TENCENT(00700) 格隆汇·2025-05-21 17:44Group 1 - The company reported Q1 2025 revenue of 180 billion RMB, exceeding market expectations, with a year-on-year growth of 13% and a quarter-on-quarter growth of 4% [1] - Non-GAAP operating profit reached 69.3 billion RMB, up 18% year-on-year and 11% quarter-on-quarter, while the Non-GAAP net profit attributable to shareholders was 61.3 billion RMB, reflecting a 22% year-on-year increase and an 11% quarter-on-quarter increase [1] - R&D investment grew by 21% year-on-year to 18.91 billion RMB, and capital expenditure increased by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [1] Group 2 - The company's value-added services revenue for Q1 2025 was 92 billion RMB, a 17% year-on-year increase, with social network revenue contributing 33 billion RMB, up 7% year-on-year [1] - Domestic game revenue reached 34 billion RMB, growing 24% year-on-year, driven by popular titles and new game launches [1] - International game revenue was 16.7 billion RMB, reflecting a 23% year-on-year increase, primarily from stable performances of long-term products [1] Group 3 - Marketing services revenue for Q1 2025 was 31.9 billion RMB, a 20% year-on-year increase, driven by the expansion of new traffic scenarios and the release of advertising inventory [1] - The video account loading rate stabilized at 3%-4%, with AI applications enhancing advertising efficiency and material generation [2] - Financial technology and enterprise services revenue reached 55 billion RMB, growing 5% year-on-year, supported by a recovery in wealth management and consumer loans [2] Group 4 - The company maintains a target price of 660 HKD, indicating a potential upside of 28.4% from the previous closing price, with a buy rating due to improved profit margins across various business segments [2] - The core business is expected to maintain steady growth, with AI applications gradually realizing their potential and enhancing advertising commercialization efficiency [2]