【券商聚焦】招银国际指11月互联网行业的3Q业绩或为交易重点
金吾财讯 | 招银国际表示，互联网行业估值经历第一阶段重估后有所回调，互联网行业股票目前交易均值在16x PE，相较9月底有所回落。第二阶段的估值重估或需等待政策实际见效支撑基本面实质性转好后长线基金流入驱动。展望11月，3Q业绩或为交易重点，消费情绪环比略有回暖情况下，部分互联网公司(如电商平台)尽管指引通过增量投入以换取增长，但较高ROI门槛下行业竞争格局边际恶化或不需过度担忧。综合目前的估值修复水平，及潜在基本面仍有可能超预期的维度评判，该行推荐腾讯(00700，买入；核心主业竞争格局稳固，高毛利率业务如游戏/视频号广告/直播电商拉动盈利稳健增长)、拼多多(PDD US，买入；3Q盈利有望好于预期、估值相较目前盈利增速仍有提升空间)、阿里巴巴(BABA US，买入；变现率提升逐步进入兑现阶段、新业务运营效率提升有望支撑利润率表现)、携程(TCOM US，买入；3Q业绩有望好于预期、估值相较过去两年均值仍不贵)、快手(01024 ，买入；盈利增长强劲，估值相较盈利增长具备吸引力)。
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