大行评级丨大摩：腾讯第三季业绩胜预期 重申为首选股及“增持”评级

Core Viewpoint - Morgan Stanley's report indicates that Tencent's Q3 performance exceeded expectations, reflecting robust growth across major business segments, particularly in advertising and gaming driven by AI [1] Group 1: Financial Performance - Tencent's management has attributed the reduction in capital expenditure to GPU supply chain constraints, but anticipates accelerated development of its AI platform with increased adoption of its capabilities [1] - Revenue forecasts for the next two years have been raised by 0.9% and 1.4% respectively, while non-IFRS operating profit forecasts have been adjusted upwards by 0.3% and 1.5% [1] - Non-IFRS net profit forecasts have been increased by 1.6% and 2.9% for the upcoming years [1] Group 2: Investment Rating - Morgan Stanley reaffirms Tencent as a preferred stock with an "Overweight" rating and sets a target price of HKD 735 [1]