智通财经APP获悉，招商证券发布研报称，目前腾讯控股(00700)估值为2025/2026财年18倍/16倍市盈率，处于历史均值水平，对比中国同业的17倍/15倍及美国同业的25倍/23倍。凭借其强大的社交网络护城河和AI技术，预计AI代理、广告、AI产品商业化和AI驱动利润率扩张将为腾讯带来潜在的收益和估值上升机会。维持“增持”评级，看好公司独特市场地位，目标价由670港元上调至700港元。
该行指，腾讯第二季业绩超预期，收入同比增长15%，超预期3%;非IFRS净利润同比增长10%，同样超预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长势头，上调2025/2026财年盈利预测。
报告指，受芯片供应限制影响，腾讯第二季资本开支为191亿元人民币，按季下降30%，但仍符合公司此前提出2025财年资本开支强度维持在收入的低双位数百分比的指引。该行维持对2025/2026财年资本开支分别为970亿和1,070亿元人民币的预测，以持续支持公司内部业务升级与增长前景。
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