According to a research report published by CICC on the 19th, CICC published a research report saying that Tencent (00700.HK)'s revenue for the fourth quarter of last year is expected to be 69.8 billion yuan, up 59% year on year, 1.8% higher than other brokers' forecasts; non-GAAP net profit will rise 38% year on year to 17 billion yuan, which is also slightly higher than other brokers' forecasts. According to the bank, it is expected that online advertising revenue will maintain strong momentum in the fourth quarter, mainly driven by advertising revenue from the “circle of friends”, while Tencent News's revenue is less than 5 billion yuan. Due to the flat number of daily active users and the suspension of platforms that sell “Smart Connect,” it is currently being replaced by “Broadpoint Connect,” but last year's weakness provided a low base opportunity for this year. It is expected that online advertising in the fourth quarter of last year and 16% of total revenue this year will contribute 17% and 16%, respectively. The bank also indicated that the mobile game business will record a recovery this year. Among them, Wang Zhe Rongyao still has a huge customer base, and the average monthly revenue per user has increased due to increased monetization capabilities; QQ Speed is growing rapidly, providing an outstanding contribution to revenue; and a series of new games will soon be launched. The bank said that the company plans to further enrich the WeChat ecosystem, such as adding a mini-program. It believes there will be no monetization this year, but as the scale expands and momentum increases, it will boost stock price performance, target price of HK$540, and maintain the “buy” rating. Tencent (00700.HK) currently reported HK$463.4, a decrease of 0.34%, and provisional transactions of HK$6,574 billion, with the latest total market value of HK$4.4 trillion.
中金:料腾讯上季非通用会计准则纯利按年升38%
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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