智通财经网·2025-12-19 06:59Core Viewpoint - Tencent Holdings has achieved solid results in advertising and gaming businesses through AI technology and category expansion, with a strong growth momentum expected in advertising due to continuous iterations of AI technology and the proliferation of systems like AIM+ [1] Group 1: Advertising and Gaming Business - The advertising business is anticipated to maintain robust growth driven by ongoing advancements in AI technology [1] - Tencent is entering a new product expansion cycle in the shooting game category, supported by a rich investment system, which is expected to sustain steady growth in both overseas and domestic markets [1] Group 2: Cloud Business Expansion - Tencent Cloud has made initial progress in international markets, opening services in 22 physical regions and 64 availability zones, with over 3,200 global acceleration nodes [2] - Southeast Asia is identified as a key focus area for the next 3-5 years due to stable energy and power supply, with Thailand and Indonesia being primary infrastructure targets [2] - Tencent Cloud's differentiated advantages stem from its domestic experience in media, gaming, and financial technology, aiding in customer acquisition in emerging markets [2] Group 3: AI Strategy and Talent Acquisition - Tencent has established a matrix structure around AI infrastructure, agents, and applications, enhancing its AI strategy and attracting top talent, which is expected to accelerate AI development [3] Group 4: Financial Forecast and Investment Recommendations - The company maintains its earnings forecast, projecting revenues of 752.4 billion and 827.8 billion yuan for 2025 and 2026, representing year-on-year growth of 14.0% and 10.0% respectively [4] - Adjusted net profits are expected to reach 258.6 billion and 295.3 billion yuan, with growth rates of 16.1% and 14.2% [4] - The target price based on the latest share capital and SOTP valuation is set at 754.73 HKD per share for 2026 [4]