交銀國際:看好視頻號潛在增長空間 維持騰訊(0700.HK)買入評級
交銀國際發表報吿表示,預計騰訊(0700.HK)2021及22年收入分別增長23%及19%,淨利潤增長19%及22%,主要由於持續的技術、內容的投入以及對用户活躍度的營銷投入,該行將騰訊目標價由873港元,下調至860港元,維持買入評級,看好視頻號的潛在增長空間。
報吿指,騰訊去年第四季度收入1337億元人民幣,按年增26%,調整後每股盈利為3.44元,按年增30%,較市場預期的1330億元及3.52元為佳。不過,遊戲收入低於該行預期,主要由於去年上半年疫情的正面影響減弱,廣吿收入高於預期11%,來自微信生態廣吿解決方案的帶動以及易車收入合併。毛利率及調整後淨利率分別為44%及25%,與該行預期一致。
報吿預計,今年第一季度,收入1360億元人民幣,按年增長26%,社交、遊戲、金融及雲/廣吿分別按年增長26%、17%、42%及29%,主要由於遊戲旺季,例如王者榮耀的更新,以及支付及廣吿業務去年同期的低基數帶動,並估計調整後淨利潤為349億元人民幣,按年增29%,利潤率25.7%。

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