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腾讯(700.HK)季报点评：稳中有进 收入增速环比继续提升 维持行业首选
Ge Long Hui·2025-11-16 03:49

Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching RMB 192.9 billion, a year-on-year increase of 15%, exceeding market expectations by 2% [1] - Gross margin improved to 56.4%, up 3.3 percentage points year-on-year, although it slightly decreased by 0.5 percentage points quarter-on-quarter [1] - Adjusted net profit was RMB 70.6 billion, reflecting an 18% year-on-year growth, slightly above market expectations, with an adjusted net profit margin of 36.6%, a new high [1] Domestic and International Game Performance - Domestic game revenue grew by 15% year-on-year to RMB 42.8 billion, maintaining robust growth despite last year's high base, driven by the success of the new game "Delta Operation" [1] - International game revenue surged by 43% year-on-year to RMB 20.8 billion, primarily benefiting from Supercell games and the consolidation of newly acquired studios [1] - Deferred revenue increased by 11% year-on-year, remaining stable compared to the previous quarter [1] Advertising and Financial Technology - Advertising revenue in Q3 2025 reached RMB 35.8 billion, a 20% year-on-year increase, with stable growth in the quarter [2] - AI has revitalized the advertising business, enhancing click-through and conversion rates [2] - Financial technology and enterprise services revenue was RMB 58.2 billion, up 10% year-on-year, with strong growth in online payment amounts [2] Capital Expenditure and Profitability - Capital expenditure decreased to RMB 12.9 billion, showing a decline both year-on-year and quarter-on-quarter [2] - The overall profit margin for the company reached a new high of 36.6%, reflecting strong performance under a balanced growth strategy [2] Investment Outlook - The company maintains a "Buy" rating and adjusts the target price to HKD 800, with FY25E revenue revised to RMB 754.4 billion [2] - The valuation is based on FY25E/FY26E P/E ratios of 25.0x and 22.0x, respectively, with optimism regarding AI's role in accelerating application development and driving value reassessment [2]