Zhi Tong Cai Jing·2025-10-17 06:20Core Viewpoint - Guosen Securities reports that Tencent Holdings (00700) has stable performance and significant growth potential, particularly in areas like WeChat e-commerce and AI Agent capabilities, which are not included in current profit forecasts [1] Group 1: Financial Performance - Tencent is expected to achieve revenue of 188.8 billion yuan in Q3 2025, representing a year-on-year growth of 13% [1] - The adjusted net profit for Tencent is projected to be 259.3 billion yuan, 297.9 billion yuan, and 337.4 billion yuan for the years 2025-2027, with an upward adjustment of 1% for each year [1] - The Non-IFRS operating profit for Q3 2025 is estimated at 73.5 billion yuan, reflecting a year-on-year increase of 20% [1] - The Non-IFRS net profit attributable to shareholders is expected to be 66.7 billion yuan, with a year-on-year growth of 12%, resulting in a net profit margin of 35.4% [1] Group 2: Business Segments - The gaming business is performing well, with long-standing games showing good results, particularly "Delta Operation" [1] - The financial technology sector is expected to maintain double-digit growth [1] - The network advertising segment is anticipated to benefit from the release of advertising inventory and AI advancements [1] Group 3: Market Position - Tencent's ecosystem, characterized by its user and scenario advantages, positions it as one of the best companies to capitalize on the AI era [1] - The company maintains an "outperform the market" rating from Guosen Securities [1]