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大行評級|海通國際:上調騰訊目標價至464港元 預計次季遊戲業務結構將持續改善
格隆匯 05-17 11:17
海通國際發表研究報吿指,騰訊首季收入符合預期,主要是受到強勁的廣吿收入所帶動。經調整淨利潤勝於預期17%;淨利潤率優於預期4個百分點。國內遊戲和國外遊戲的收入均出現按年增長。展望第二季,該行預計騰訊的遊戲業務結構將持續改善,首季的延期確認將繼續有利於遊戲收入。同時,《地下城與勇士》將於5月21日上線,帶動貢獻收入提升。因此,該行預計遊戲業務將在次季復甦,並在下半年加快增長,預期次季及2024財年的遊戲收入將分別為460億及1,906億元,按年分別升3%及6%。該行提到,集團的毛利率正在擴張,新的高利潤業務將繼續推動高質量增長,預計集團次季及全年的經調整淨利潤分別為476億及2,015億元,按年分別增27%及28%,淨利潤率分別為29.5%和30.5%。該行上調集團2024財年的經調整淨利潤預測7%,目標價由430港元上調至464港元,維持“跑贏大市”評級。
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