《大行》花旗料騰訊(00700.HK)次季業績穩健 升目標價至699元 維持「買入」評級
花旗發表報告指出,騰訊控股(00700.HK)將於8月13日公佈2025年第二季業績,預期業績穩健,估計非通用會計準則淨利潤按年升4.9%至601億人民幣,收入及利潤將達到或超出該行及市場共識預期,且遊戲業務因新遊戲貢獻及遞延收入而具潛在上行可能性,但季節性疲軟部分抵消了相關因素。
該行預期,騰訊線上廣告收入增長將較第一季(年增20%)放緩至年增16.5%,因電商平臺廣告支出略微被外賣補貼稀釋,儘管618促銷季表現良好。
花旗預期,進入2025年第三季,騰訊旗下遊戲業務因較強的季節性因素、新遊戲發佈及內容升級支持穩健收入,儘管基數較高,並預期騰訊將重點介紹AI模型(如混元3D世界模型)及元寶新功能的最新進展與更新、新遊戲管線、微信搜索動能及宏觀展望。在調整預估後,花旗採用分類加總估值法(SOTP)修訂該股目標價,從695港元上調至699港元,對應今明兩年預測市盈率各24.4倍及22.3倍,維持「買入」評級及核心持股首選地位。
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