智通财经网·2025-11-14 09:22Core Viewpoint - Goldman Sachs reports that Tencent Holdings (00700) achieved robust performance in Q3, with revenue growing at the fastest rate in four years, and adjusted operating profit steadily increasing, reinforcing the bank's positive outlook on the company due to its unique WeChat ecosystem and global gaming assets [1] Group 1: Financial Performance - Tencent's revenue growth exceeded 20% year-on-year for three consecutive quarters in its two main revenue streams: gaming and marketing services [1] - The bank has revised its revenue forecasts for 2025 to 2027 upward by 0% to 1%, reflecting improved growth sustainability driven by AI applications in gaming, marketing services, and financial/enterprise services [1] Group 2: Profitability and Expenses - The net profit forecasts for 2025 to 2027 have been slightly adjusted downward by -1% to 0%, as strong revenue growth is partially offset by increased costs related to AI computing power leasing, marketing expenses for AI-native applications, and R&D expenses for AI projects [1] - Capital expenditure expectations for 2025 and 2026 have been revised down to RMB 80 billion and RMB 100 billion, respectively, from previous estimates of RMB 100 billion and RMB 117 billion, reflecting a shift towards leasing computing power due to external chip supply constraints [1] Group 3: Management Insights - Management indicated that GPU capacity is sufficient to meet internal demand, suggesting a strategic focus on optimizing resources amid external supply challenges [1]