---
title: "《大行》大摩料腾讯第三季收入按年增 13%  重申「增持」评级"
description: "摩根士丹利预计腾讯第三季收入同比增长 13%，非国际财务报告准则经营溢利升 18%。该行重申腾讯「增持」评级，目标价 700 元，并上调 2025 至 2027 年非国际财务报告准则经营溢利预测 1 至 2%。大摩看好腾讯在各业务领域的稳健增长及其资本管理能力。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261972803.md"
published_at: "2025-10-21T03:19:27.000Z"
---

# 《大行》大摩料腾讯第三季收入按年增 13%  重申「增持」评级

> 摩根士丹利预计腾讯第三季收入同比增长 13%，非国际财务报告准则经营溢利升 18%。该行重申腾讯「增持」评级，目标价 700 元，并上调 2025 至 2027 年非国际财务报告准则经营溢利预测 1 至 2%。大摩看好腾讯在各业务领域的稳健增长及其资本管理能力。

摩根士丹利发表研究报告，预计腾讯 (00700.HK) 第三季收入按年增长 13%，非国际财务报告准则经营溢利升 18%，游戏及广告业务具备潜在上升空间，其利润率或持续扩张。该行重申腾讯「增持」评级，目标价 700 元，续为首选股。

大摩上调腾讯 2025 至 27 年的非国际财务报告准则经营溢利预测 1 至 2%，并料公司 2025 至 27 年资本开支为 3,200 亿元人民币。该行看好公司在所有业务范畴的稳健增长，以及正面的营运杠杆、有限的竞争、资本管理和执行能力。

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