《大行報告》招商證券升騰訊(00700.HK)目標價至393元 高質量增長及更關注股東回報
招商證券發表報告指,騰訊(00700.HK)上季收入按年增長7%,毛利率按年提升7個百分點至50%,得益於收入結構向高利潤率的業務傾斜以及成本管控,帶動非IFRS經營和淨利潤按年增長35%和44%,高於預期5%和2%。
該行指,騰訊關注股東回報。公司宣布派發每股3.4元的現金股息,總金額為320億元,按年增長42%。此外,2024年回購計劃將增加至1,000億元,較2023年的490億元翻倍。該行預計對應的總股東回報率為4.85%。
招商證券略微調整對騰訊盈利預測,預計2024和2025財年收入按年增長10%和11%,非IFRS淨利潤按年增長14%和16%,預計利潤率將進一步提升,2024財年非IFRS淨利潤率達27%,按年增長1個百分點。調升分部加總估值目標價至393元。評級「增持」。
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