智通财经网·2025-12-19 02:01Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tencent Holdings, highlighting that overseas markets have become a clear second growth curve for Tencent's gaming and cloud businesses, with strategic investments beginning to yield results [1] Group 1: Overseas Cloud Business Expansion - Tencent is accelerating its overseas cloud infrastructure, planning to invest $150 million in the Middle East and $500 million in Indonesia, with new data centers being established in Saudi Arabia and Japan [2] - The global infrastructure now covers 22 regions across five continents, operating 64 availability zones and over 3,200 global acceleration nodes [2] Group 2: Competitive Advantages - Tencent Cloud's competitive edge is driven by technology and localized services, excelling in audio-visual, gaming, and database sectors, with its media cloud services being globally recognized [3] - Localized data center construction enhances response speed, as evidenced by the migration of GoTo Group's core services to Tencent Cloud, resulting in improved app response times [3] Group 3: Market Positioning and Future Outlook - Tencent Cloud focuses on PaaS and SaaS services, avoiding price wars by leveraging high cost-performance and localized services, while also addressing chip supply issues [4] - Tencent aims to capture growth from Chinese enterprises going overseas and deepen its local SaaS market presence, with expectations of scale and profit growth in emerging markets like Southeast Asia [4] Group 4: Gaming Business Growth - Tencent's international gaming revenue grew by 43% year-on-year to RMB 20.8 billion in Q3 2025, driven by revenue from Supercell and new game releases [5] - The company anticipates overseas gaming revenue to reach RMB 75.7 billion in 2025, accounting for 32% of Tencent's total gaming revenue, an increase of 3 percentage points [5] Group 5: GaaS and IP Development - Tencent is enhancing its GaaS model by applying domestic long-term operation experiences to extend product lifecycles and strengthen IP value through cross-media development [7] - AI is being integrated into all aspects of game production, improving efficiency and enhancing player experience, with 95% of employees using AI tools [8] Group 6: AI Technology in Gaming - Tencent has made significant advancements in AI technology for gaming, achieving capabilities in scene coherence and real-time generation, although challenges remain in character behavior and continuity [9] - The company is positioned to leverage its expertise in both gaming and AI to create tailored gaming experiences and enhance production capabilities [9]