招商证券(香港)上调腾讯控股评级

2025年8月14日，招商证券(香港)发布研报，上调腾讯控股评级，评级由“增持”调整为“买入”。本次评级报告研究员为李怡珊。

该研报摘要表示：
We revised up forecast (Figure 8), lifting our SOTP-TP to HKD700 from HKD670, based on 15x/15x/25x/10x target P/E for gaming/ SNS/ advertising/ Fintech, and 5x P/S for cloud business, implying 23x/20x FY25/26E P/E (Figure 10). Tencent is currently trading at 18x/16x FY25/26E PE (at historical mean), vs 17x/15x of its China peers and 25x/23x of its US peers. Leveraging its strong social network moat and AI technology, we see potential earnings/valuation upside opportunities for Tencent from AI agents, advertising, AI products’commercialization, and AI-driven margin expansion.

（数据来源：同花顺（300033）iFinD）

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