---
title: "《大行》交銀國際上調騰訊目標價至 604 元 AI 生態提供想像空間"
description: "交銀國際上調騰訊目標價至 604 元，維持「買入」評級。報告指出，騰訊今年首季收入同比增長 13%，超出預期，毛利增長 20%。各業務均表現良好，預計 AI 投入將縮小經營利潤與收入增速的差距，利潤增速將持續快於收入增速。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/240513692.md"
published_at: "2025-05-16T06:31:47.000Z"
---

# 《大行》交銀國際上調騰訊目標價至 604 元 AI 生態提供想像空間

> 交銀國際上調騰訊目標價至 604 元，維持「買入」評級。報告指出，騰訊今年首季收入同比增長 13%，超出預期，毛利增長 20%。各業務均表現良好，預計 AI 投入將縮小經營利潤與收入增速的差距，利潤增速將持續快於收入增速。

交銀國際發表研究報告指，騰訊 (00700.HK) 今年首季收入按年增長 13%，較該行及市場普遍預期分別高出 4% 及 3%，經調整每股盈利則較行及市場預期高 10% 及 3%，毛利按年增長 20%，增速高於收入增長。期內遊戲、社交、營銷服務及金融科技及企業服務業務均錄得良好增幅。

交銀國際預期，在對 AI 投入及資本開支增加的影響下，騰訊經營利潤與收入之間的增速距離將收窄，預計利潤增速快於收入增速的趨勢不變，基於業績表現及股東回報穩定，與 AI 生態所提供的想像空間，維持「買入」評級，並將目標價上調至 604 元，對應預測 2025 年市盈率約 20 倍。

### Related Stocks

- [TCEHY.US - 騰訊控股(ADR)](https://longbridge.com/zh-HK/quote/TCEHY.US.md)
- [TCTZF.US - 騰訊控股(ADS)](https://longbridge.com/zh-HK/quote/TCTZF.US.md)
- [00700.HK - 騰訊控股](https://longbridge.com/zh-HK/quote/00700.HK.md)
- [03329.HK - 交銀國際](https://longbridge.com/zh-HK/quote/03329.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| ByteDance Offering Free Robot Dogs and EVs as Lunar New Year AI War Heats Up | ByteDance is launching a promotional campaign for its AI apps by giving away over 100,000 tech products, including robot | [Link](https://longbridge.com/zh-HK/news/275612308.md) |
| Tencent, Tesla team up on WeChat-linked in-car features in China | BEIJING, Feb 11 (Reuters) - Tencent Cloud said on Wednesday it has partnered with U.S. automaker Teslato offer in-car fe | [Link](https://longbridge.com/zh-HK/news/275561238.md) |
| ConocoPhillips considers selling Permian assets worth $2 billion, Bloomberg News reports | Feb 20 (Reuters) - ConocoPhillipsis exploring a sale of some of its Permian Basin assets as part of a broader streamlini | [Link](https://longbridge.com/zh-HK/news/276478732.md) |
| IronBridge Private Wealth LLC Has $905,000 Holdings in Apple Inc. $AAPL | IronBridge Private Wealth LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 77.3% in Q3, holding 3,555 shares valued  | [Link](https://longbridge.com/zh-HK/news/276436345.md) |
| Inflation rose more quickly than expected in December | Inflation rose more quickly than expected in December | [Link](https://longbridge.com/zh-HK/news/276463362.md) |

---

> **免責聲明**：本文內容僅供參考，不構成任何投資建議。
