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《大行報告》匯豐研究引述騰訊(00700.HK)料明年淨利潤增長可能續超過收入增長 估廣告利潤率將升
阿思達克 11-30 14:59
匯豐研究發表報告指出,與騰訊(00700.HK)高級執行副總裁兼首席戰略官James Mitchell及IR團隊會談,騰訊認為明年盈利能持續超過收入增長。對於收入和盈利之間的增長差距會否擴大或縮小,競爭比起宏觀因素將發揮更大的影響作用。 該行提及,騰訊預計金融科技和企業服務(FBS)以及廣告領域的毛利率將會上升。至於增值服務(VAS)毛利率前景取決於遊戲的推出,其中《DnFM》,以及國際PC遊戲如《流放之路(Path of Exile 2)》和《夜鶯》等的潛在成功至關重要,有望為毛利率提供上行空間。 此外,該行指騰訊強調兩個投資重點領域,包括電商直播,將增加數百人;GPU方面,集團每年投入數億美元在資本開支及員工人手上,以開拓「混元」及廣告網絡方面。而廣告收益的潛在升幅有望覆蓋投資收益。騰訊晶片亦可支援「混元」升級兩年。 該行維持騰訊「買入」評級,目標價445元,看好集團在高利潤細分市場的有利收入組合、持續的成本控制和估值不高。
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