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申万宏源:维持腾讯控股(00700)“买入”评级 目标价471港元

Shen Wan Hongyuan: Maintaining Tencent Holdings (00700)'s “Buy” Rating Target Price of HK$471

Zhitong Finance ·  May 16 09:37

Shen Wan Hongyuan expects the growth rate of Tencent Holdings (00700)'s game business to rise to 20% in the second half of the year.

The Zhitong Finance App learned that Shen Wan Hongyuan released a research report saying that maintaining the “buy” rating of Tencent Holdings (00700), considering that the company's high gross margin business growth momentum is driving an increase in overall profit margins and raising profit forecasts, the company's adjusted net profit for 24-26 is estimated to be 1990/2261/251 billion yuan (the original forecast was 1801/2096/23.1 billion yuan). The target market value was raised from RMB 3818.4 billion to RMB 4035.1 billion, with a target price of HK$471.

According to the report, according to financial reports, domestic game revenue in Q1 decreased by 2% year on year (better than the agreed forecast of 4% year-on-year decrease), overseas game revenue increased 3% year on year (in line with expectations), and overall game revenue declined slightly. However, judging from sales performance and delays, the Q1 distribution end was stronger than expected. The overseas distribution end increased 34% year over year. According to point data, the Q1 sales volume of “Battle in the Wilderness” by Supercell increased by nearly 260% year on year (but the delay period was long); domestic “Wang Zhe Rongyao” and “Peace Elite” corrected year on year in March. The bank estimates that the Q1 pipeline growth rate is at a single-digit level. Starting in Q2, the game is expected to grow positively year on year: “DNF Mobile Game” was launched on 5.21; subsequent “Need for Speed” and “Dawn of the Stars” are worth watching. The bank's growth rate is expected to rise to 20% in the second half of the year. The overall gross margin of value-added services increased from 54% in the same period last year to 57%, mainly driven by high-margin subscription revenue for mini games and music. The low-margin live streaming business is still shrinking.

The translation is provided by third-party software.


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