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《大行》華泰證券升騰訊(00700.HK)目標價至742.19元 射擊遊戲前景可期
阿思達克 08-15 10:44
華泰證券研究報告指出,騰訊控股(00700.HK)第二季業績上,營收按年增長14.5%。分業務看,增值服務、廣告、金科收入分別按年增長16%、20%、10%,對應毛利率按年改善3.4、1.9、4.5百分點。該行表示,從長線看,騰訊作為射擊遊戲的龍頭開發商,有望實現玩家和商業化雙輪驅動(國內滲透率快速提升),《三角洲行動》7月成為龍頭遊戲,《無畏契約》手遊8月19日待上線,未來儲備包括多款重要射擊和大世界遊戲。 展望2025至2027年,該行分別上調騰訊收入預測2.7%、4.7%、4.8%,主因微信小店持續放量有望驅動廣告與金融科技協同增長,且AI產品催化下公司業務持續受益,調整經調整歸母淨利潤跌2.7%、升1.4%、升4.5%至2,557億、2,890億與3,304億元,2025年下調因聯營企業盈利放緩。 華泰證券看好廣告和電商傭金的雙線增長,視頻號impression穩步增長,AI驅動廣告eCPM和點擊率提升。該行又根據SOTP估值,給予公司目標價742.19港元(前值614.34港元),對應騰訊2025年24.3倍PE估值(前值19.9倍)。騰訊今年上半年累計回購股份365億港元,回購率約0.7%;24年分紅率約1.1%(以24年12月31日收盤價計)。維持「買入」評級。
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