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《大行》高盛:電商及即時零售補貼戰拖累 料內地科企次季整體盈利跌10% 升騰訊(00700.HK)目標價至658元
高盛發表研究報告,預測中國科技企業第二季AI及雲業務增長將加快,受到電商競爭及即時零售補貼戰的拖累,電商交易平台利潤預料將大幅下滑,而遊戲及出行業務仍將表現強勁。該行預期外賣補貼戰將在截至9月底止季度達到頂峰。高盛預期科投股次季整體盈利將下跌10%,是自2022年第二季以來首度錄得按年跌幅。 高盛預測阿里雲收入增長將由3月底止末財季的18%,加快至截至6月底止首財季的23%,對比國際同業Google Cloud、微軟Azure及亞馬遜AWS增幅介乎17%至39%。高盛又預測,補貼戰影響下,阿里-W(09988.HK)(BABA.US)EBITA將按年下跌16%,美團-W(03690.HK)及京東-SW(09618.HK)(JD.US)EBIT料跌58%及70%,拼多多(PDD.US)經調整EBIT料跌38%。 另外,高盛預測遊戲、廣告及出行業務帶動下,騰訊(00700.HK)經調整EBIT可增長15%,網易(09999.HK)(NTES.US)及滴滴(DIDIY.US)料分別增長20%及32%。高盛相應上調騰訊目標價,由原先595元升至658元,評級「買入」。
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