Zhi Tong Cai Jing·2025-12-17 08:04Core Viewpoint - Morgan Stanley's report highlights Tencent's core advantage lies in its replicable business model that enables localized and scalable expansion globally, rather than relying on a single blockbuster product or one-time customer acquisition [1] Group 1: Business Model and Growth Strategy - Tencent is expected to maintain a significant position in the rapidly growing gaming sector through its "three engines" model of publishing, developing, and investing in game studios [1] - The management anticipates that the shooting game market will reach a size of $38 billion by 2025 [1] Group 2: Financial Outlook - Morgan Stanley maintains a positive outlook on Tencent's growth cycle, assigning an "overweight" rating with a target price of HKD 750 [1] - Tencent is recognized as a company with years of compound profit growth capability, enhancing business efficiency and quality through AI technology and global expansion rather than focusing solely on cost reduction or short-term returns [1]