Jin Rong Jie·2026-01-26 06:11Core Viewpoint - Haitong International maintains a "Outperform" rating for Tencent Holdings with a target price of HKD 700 [1] Financial Performance - The estimated total revenue for Tencent in Q4 is expected to reach HKD 195 billion, representing a year-on-year growth of 13% [1] - Non-IFRS operating profit is projected to be HKD 68 billion, reflecting a year-on-year increase of 15% [1] Future Outlook - For the fiscal year 2026, Tencent's game product line is expected to be diverse, including key overseas titles such as "Honor of Kings World" and "Valorant" mobile, along with several mid-sized games like "Under the Red Sky," "RUST," "Monster Hunter: Traveler," and "Rainbow Six" [1] - The advertising business is anticipated to continue growing, driven by video accounts, search, and mini-programs, with AI technology playing a significant role [1] - High-quality growth is expected to persist into the fiscal year 2026, despite potential acceleration in capital expenditures that may pressure profit margins [1] - New high-margin business lines are expected to drive a slight expansion in profit margins [1]