《大行》大和上調騰訊(00700.HK)收入及盈測 目標價升至750元
大和發表研究報告指,騰訊(00700.HK)第二季收入及經調整每股盈利分別按年增長15%及13%,符合市場預期,各業務持續增長,看好遊戲業務強勁增長勢頭將延續至下半年,憧憬《三角洲行動》及《部落衝突:皇室戰爭》可推動下半年遊戲收入維持雙位數增長,加上月內推出的《Valorant》手遊料將成短期催化劑,預期2026年遊戲收入仍可保持雙位數升幅。
AI技術驅動下第二季營銷服務收入增長20%,大和認為是受惠於視頻號及微信搜索的點擊率提升及展示量增加,而非廣告加載量上升,目前預測營銷服務收入於2025至2027年間可維持20%的增長。基於遊戲增長前景好過預期,大和將騰訊2025至2027年收入及每股盈利預測上調1%至5%及3%至6%,目標價由670元升至750元,重申「買入」評級。
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