大行评级|招商证券国际:看好腾讯AI产品及生态护城河,目标价降至620港元

格隆汇
Yesterday
招商证券国际发表研报指,腾讯第二季业绩略胜预期,国内游戏及广告业务增长超出预期,剔除新AI产品投入后,经营溢利同比增19%,核心主业盈利质量仍在提升。另一方面,腾讯明确四大AI策略,支持更激进的资本开支。该行指出,AI赋能核心业务盈利释放为AI投入提供支持,看好腾讯的AI产品及生态护城河,续予“增持”评级,目标价由632港元下调至620港元。 该行上调腾讯2026及27年资本开支预测至2157亿及2600亿元,由于折旧费用上升,下调公司2026至28年核心净利润5至9%,预计2026及27年核心净利润增长率分别为2%和3%。该行认为,资本开支增加将会在短期为腾讯带来一定的财务压力,但可通过核心主业盈利提升而有所缓解,且AI投资具备明确下行保护。

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