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瑞银料腾讯(0700.HK)第二季手游同比增26%吁“买入”
格隆汇 07-29 11:43
瑞银发表研究报告,指腾讯(0700.HK) 第二季的业绩表现好坏参半,但手机游戏强势理应能令今年的收入及盈利增长达到25%左右的增长,并有望在明年加速。该行相信,《和平精英》的变现能在今年下半年得到改善,但对广告市场及竞争的看法更为负面,虽然微讯朋友圈的表现相对较好,但视频广告的表现因为监管而差过预期,情况与爱奇艺及优酷相似。
然而,该行相信广告和金融科技与商业服务(FBS)是未来数年的主要增长动力,这对公司的长远增长及估值十分重要。其渠道调查显示,腾讯最大的广告产品微讯朋友圈能继续增加广告负载及广告定价,而视频广告亦有望在2020年回复轻微增长,料FBS的收入增长从今年的41%加速至明年的50%。
该行预期公司第二季手游及广告收入分别按年增长26%及22.6%,料整体收入按年增长23.9%至913亿元人民币。由于产品结构转变,看到公司的毛利率及盈利增长略有好转,维持腾讯“ 买入 ”投资评级,目标价450港元。
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