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《大行報告》海通國際升騰訊(00700.HK)目標價至430元 續保持高質量增長
阿思達克 03-25 11:28
海通國際發表報告指,騰訊(00700.HK)2023年第四季業績符合預期。公司廣告收入按年增加23%,最主要驅動力源自視頻號賬戶。每日活躍用戶數量及每用戶使用時間均呈上升趨勢,加上更高的視頻點擊率和展示次數,帶動視頻賬戶的總使用時間及廣告收入按年增長逾一倍。同一時間,公司旗下遊戲改版並更着眼於新遊戲發展,令末季遊戲收入低於預期7%,抵銷了廣告強勁成長的推動力,令去年末季公司收入低於預期1%。 海通國際預計,騰訊2024年將持續的高質量增長,今年全年及第一季的毛利率將進一步擴張。報告並預期公司廣告業務,將繼續成爲成長最快的市場,推動公司整體收入增長。至於遊戲業務方面,該行預計公司最新的遊戲策略將於今年第二季開始獲得成效,預計騰訊2024年第一季及全年的遊戲收入將按年分別跌1%及升6%。 報告料海通國際首季經調整純利按年升33%至430億元人民幣,全年料升20%至1,890億元人民幣,淨利潤率分別27%及28%。報告將騰訊目標價由407元上調至430元,並維持「優於大市」評級。
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