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《大行》中金:騰訊(00700.HK)首季純利符預期 AI投入積極可控
中金發表報告,指騰訊(00700.HK)首季Non-IFRS純利按年升11%,符合市場預期。受流水遞延影響,首季收入按年增9%,則低於市場預期。報告稱,騰訊首季遊戲業務流水增速可觀,長青遊戲再創新高。今年春節較晚,導致部分遊戲流水以及分成遞延至後續季度確認。該行預計次季國內遊戲收入按年增12%,海外遊戲增10%。中金稱,騰訊首季廣告收入增長加快,按年增20%...
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《大行》中金:騰訊(00700.HK)首季純利符預期 AI投入積極可控
Recommend
17
Positive
21
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12
 
 

中金發表報告,指騰訊(00700.HK)  +3.100 (+0.681%)    Short selling $607.81M; Ratio 10.170%   首季Non-IFRS純利按年升11%,符合市場預期。受流水遞延影響,首季收入按年增9%,則低於市場預期。

報告稱,騰訊首季遊戲業務流水增速可觀,長青遊戲再創新高。今年春節較晚,導致部分遊戲流水以及分成遞延至後續季度確認。該行預計次季國內遊戲收入按年增12%,海外遊戲增10%。

中金稱,騰訊首季廣告收入增長加快,按年增20%,料次季廣告收入按年增17%。該行測算首季金融業務按年增7%,好於此前預期,源於商業支付量價改善,以及理財的穩健增長;首季企業服務收入按年增20%,受惠雲服務量價齊升。該行預測次季企業服務收入按年增25%,金融與企業服務收入按年增10%。

報告認為,騰訊AI投入積極可控。騰訊4月底開源發布混元3.0預覽LLM,兼顧實用性與性價比,已部署於公司內部131個產品實現協同叠代,下一步向更大參數模型演進。管理層認為微信/QQ/企業微信是AgenticAI天然的控制接口,未來若將小程序代碼轉化為AI Skills,有望構築差異化生態壁壘。首季剔除新AI產品的影響,Non-IFRS經營利潤按年增17%,表明核心業務盈利能力穩健,有望為AI投入提供充足現金流支撐。該行預計騰訊次季經調整營業利潤、經調整淨利潤分別按年增7%及9%。

中金維持騰訊今明兩年收入和Non-IFRS淨利潤預測。維持「跑贏行業」評級,維持目標價 666 港元,對應預測今年Non-IFRS市盈率20倍。(da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 12:25.)

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