455元
阿思達克 01-08 11:00
麥格理發表報告表示,恢復覆蓋騰訊(00700.HK),重申對該股「跑贏大市」評級,目標價455元,此按綜合方式作估值,相當於預測今年市盈率21倍,料其2023年至2025年淨利潤複合增長率23%。 該行指,中國互聯網業面臨顯著的宏觀逆風如疲弱消費、保守企業開支及地緣政治不確定性,但相信騰訊能維持領導地位,認為公司更大程度的堅韌性及相對較佳的成本架構可貢獻持續的收入擴張,並緩衝外在不確定性。 麥格理預期視頻號用戶使用將進一步增加,意味廣告業務更多廣告量及錢包佔比,但不預期廣告開支增長在今年急速加快,料視頻號收入貢獻在2026年達360億元人民幣,佔社交廣告收入約兩成。該行相信公司業務生態有未發掘的變現化機遇。 該行亦相信騰訊多元化服務組合及具黏性客戶,支持著今年堅韌的增長展望,縱使面對企業部門受復甦滯後影響,但有穩定的新遊戲供應、海外擴張等利好,預計今年收入按年升12%,經調整利潤按年升22%。
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