中金公司8月15日發布研報，摘要如下：
Solid results on HUYA strength YY reported 2Q19 results: revenue grew 66.8% YoY to Rmb6.3bn, 2.9% above consensus mainly on Huya’s strong top line. Non-GAAP NP came at Rmb424mn, missing consensus by about Rmb100mn on investment in BIGO and Hago’s S&M expenses, partially offset by Huya’s margin beat. 3Q19 revenue guidance was Rmb6.57–6.77bn, with mid-point 2.7% above consensus, mainly on Huya’s strong guidance. YY also announced a US$300mn share repurchase plan. Financials and valuation We raise our 2019 and 2020 revenue forecasts 1.9% and 1.8% and non-GAAP OP by 4.1% and 1.8% on the above mentioned factors. Maintain TP of US$90 (69% upside, implying 23.4x/16x non-GAAP P/E in 2019e/2020e) and OUTPERFORM rating on an attractive valuation. The stock is trading at 14x and 9.6x 2019e/2020e non-GAAP P/E. Risks: Intense competition in overseas markets.
來源: 同花順金融研究中心