Xin Lang Cai Jing·2025-10-20 06:07Core Viewpoint - Huatai Securities predicts Tencent Holdings' Q3 revenue will grow by 14.1% year-on-year, with adjusted net profit increasing by 9% to 65.2 billion yuan [1] Revenue Breakdown - Game revenue is expected to grow by 19% year-on-year [1] - Advertising revenue is anticipated to benefit from AI, with a potential year-on-year growth rate of 20% [1] - Financial technology revenue is projected to recover to an 11% year-on-year growth [1] Key Catalysts - The game "Delta Action" has surpassed 30 million daily active users (DAU) as of September, emerging as a new long-term shooting game for Tencent, with projected dual-end revenue reaching between 12 billion to 18 billion yuan by 2026 [1] - The advertising business is expected to maintain high growth due to improved return on investment (ROI) driven by AI, with accelerated rollout and iteration of AI Agent products [1] Financial Forecasts - Revenue forecasts for Tencent have been slightly adjusted to 755 billion, 851 billion, and 937 billion yuan for the years 2025 to 2027 [1] - Adjusted net profit forecasts are set at 257 billion, 291.7 billion, and 333.6 billion yuan for the same period [1] Target Price and Rating - The target price for Tencent is set at 759.47 HKD, up from the previous 752.17 HKD, corresponding to a 24.8 times price-to-earnings ratio for 2025, maintaining a "Buy" rating [1]