TENCENT(00700) 第一上海证券·2024-08-15 10:09Investment Rating - The report provides a positive outlook for Tencent Holdings, anticipating a revenue increase of 8.14% year-on-year for Q2 2024, with a target price of 372 HKD [5]. Core Views - Tencent is expected to report a revenue of 161.3 billion RMB for Q2 2024, with significant contributions from its value-added services and advertising segments [5]. - The gaming sector shows strong recovery potential, with new game launches expected to drive revenue growth in the coming quarters [5]. - The advertising business is projected to maintain high gross margins, supported by the growth of video accounts and operational optimizations [5]. - The cloud and financial services are focusing on high-quality growth while reducing costs, with an emphasis on the demand for cloud computing driven by large model market conditions [5]. Revenue Expectations - Anticipated revenue for value-added services in Q2 is 78.2 billion RMB, a year-on-year increase of 5.33% [5]. - Advertising revenue is expected to rise by 16.97% year-on-year to 29.2 billion RMB [5]. - Cloud and financial services are projected to generate 52.4 billion RMB, reflecting a year-on-year growth of 7.66% [5]. Profitability Forecast - Non-GAAP net profit for Q2 is expected to increase by 28.24% year-on-year, reaching approximately 48.1 billion RMB [5].