《大行》招商證券升騰訊(00700.HK)目標價至700元 維持「增持」評級
招商證券發表報告指,騰訊(00700.HK)第二季業績超預期,收入按年增長15%,超預期3%;非IFRS淨利潤按年增長10%,同樣超預期3%,主要受益於各業務板塊的利潤率改善。所有業務線在AI賦能下展現強勁增長勢頭,上調2025/2026財年盈利預測。
報告指,受芯片供應限制影響,騰訊第二季資本開支為191億元人民幣,按季下降30%,但仍符合公司此前提出2025財年資本開支強度維持在收入的低雙位數百分比的指引。該行維持對2025/2026財年資本開支分別為970億和1,070億元人民幣的預測,以持續支持公司內部業務升級與增長前景。
該行指,目前騰訊估值為2025/2026財年18倍/16倍市盈率,處於歷史均值水平,對比中國同業的17倍/15倍及美國同業的25倍/23倍。憑借其強大的社交網絡護城河和AI技術,預計AI代理、廣告、AI產品商業化和AI驅動利潤率擴張將為騰訊帶來潛在的收益和估值上升機會。維持「增持」評級,看好公司獨特市場地位,目標價由670港元上調至700港元。
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