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騰訊業績勝預期 疫市再創高峰可買未?

騰訊(SEHK:700)公布最新業績,有何亮點?值得投資嗎? –

新經濟產業在疫市抬頭,騰訊(SEHK:700)作為中資科技龍頭自然成為贏家,集團公布最新業績,有何亮點?值得投資嗎?

疫市持續增長

新冠肺炎疫情為全球經濟帶來衝擊,但同時間新經濟產業逆勢崛起。實體娛樂消閑渠道受阻,如外出消費活動大減,大眾消費力轉至虛擬消費,手遊、串流等服務需求急增。受惠於強烈順風,騰訊在今年第二季再次創下佳績。集團在期內的收入按年增加29%至1149億元(人民幣·下同),毛利則增加至532億元,同比增長為36%,經營溢利及股東應佔溢利則分別實現43%及37%增長。

社交平台維持壟斷

騰訊旗下最核心的資產是社交平台——微信。這個社交平台擁有著中國市場最龐大的活躍用戶。截至今年6月底,微信及WeChat的合併月活躍賬戶數已達12億,同比增長為6.5%,環比增長則為0.3%,反映疫市中用戶對線上渠道的依賴上升,並且在疫市有所鞏固。在「數字化」大趨勢下,微信的商業化空間持續擴大。微信的小程序過去一直推動實體零售線上化,微信最近更推出小程序功能「小商店」,推動商家在微信生態上設立及經營線上商店,反映管理層積極實現增長潛力。

內容生態加速擴張

騰訊另一重要收入來源是其龐大的內容生龐,包括網絡遊戲、視頻等業務。截至今年6月底,集團的收費增值服務註冊賬戶數錄得20.4%同比增長至2億個,環比增長則為3%,反映疫情中在線娛樂需求持續擴張。調查機構Sensor Tower估計今年次季的全球手遊收入將按年增加近3成至175億美元,而騰訊的網絡遊戲收入則領先市場錄得40%增長,主要貢獻自《和平精英》及《王者榮耀》兩款全球最吸金手遊。

此外,音樂服務會員數按年增加52%至4,700萬,加上期內完成合併的「虎牙」帶來貢獻,視頻服務會員數按年增加18%至1.14億,社交網絡收入在期內上升至267億元,同比增長為29%。雖然疫後在家時間減少或會令騰訊的內容生態失去短線增長動力,但線上化大趨勢有望在疫後持續,騰訊在多個領域享領先優勢,長線增長潛力吸引。

結語

新冠肺炎疫情為騰訊帶來短線增長動力,集團兩大類業務均實現了可觀增長,疫後仍有望受惠於生活線上化的大趨勢。不過,騰訊股價或已反映正面因素。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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