大行评级｜野村：维持腾讯“买入”评级，预计上季收入按年增长12%

Core Viewpoint - Nomura's research report indicates that Tencent's revenue for the last quarter is expected to grow by 12% year-on-year to 193.5 billion yuan, aligning closely with market expectations [1] - Non-IFRS net profit is projected to increase by 15% year-on-year to 63.9 billion yuan, which is 3% lower than the latest market forecast [1] - The report highlights a 4.2 percentage point increase in gross margin, with non-IFRS operating margin expected to rise by 0.7 percentage points to 35.2% [1] - For the fiscal year 2026, the operating margin is anticipated to remain around 37.2% [1] Group 1 - Tencent may follow ByteDance's lead by more actively utilizing GPU resources from third-party data centers to train its Tencent hybrid model, addressing the shortage of advanced chips [1] - The company is expected to increase its investments in AI [1] - Nomura maintains a "Buy" rating for Tencent, with a target price of 775 Hong Kong dollars [1]