大摩:重申腾讯控股“增持”及首选,上调目标价至630港元

智通财经APP
20 Mar

3月20日,摩根士丹利发布研报称,腾讯控股透过可持续的广告增长、2B需求及2C应用变现,从人工智能投资中获得高投资回报,同时仍致力资本回报及利润率改善。重申其“增持”评级及首选,目标价上调15%,由550港元升至630港元。

大摩认为,腾讯已解决先前所有市场关注的资本开支、云端应用、与核心业务整合等问题。该行预计,集团2025年资本开支为940亿人民币,主要用于GPU采购,占收入13%,基本符合市场预期。尽管腾讯资本开支不断增加,大摩认为管理层仍有信心透过有利的业务组合转变来扩张其利润率。该行预计腾讯2025年营业利润增16%,营业利润率则达38%,较去年同期增加2个百分点。

核心业务方面,大摩见腾讯第4季广告增长强劲,并随着人工智能广告技术的不断升级,该行相信腾讯的广告增长应该比全球同业更持久,因用户数据在小程序及支付方面发挥了杠杆作用。在外部人工智能云端需求方面,该行亦预计市场将逐渐被三家超大规模公司整合,这将进一步推动腾讯云端加速增长。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10