《大行》高盛升騰訊(00700.HK)目標價至701元 AI推動各業務線增長
高盛研究報告指出,騰訊控股(00700.HK)今年第二季業績強勁,錄得四年來最快收入增長及歷史最高毛利率,強化了該行對騰訊作為中國互聯網行業中最具優勢企業之一的看法,其憑藉獨特的微信生態系統及全球遊戲資產,通過人工智能應用推動其所有業務線(遊戲、廣告、金融科技、雲端、電子商務)的增長。其中,兩大高質量收入來源(遊戲及市場營銷服務)連續兩個季度保持20%或以上的按年增長。
高盛上調騰訊2025至2027年收入及每股盈利預測1%至6%,因為其遊戲業務作為平台的穩定性提升、市場營銷服務(廣告)的長期增長跑道擴展、金融科技增長復甦,以及雲端/電子商務增長加速,推動持續的營運槓桿效應。因此,高盛將騰訊12個月目標價從658元上調至701元,維持「買入」評級。
高盛表示,騰訊憑藉第二季的強勁表現,繼續是該行在中國互聯網行業中的核心投資選擇,遊戲為該行首選的子行業。
高盛又將騰訊2025和2026財年資本支出分別上調至900億元及1,020億元人民幣(原為730億元及870億元),因第二季資本支出表現好於預期,儘管受到外國芯片供應限制;預計2025年和2026財年遊戲收入分別按年增長18%及11%(原為15%及8%);又認為《無畏契約》移動版8月推出將有利於推動2025年第四季至2026年上半年的遊戲收入上行。
高盛又修訂騰訊2025年第三季國內及國際遊戲分別增長至13%及23%(原為10%及15%);並預計2025財年和2026財年市場營銷服務收入分別增長19%及16%(原為18%及15%);預計雲端收入在2025年第三季健康增長19%;預測2025年第三季和2025財年收入分別按年增長13%及13%(原為10%及11%);每股盈利增長18%及17%(原為14%及15%)。
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