大行評級|傑富瑞:上騰訊目標價調至475港元 維持“買入”評級 重申為行業首選
傑富瑞發表研究報吿指,騰訊2024財年首季營業收入表現符合市場預期,並高於該行預期2%;毛利率為52.6%,分別高於市場及該行預期的49.5%及48.1%。公司首季度業績亦有多項數據勝於該行預期,非國際財務報吿準則營業利潤按年增長30%;非國際財務報吿準則利潤率按年增長6.7個百分點至36.8%;非國際財務報吿準則淨利潤按年增長54%,同樣高於市場及該行預期。按各個市場劃分,公司旗艦遊戲業務總收入於3月恢復至按年增長,並預計有新遊戲推出;公司在線廣吿份額增長持續,受惠於廣吿技術升級及視訊賬户優勢;金融科技及企業服務(FBS)提供多元化產品。該行相信,騰訊在其高質量增長策略上,展現強大的執行力,加上騰訊是全球手機遊戲的領導者,在開發成功的遊戲方面有良好記錄,因而將其目標價由453港元上調至475港元,維持“買入”評級,並重申為行業的首選。另外,騰訊於今年第一季度,除汽車產業以外的所有類別廣吿支出,均按年錄得增長,尤其是遊戲、網絡服務及消費品。富瑞亦指,騰訊管理層早前強調視訊賬户及人工智能驅動創作工具的潛力。該行因而對騰訊今年第二季度廣吿增長的假設維持不變。
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