智通财经APP获悉，美银证券发布研报称，腾讯控股(00700)昨日(13日)收市后交出稳健业绩。营业额同 比增长15%至1,929亿元人民币，较预期高2%。非国际财务报告准则(Non-IFRS)净利为706亿元人民币， 同比增长18%，较市场预期高7%。该行对腾讯稳健的执行感到满意，尤其是在广告和游戏业务方面。 由于投资者关注结构性人工智能投资上扬趋势和季度支出波动，该行期待从财报电话会议中获得更多有 关2026年资本支出计划的详情。维持行业首选股及"买入"评级，目标价780港元。 ...

Core Viewpoint - Daiwa's report indicates that Tencent Holdings (00700) demonstrated robust performance in Q3, with revenue exceeding market expectations by 2% due to better-than-expected gaming and advertising revenues [1] Revenue Performance - Marketing services revenue grew by 21% year-on-year, driven by AI advertising targeting technology that enhanced eCPM and increased traffic [1] - Domestic gaming revenue increased by 15% year-on-year despite high base challenges from the previous year, while international gaming revenue surged by 43%, attributed to one-time income from the acquisition of Supercell and contributions from newly acquired studios [1] Earnings Forecast - Daiwa has adjusted its earnings per share forecast for 2026-27 down by 2% due to increased R&D costs, while maintaining a "Buy" rating with a target price of HKD 750 [1] Capital Expenditure Insights - Management indicated that due to chip supply constraints, the annual capital expenditure for AI infrastructure will be lower than previously guided, with the original guidance suggesting it would account for a low single-digit percentage of revenue [1] - The actual proportion is expected to reach 10% of the annual revenue forecast, although management believes GPU resources are sufficient for internal model training needs [1] Cloud Business Growth - Despite management's confidence in GPU resources, Daiwa believes that chip supply limitations are hindering faster growth in the cloud business [1]

Core Viewpoint - Daiwa's report indicates that Tencent Holdings (00700) demonstrated robust performance in Q3, with revenue exceeding market expectations by 2% due to better-than-expected gaming and advertising revenues [1] Revenue Performance - Marketing services revenue grew by 21% year-on-year, driven by AI advertising targeting technology that enhanced eCPM and increased traffic [1] - Domestic gaming revenue increased by 15% year-on-year despite high base challenges from the previous year, while international gaming revenue surged by 43%, attributed to one-time revenue from the acquisition of Supercell and contributions from newly acquired studios [1] Earnings Forecast - Daiwa has adjusted its earnings per share forecast for 2026-27 down by 2% due to increased R&D costs, while maintaining a "Buy" rating with a target price of HKD 750 [1] Capital Expenditure Insights - Management indicated that due to chip supply constraints, the annual capital expenditure for AI infrastructure will be lower than previously guided, with the actual expenditure expected to account for 10% of the annual revenue forecast [1] - Although management believes GPU resources are sufficient for internal model training needs, Daiwa suggests that chip supply limitations are hindering faster growth in the cloud business [1]

Core Viewpoint - 招银国际 has raised the target price for Tencent Holdings (00700) by 7.8%, from HKD 705 to HKD 760, while maintaining a "Buy" rating [1] Financial Performance - Tencent's total revenue for Q3 2025 increased by 15% year-on-year to RMB 192.9 billion, exceeding institutional expectations by 2% and 招银国际's expectations by 4% [1] - The strong growth in gaming revenue, which rose by 23% year-on-year, significantly contributed to the overall revenue increase [1] - Non-IFRS operating profit also grew by 18% year-on-year to RMB 72.6 billion, aligning closely with consensus expectations and 招银国际's forecasts [1] Capital Expenditure and AI Development - Due to supply chain constraints, Tencent has lowered its capital expenditure guidance for 2025 but remains committed to accelerating AI applications in advertising, gaming, e-commerce, and WeChat smart agents [1] - 招银国际 is optimistic about Tencent's long-term development opportunities in the AI sector, supported by diverse application scenarios and a large user base [1] Revenue Forecast Adjustments - Considering the better-than-expected growth in gaming revenue, 招银国际 has revised its total revenue forecasts for 2025-2027 upwards by 3%-5% [1] - The valuation window has been rolled forward to 2026 [1]

Core Viewpoint - 招银国际 has raised the target price for Tencent Holdings (00700) by 7.8%, from HKD 705 to HKD 760, while maintaining a "Buy" rating [1] Financial Performance - Tencent's total revenue for Q3 2025 increased by 15% year-on-year to RMB 192.9 billion, exceeding institutional expectations by 2% and 招银国际's expectations by 4% [1] - The strong growth in gaming revenue contributed to this performance, with a year-on-year increase of 23% [1] - Non-IFRS operating profit rose by 18% year-on-year to RMB 72.6 billion, aligning closely with consensus expectations and 招银国际's forecasts [1] Capital Expenditure and AI Development - Due to supply chain constraints, the company has lowered its capital expenditure guidance for 2025 but remains committed to accelerating AI applications in advertising, gaming, e-commerce, and WeChat smart agents [1] - 招银国际 is optimistic about Tencent's long-term development opportunities in the AI sector, supported by diverse application scenarios and a large user base [1] Revenue Forecast Adjustments - Based on better-than-expected growth in gaming revenue, 招银国际 has increased its total revenue forecasts for 2025-2027 by 3%-5% [1] - The valuation window has been rolled forward to 2026 [1]

Investment Rating - The report maintains an "Accumulate" rating for Tencent Holdings [2][55]. Core Insights - The report highlights solid revenue and profit growth, driven by AI integration in advertising technology and the expansion of WeChat's AI capabilities [3][4]. - Tencent's revenue for Q3 FY25 reached 192.9 billion RMB, a year-on-year increase of 15.4%, with adjusted net profit rising by 18.0% to 70.6 billion RMB [8][46]. - The report adjusts revenue forecasts for FY25-27 to 752.9 billion, 841.8 billion, and 925.3 billion RMB respectively, reflecting a growth rate of 14.0%, 11.8%, and 9.9% [8][46]. Financial Summary - **Revenue Growth**: - FY25 Q3 revenue: 192.9 billion RMB (+15.4% YoY) - FY25 estimated revenue: 752.9 billion RMB (+14.0% YoY) [5][17]. - **Profitability**: - Adjusted net profit for FY25 Q3: 70.6 billion RMB (+18.0% YoY) - Adjusted net profit margin: 36.6% (+0.8 percentage points YoY) [5][17]. - **R&D Investment**: - R&D expenditure for FY25 Q3: 22.8 billion RMB (+27.6% YoY), representing 11.8% of revenue [14][24]. - **Capital Expenditure**: - Capital expenditure for FY25 Q3: 13.0 billion RMB (-24.0% YoY) [8][46]. Segment Performance - **Value-Added Services**: - Revenue: 95.9 billion RMB (+15.9% YoY), with domestic and overseas game revenues growing by 14.7% and 43.4% respectively [8][27]. - **Marketing Services**: - Revenue: 36.2 billion RMB (+20.8% YoY), benefiting from increased user engagement and AI-driven advertising targeting [8][29]. - **Financial Technology and Enterprise Services**: - Revenue: 58.2 billion RMB (+9.6% YoY), driven by growth in cloud services and WeChat store transactions [8][35]. Earnings Forecast and Investment Recommendations - The report projects adjusted net profits for FY25-27 to be 261.9 billion, 301.8 billion, and 338.3 billion RMB respectively, with growth rates of 17.6%, 15.2%, and 12.1% [8][46]. - A target price of 785 HKD is set for FY25, based on a 25x PE ratio [8][47].

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of HKD 792.53, up from the previous HKD 759.47 [6][35]. Core Insights - Tencent's 3Q performance exceeded expectations with a revenue growth of 15.4%, driven by increases in value-added services, advertising, and fintech revenues, which grew by 16%, 21%, and 10% respectively [1][2]. - The adjusted net profit for 3Q increased by 18%, surpassing expectations by 7%, primarily due to higher earnings from associated companies [1][6]. - The report highlights the potential of Tencent's gaming segment, particularly with the upcoming release of "Delta Action" expected to generate over RMB 18 billion in revenue in 2026 [1][20]. Revenue and Profitability - 3Q revenue reached RMB 192.9 billion, with a year-over-year growth of 15.4%, exceeding the consensus estimate of RMB 188.9 billion [14]. - Gross profit for 3Q was RMB 108.8 billion, reflecting a gross margin of 56.4%, an improvement from the previous year [14]. - The adjusted operating profit margin for 3Q was 37.6%, indicating strong operational efficiency [14]. Gaming Segment Performance - The gaming revenue for 3Q grew by 15% domestically and 43% internationally, driven by titles such as "Honor of Kings" and "Delta Action" [2][20]. - The report anticipates that Tencent's gaming pipeline will peak in 2026, with significant titles set to launch, including "Rock Kingdom: World" and "Honor of Kings World" [2][28]. Advertising and AI Integration - Advertising revenue increased by 21% in 3Q, with AI-driven enhancements contributing to eCPM improvements [3][33]. - The introduction of the AIM+ system is expected to attract more small and medium advertisers, enhancing overall advertising performance [3][33]. Financial Technology Growth - The fintech segment reported a revenue growth of 10% in 3Q, with a gross margin of 50.2% [4][14]. - The WeChat mini-store's GMV is experiencing rapid growth, supported by a low overlap of public and private domain users, indicating potential for further user acquisition [4][12]. Future Outlook - Revenue forecasts for Tencent have been adjusted upward for 2025-2027, with expected revenues of RMB 755.3 billion, RMB 852.3 billion, and RMB 954 billion respectively [35][36]. - The adjusted net profit estimates for the same period are RMB 2,655 billion, RMB 3,012 billion, and RMB 3,443 billion, reflecting a strong growth trajectory driven by AI and gaming [35][36].

Group 1 - The Hong Kong stock market experienced a decline on November 14, influenced by a drop in U.S. tech stocks and cooling interest rate cut expectations, with the Hang Seng Tech Index falling over 2% in the afternoon session [1] - Major tech stocks in Hong Kong faced widespread declines, while the innovative drug concept sector saw gains, and the lithium battery sector was among the biggest losers [1] - JD Group reported a third-quarter revenue of 299.1 billion RMB, a year-on-year increase of 14.9%, with new business revenue growing by 214% and service revenue up by 30.8%, reaching a historical high of 24.4% of total revenue [1] Group 2 - Tencent Holdings announced its third-quarter results on November 13, achieving a revenue of 192.87 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [2] - The net profit for Tencent in the third quarter was 63.13 billion RMB, reflecting a year-on-year growth of 19% and a quarter-on-quarter growth of 13%, averaging a net profit of 700 million RMB per day [2] - Tencent's R&D expenditure reached a record high of 22.82 billion RMB in the third quarter, with cumulative R&D spending of 61.98 billion RMB for the nine months ending September 30, 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 760, indicating a potential upside from the current price of HK$ 656.00 [1][9][12] Core Insights - The company reported a strong Q3 performance with revenues of RMB 192.9 billion, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Operating profit reached RMB 63.6 billion, up 19% year-on-year, and Non-IFRS net profit was RMB 72.6 billion, reflecting an 18% increase year-on-year [9][11] - The gaming segment showed robust growth, particularly in overseas markets, with a 43% increase in revenue. Domestic gaming revenue grew by 15%, supported by popular titles [11] - The advertising business outperformed industry averages, with a 21% increase in marketing services revenue, driven by AI enhancements [11] - The financial technology and enterprise services segment also saw a 10% increase in revenue, benefiting from growth in commercial payment activities and cloud services [11] - The company's gross margin remained high at 56%, with a 3 percentage point year-on-year increase, while capital expenditures decreased significantly [11] Summary by Sections Company Overview - The company operates in the media industry, with a market capitalization of approximately RMB 378.76 billion and a total share count of 9,144.77 million [2][3] Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 14, 2025 [3][9] Financial Performance - Projected net profits for 2025-2027 are RMB 225.3 billion, RMB 256.4 billion, and RMB 290.5 billion, respectively, with year-on-year growth rates of 16.1%, 13.8%, and 13.3% [10][11] Product Mix - The company's revenue composition includes 31.3% from financial technology and enterprise services, 30.1% from online gaming, 18.8% from social networking, and 18.5% from online advertising [4]

Summary of Tencent Holdings (0700.HK) 3Q25 Conference Call Company Overview - **Company**: Tencent Holdings (0700.HK) - **Market Cap**: HK$6.4 trillion / $818.5 billion - **Target Price**: HK$770.00 - **Current Price**: HK$656.00 - **Upside Potential**: 17.4% [1][2] Key Financial Highlights - **3Q25 Revenue Growth**: +15% YoY, the fastest growth in four years, accelerating from 2Q25 [1] - **Adjusted Operating Profit Growth**: +18% YoY [1] - **Revenue Estimates for 2025-27**: Increased by 0-1% due to improved growth durability across games, marketing services, and fintech/business services [2] - **Net Profit Estimates**: Adjusted by -1% to 0% for 2025-27, reflecting higher expenses from AI-related initiatives [2] Core Business Insights AI-Driven Growth - **AI Impact**: AI continues to empower growth across all business segments, although capex investments for 2025E are lower than expected [3] - **AI Capex**: Revised down to Rmb80 billion for 2025E and Rmb100 billion for 2026E [3] - **AI Applications**: Enhanced functionalities in WeChat, including the "@Yuanbao" feature for content summarization [20] Gaming Sector - **Game Revenue Growth**: Sustained above 20% YoY growth for three consecutive quarters, with expectations of 18% and 11% growth for 4Q25E and FY26E respectively [21] - **Key Titles**: "Honour of Kings" and "Delta Force" showing strong performance, with DAU reaching 139 million for "Honour of Kings" [21] - **WeChat Mini-Games**: Surpassed 1 billion users, with significant growth in gross receipts [21][23] Marketing Services - **Marketing Revenue Growth**: Estimated at 18% for 4Q25E and FY26E, driven by increased user engagement and AI-driven adtech [24] - **Ad Load and eCPM**: Increased ad load and higher effective cost per mille (eCPM) contributing to revenue growth [24] Fintech and Business Services - **Revenue Growth**: Expected at 12% and 10% for 4Q25E and FY26E, driven by consumer loan services and commercial payment volume [25] - **Cloud Services**: Slower growth anticipated due to supply chain constraints on GPU sourcing [25] Investment Outlook - **Operating Profit Margins**: Expected to expand by 121bps and 119bps for FY25E and FY26E, respectively, despite higher operational expenses [26] - **AI as a Growth Driver**: Continued investment in AI expected to narrow the gap between revenue and profit growth [26] - **Overall Positioning**: Tencent is viewed as one of the best-positioned companies in the China internet sector to benefit from AI applications [1][2] Risks - **Industry Competition**: Increased competition in performance-based advertising [29] - **Game Launch Delays**: Potential delays in game launches and approvals [29] - **Fintech and Cloud Growth**: Slower-than-expected growth in these sectors [29] Conclusion - Tencent Holdings demonstrates strong financial performance with significant growth across its gaming, marketing, and fintech sectors, driven by AI applications. The company is well-positioned for future growth, although it faces risks from competition and operational challenges.