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一周财报前瞻:腾讯能否抗住压力,蔚来将迎高增长?

LAIYUAN:HUASHENGZHENGQUAN

极速排列3BENZHOUGANGMEIGUSHICHANGJIANGYINGLAIDUOJIAGONGSIDEZHONGBANGCAIBAOFABU。QIZHONGGANGGUSHICHANGGUANZHUDUZUIGAODEYOUXIANSHANGNEIRONGPINGTAIYUEWENJITUAN,YIJIGUONEIWANGLUOYOUXIHESHEJIAOPINGTAILONGTOUGONGSITENGXUNKONGGU。

ERBENZHOUMEIGUSHICHANGGENGSHIYINGLAILEZHONGGAIGUDECAIBAOPILUGAOFENG,RUSHIPINZHIBOPINGTAIDOUYU、HUYA、HUANJUSHIDAI、YOUXIJUTOUWANGYI、GUONEISOUSUOJUTOUBAIDU、ZAOCHEXINSHILIYULAI、SHIPINPINGTAIAIQIYIDENGDOUJIANGGONGBUCAIWUSHUJU。ZHIMINGMEIGUCAIBAOHAIYOU“FEIZHOUALI”ZHICHENGDEJumia、DACHEPINGTAILyftYIJIHUANGJIAJIALEBIDENGYOULUNGU。

极速排列3RANGWOMENQIANZHANYIXIAMINGXINGGONGSIMENJIANGGONGBUDEZUIXINCAIBAOYUQI,SHULIYIXIATOUZIZHEXUYAOGUANZHUNAXIEZHONGDIAN。

一、阅文集团:上半年预计盈转亏,机构仍看好

LAIYUAN:HUASHENGZHENGQUAN

7YUE20RIWAN,YUEWENJITUANFABUYINGLIYUJING,YUJIGONGSI2020NIANSHANGBANNIANYEJIJIANGJIAOQUNIANTONGQIYOUYINGZHUANKUI。ZONGHESHANGYUJIANZHIHEJICHOUDIAOJIAN,YUEWENJITUANJINNIANSHANGBANNIANYUJIJIANGKUISUN20YIZHI34YIYUAN(RENMINBI,XIATONG),ERQUNIANTONGQIWEIYINGLI3.9YIYUAN。

JINGUANYEJISHOUYIYUYIQINGHESHANGYUJIANZHI,DANYUEWENJITUANDEZHANGQIFAZHANYIRANSHOUDAOYANJIUJIGOUKANHAO。ZHONGJINRENWEIXINGUANLICENGJIANGDAILINGYUEWENSHENDULIANDONGTENGXUNHEXINGYEHUOBAN,IPYUNYINGYEWUYOUWANGYUTENGXUNYINGYE,TENGXUNDONGMAN,TENGXUNSHIPINCHANSHENGXIETONGXIAOYING。

极速排列3ERHUAQIZEBIAOSHI,YUJIGONGSIDEMIANFEIQUDAOJIANGSHOUHUIYUTENGXUNQIXIADEYONGHULIULIANGGUIMO,ERMUQIANGONGSIFUFEIDINGYUEZENGZHANGHEMIANFEIZENGZHIYUEDUMOSHIDEFAZHANHUOJIANGCHAOCHUSHICHANGYUQI,8YUE4RIHUAQIJIANGYUEWENMUBIAOJIASHANGDIAOZHI62GANGYUAN,TONGSHISHANGDIAOQIJINNIANZHIMINGNIANDEYINGLIYUCE6%ZHI19%,PINGJIYOU“ZHONGXING”SHENGZHI“MAIRU”。

二、腾讯控股:美国禁令对营收影响小,短期负面预期影响股价

LAIYUAN:HUASHENGZHENGQUAN

极速排列38YUE7RI,MEIGUOYIWeChatKENENGBUZHUOZAIMEIGUODEYONGHUGERENXINXIHEZHUANYOUXINXIWEIYOU,YAOQIUZIMINGLINGFABUDE45TIANHOU,JINZHIRENHERENYUTENGXUNJIQIGONGSIJINXINGRENHEYUWEIXINYOUGUANDEJIAOYI,GAIXIAOXIKEYISHIWEIMEIGUOGUOWUQINGPENGPEIAOZAI8YUE5RIXUANBUDEMEIGUO“JINGWANGJIHUA”DEYANSHEN。XIAOXIFABUHOU,YINQIBUSHAOTOUZIZHEDEDANYOU。

BUGUOJIGOUGUOXINZETISHI,JINGGUOCESUANGAIJINLINGKENENGDUITENGXUNYINGSHOUYINGXIANGJINWEI0.4%。JINLINGDEYUANWENWEI“JINZHIYUTENGXUNGONGSIJINXINGYUWEIXINYOUGUANDEJIAOYI”,ERFEIJINZHIWeChatZAIMEIGUODESHIYONG。

2019NIAN,TENGXUNHAIWAIZONGSHOURUWEI167YIYUAN,GUSUANHAIWAIYOUXISHOURUCHAOGUO140YI,JIBAOHANGUANGGAOZAINEIDEHAIWAIFEIYOUXISHOURUYUEWEI27YIYUAN,2019NIANTENGXUNZONGSHOURUWEI3773YIYUAN,JIASHEHAIWAIFEIYOUXISHOURUZHONGYOU60%LAIZIYUMEIGUO,ZE2019NIANMEIGUOFEIYOUXISHOURUJINZHANGONGSIZONGSHOURUDE0.4%,DUANQILAIKAN,DUIGONGSILIRUNDEYINGXIANGFEICHANGXIAO。

极速排列3DANTONGSHITOUXINGDAMOYETISHI,BENCIJINLINGDUI“JIAOYI”DEDINGYIFEICHANGMOHU,BUNENGPAICHUSHITAIJINYIBUEHUADEKENENGXING,DUANQIFUMIANDEYUQIKENENGSHITENGXUNGUJIACHENGYA。

ERDUIYUTENGXUNJIJIANGGONGBUDEQ2CAIBAO,BENJIDUTENGXUNYOUWANGPINGJIEWANGYOULIANGYANBIAOXIAN,KENENGSHIXIANQIANGJINGDEYINGSHOUHEYUNYINGLIRUNZENGZHANG。GENJUSensorTowerSHUJUXIANSHI,《PUBGMobile》、《HEPINGJINGYING》SHANGBANNIANGONGXIJIN13YIMEIYUAN,CHENGWEIQUANQIUZUIZHUANQIANYOUXI;

TENGXUNYUDONGSHIGONGTONGFABUDE《SHIMINGZHAOHUANSHOUYOU》QUANQIUXIAZAILIANGYICHAO2.5YI。ZAIXIANGUANGGAOSHOURUHUIWEICHIZAIGAOLIANGWEISHU,XIANXIAQIYEGUANGGAOXUQIUFUSUHEWEIXINPENGYOUQUANGUANGGAOTOUFANGSHIZHUYAOTUIDONG。

三、腾讯音乐:预期营收双位数增长

LAIYUAN:HUASHENGZHENGQUAN

极速排列3TENGXUNYINLE(TME.US)JIANGYU8YUE10RI(ZHOUYI)PANHOUGONGBUDIERJIDUCAIBAO。

SHICHANGPUBIANYUQIMEIGUSHOUYI0.09MEIYUAN,TONGBIXIAJIANG10%,YUQIYINGSHOUWEI9.8172YIMEIYUAN,TONGBIZENGZHANG14.3%。ZAIGUOQUDELIANGNIANLI,TENGXUNYINLESHIJIGONGBUDEMEIGUSHOUYIYOU100%DESHIJIANCHAOCHUYUQI,SHIJIGONGBUDEYINGSHOUYOU75%DESHIJIANCHAOCHUYUQI。

ZAIGUOQU3GEYUELI,QIMEIGUSHOUYIYUQIBEISHANGDIAO6CI、XIADIAO3CI;YUQIYINGSHOUBEISHANGDIAO5CI、XIADIAO6CI。

JINNIANDIERJIDU,RUIYINJITUANZENGGOULETENGXUNYINLE319.3378WANGUDEGUPIAO,ZENGCHIBILIGAODA604.7%。BUZHIRUIYIN,HAIYOUXUDUOQITARULadenburg Thalmann Financial Services IncYEDUITENGXUNYINLEJINXINGZENGCHI。

JIEZHIMUQIAN,JIGOUTOUZIZHECHIGUZHANTENGXUNYINLEGUBENDE16.64%。ZAIZHONGDUOTOUZIJIGOUZENGCHIDEBEIHOU,SHIDUITENGXUNYINLEWENJIANZENGZHANGYEJIDEXINXIN。

ZAIQUANQIUYISHANGSHIDEYINLELIUMEITIPINGTAIZHONG,TMEDEYEWUZENGZHANGNENGLIMINGXIANYOUYUSpotify。ZAIYINGLINENGLIFANGMIAN,TMEGUOQU3NIANPINGJUNMAOLILVJIAOSpotifyGAOCHU10GEBAIFENDIAN。CONGTOUZIHUIBAOLVLAIKAN,2019NIANSpotifyDEGUBENHUIBAOLVWEI-1.92%,TMEQUNIANDEGUBENHUIBAOLVWEI9.33%。

四、蔚来汽车:预期2季度毛利率有望转正

LAIYUAN:HUASHENGZHENGQUAN

极速排列3YULAIZAIERJIDUQUDELEHENHAODEXIAOLIANGBIAOXIAN,LEIJIJIAOFU10331TAIQICHE(TONGBI+159%),ZHEISHISHOUCIDANJIDUPOWAN,TONGSHIYECHAOCHUGUANLICENGZHIQIANJIAOFU9500-10000TAIZHIYINDESHANGXIAN。ERYULAICEOLIBINGENGSHIDUOCIBIAOSHI,YULAIJIANGZAIQ2SHIXIANMAOLILVZHUANZHENG。

GENJUPENGBOYIZHIYUQI,YULAIERJIDUYINGSHOUYUE34.9YIYUAN,TONGBIZENGJIA131.5%,HUANBI+154.4%;JINGDIAOZHENGJINGKUISUN20.3YI,TONGBIKUODA36.6%,HUANBI+22.1%。TONGSHIPENGBOYUCE2020Q2ZHENGTIMAOLILVWEI2.98%。

极速排列3YULAI7YUEWANCHENGQICHEJIAOFU3,553LIANG,TONGBI+322%,SHIJINCIYUJINNIAN6YUEDESHISHANGDIERGAODANYUEJIAOFUCHENGJI。YINEC6CHANXIANGAIZAOZHAN7YUE5TIANSHIZHANG,JIAOFULIANGHUANBILVEYOUXIAHUA。QIZHONG,ES8ZAI7YUEJIAOFU923TAI,TONGBI+463%;ES6JIAOFU1,610TAI,TONGBI+288%。

GONGSITONGSHIGONGBU,7YUEXINZENGDADINGSHULIANGCHUANGLISHIXINGAO,QIEJIANGZAIDISANJIDUWANCHENGCHANNENGTISHENG。ZHONGJINRENWEI,ZAIES6、ES8WEICHIYOUXIUBIAOXIANHEEC6SHANGSHIDEDAIDONGXIA,GONGSIXINHUODINGDANCHIXUPANSHENG。TONGSHI,ZAICHANNENGTISHENGWANCHENGHOU,YUJIYULAIHOUXUXIAOLIANGBIAOXIANJIANGJIXUPANSHENG。

五、网易:主要游戏产品数据有所下滑

LAIYUAN:HUASHENGZHENGQUAN

极速排列3WANGYIJIANGYUBAYUEZHONGXUNGONGBUQI2020NIANERJIDUYEJI:

极速排列31、GENJUApp Annie DESHOUYOUZHISHU,WANGYIDEJIKUANZHUYAOCHUANTONGSHOUYOUZAIiOS XITONGZHONGDEPIAOFANGPAIMINGDOUCHUXIANLELIANXUXIAHUA,BAOKUO《DAHUAXIYOU》、《YINYANGSHI》HE《MENGHUANXIYOU 3D》;

极速排列32、《HUANGYEXINGDONG》ZAIRIBENDEJIDUPIAOFANGZHONGPAIMINGSHANGSHENG;

3、JINQIFABUDE《MENGHUANXIYOU》SHOUYOUQUDELELIANGHAODEYINGSHOUBIAOXIAN,DANYOUYUYONGHUHUOQUFANGMIANJIAOWEIJIJIN,QIYINGLINENGLIHUODIYUQITAYOUXICHANPIN。

极速排列3ZONGTIERYAN,YUJI2020NIANERJIDUWANGYISHOUJIYOUXIYINGSHOUJIANGTONGBIZENGZHANG15%,DANHUANBICHIPING。JIULIRUNLVERYAN,YINGSHOUZENGZHANGBANSUIERLAIDEJINGYINGXIAOLVTISHENG,MAOLILVHUOJIANGTONGBUGAISHAN,2020NIANERJIDUANFEIMEIGUOHUIJIZHUNZEJISUANDEXISHUIQIANLIRUNLVJIANGTONGBIZENGZHANG6.3GEBAIFENDIAN。

JIANYUYONGHUZENGZHANGFANGHUAN,WANGYIDEYINLEYEWUBANKUAIDEYINGLINENGLIHUOBUHUIZAI2020NIANYINGLAISHIZHIXINGGAISHAN。

极速排列3ZONGHEQIANWENLIANGDAYEWU,YUJIQI2020NIANERJIDUYINGSHOUTONGBIXIAJIANG9%(FUHEWANDEYIZHIYUQI),ANFEIMEIGUOHUIJIZHUNZEJISUANDEJINGLIRUNTONGBIZENGZHANG17%(GAOYUWANDEYIZHIYUQIJIEGUO4%)。

六、百度:广告业务预期逐步复苏

LAIYUAN:HUASHENGZHENGQUAN

极速排列3GENJUPENGBOYIZHIYUQI2020Q2BAIDUYINGSHOUWEI37YIMEIYUAN,MEIGUYINGYUWEI1.37MEIYUAN。SHANGNIANTONGQIMEIGUSHOUYI1.43MEIYUAN,YINGSHOU37.6YIMEIYUAN

BAIDU(BIDU.US)JIANGYU8YUE13RIMEIGUPANHOU(BEIJINGSHIJIAN8YUE14RIZAOSHANG)GONGBUQIJIEZHI6YUE30RIDE2020NIANDIERJIDUCAIWUYEJI。

ZICONG2020NIAN3YUE18RIMEIGUZUIHOUYICIRONGDUANYILAI,BAIDUDEGUJIAYIJINGHUISHENG37%;TADESHIZHIHUISHENGCHAOGUO425YIMEIYUAN,ZAIQUANTIZHONGGAIGUJIGANGGUHULIANWANGGONGSIDANGZHONGPAIMINGDI7(HUOZHEDI8,QUJUEYUXIAOMISUANBUSUANHULIANWANGXINGYE)。

极速排列3GENJU2020NIANYIJIDUDECAIBAOPILU,BAIDUAppDEDAUDADAO2.22YI,TONGBISHANGSHENG28%;BAIDUXIAOCHENGXUMAUDADAO3.54YI,TONGBISHANGSHENG96%;XIAODUZHUSHOUZAIXIAODUSHEBEISHANGDEYUEYUYINJIAOHULIANG33YICI,SHIQUNIANDEJINWUBEI。SUIRANWUFAYUYIXIEXINXINGHULIANWANGGONGSIDECHENGZHANGSHITOUXIANGBI,DANSHISHANGSHUSHUJUZONGTIKANLAIYIJINGHENBUCUOLE。

GENJUHUAXINGZIBENYUQI,XINGUANYIQINGZAI6YUERENGRANXIAOFUFANDAN,YULEHUODONGZAIDABUFENGUONEIDABUFENDIFANGRENGYOUXIANZHI。DANZAIYUGUANGGAODAILIJIGOUMENGOUTONGHOUFAXIAN,XIANXIASHANGJIAGUANGGAOZHICHUHUIFUHUANMAN,2020SHANGBANNIANKENENGGUANGGAOZHICHUYANXUPIRUAN。

BUGUOZAIBAIDUMUBIAODEYIXIEZHUYAOCHUIZHISHICHANG,RUYILIAOBAOJIANHEFANGDICHANGUANGGAOZHICHUZHENGZAIZHUBUHUISHENG。YUJIBAIDUDEDEHEXINSHOURUZAI2020Q2TONGBIXIAJIANG4%,YUQIDAO2020Q4GAISHOURUTONGBIXIAHUA2%,XIAHUAFUDUCHIXUSUOZHAI,YUANYUANQIANGYU2020Q1DETONGBIXIAJIANG13%。