交银国际：维持腾讯(00700)“买入”评级 目标价上调至401港元
交银国际发布报告称，按核心盈利业务20倍市盈率，将腾讯(00700)目标价由399港元上调至401港元，略微调整2024/25年收入预期，预计收入分别增长8%及7%，利润率持续提升带动利润上调4%及1%。考虑到微信生态的可变现能力及混元大模型长期想象空间，维持“买入”评级。
报告中称，公司今年第三季总收入1546亿元(人民币.下同)，同比及环比分别增长10%及4%，符合该行及市场预期。毛利率及调整后净利润率分别为49%及29%，同比及环比持续优化，受益于高利润率的视频号、小游戏等业务收入占比提升，以及有效的降本增效措施。调整后每股盈利4.66元，同比增41%，超出该行及市场预期14%及13%。
该行预计，腾讯第四季度总收入同比增12%至1618亿元，较此前预期的10%略有上调，主要受好于预期的游戏业务拉动。分业务看，预计VAS、FBS及广告分别升6%、9%及16%，第四季电商旺季拉动电商广告及视频号电商变现，以及目前9款新游待上线后也将对收入有所拉动。运营利润增速仍然快于收入，预计或可能达到近40%的同比增长。
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