中金：线上平台估值回调板块吸引力增强

智通财经2025-12-22

智通财经APP获悉，中金发布研报称，近期，市场整体情绪转低带来板块整体出现回调格局，当下线上平台板块整体估值已处于均值和25分位之间。从基本面来看，板块整体业绩稳健，广告、游戏等主要赛道仍有健康增速，重点公司例如腾讯等依然表现出利润率提升经营杠杆。此外，该行认为AI仍处于高速发展状态，且相对于海外科技巨头激进资本开支，国内互联网公司投入更加实际，自然也更加可持续，该行仍然认为AI将成为未来部分...

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ASIAN EQUITY (USD) \"P\" (USD) ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0080751232.USD":"富达环球多元动力基金A"},"translate_title":"CICC: Online platform valuation correction sector increases attractiveness","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"HTCD.SI":0.6,"TCHmain":0.74,"KSTmain":0.74,"NTES":0.74,"TCEHY":1.87,"00700":1.87},"content_text":"智通财经APP获悉，中金发布研报称，近期，市场整体情绪转低带来板块整体出现回调格局，当下线上平台板块整体估值已处于均值和25分位之间。从基本面来看，板块整体业绩稳健，广告、游戏等主要赛道仍有健康增速，重点公司例如腾讯等依然表现出利润率提升经营杠杆。此外，该行认为AI仍处于高速发展状态，且相对于海外科技巨头激进资本开支，国内互联网公司投入更加实际，自然也更加可持续，该行仍然认为AI将成为未来部分互联网公司重要增量机遇。整体来看，基本面稳健，AI潜力仍在，但估值在降低，该行认为板块吸引力在增强。综合来看，该行核心推荐腾讯控股(00700)，建议关注快手-W(01024)、网易-S(09999)、赤子城科技(09911)、哔哩哔哩-W(09626)。中金主要观点如下：绝大部分公司进入2026年15-20xPE的“合理”区间，这意味着未来一旦有公司业绩超预期，将有望享受业绩与估值的双升曾经板块中哔哩哔哩长期处于超高估值，BOSS直聘、腾讯音乐、网易云音乐等一直处于中高估值水平;然而，展望2026年前瞻估值水平，除哔哩哔哩(20-25X)和快手(10-15X)外，腾讯、网易、BOSS直聘、腾讯音乐、网易云音乐等重点公司均已处于15-20X水平。该行认为，对于长逻辑向好、短期业绩超预期的公司而言，20-25X亦属合理水平，目前板块大部分公司的估值，为未来业绩超预期的公司奠定了良好土壤。部分公司出现了一些新的、较好的长期逻辑，值得重点关注(1)网易在《燕云十六声》采取高质量单机剧情+基于剧情的社交模块付费的模式，在海外主流用户群中找到了一条适应度更广的新路径;(2)哔哩哔哩非游戏业务壁垒高、经营稳定，而公司在游戏业务聚焦精品、持续发力，有望在稳定业绩基础上带来弹性增量;(3)快手控制获客成本后，营销费用率出现大幅改善，对经调整运营利润率有明显提振作用。此外，腾讯控股一直保持着经营业绩的高度稳健、赤子城社交基础盘增长良好。盈利预测与估值维持行业内相关公司盈利预测、评级及目标价不变。风险宏观恢复不及预期;部分赛道监管趋严;外部环境变化;AI布局不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2593961101","isCrawlerRequest":true}

中金：线上平台估值回调 板块吸引力增强

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中金：线上平台估值回调板块吸引力增强