國信證券:港股互聯網板塊整體估值較低,投資價值凸顯
國信證券近日研報表示,整個上半年,港股互聯網各龍頭公司已表現出微觀基本面築底回升的特徵,儘管宏觀經濟仍表現出一定壓力,我們觀察到騰訊的主業遊戲海外流水已率先回暖、美團外賣業務每單盈利能力在Q1也開始環比回升、美團本地生活業務跟字節的競爭也逐步走向差異化方向等,我們認為現在正處在微觀企業經營效率的小週期回升的起點,因此將推動港股互聯網板塊開啟長期基本面修復行情。此外,各家互聯網公司今年以來陸續推出大額回購計劃,整個上半年騰訊、美團、快手的回購金額分別為523億/139億/20億港元。目前港股互聯網公司多數交易在24年經調整淨利潤15-20x水平,相比較美股納斯達克科技巨頭多數交易在24年PE25-30x,整體估值較低,投資價值凸顯。
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