Guoxin Securities·2024-09-09 04:07Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [2][4][13] Core Views - Tencent has launched its next-generation large model "Mix Yuan Turbo," which demonstrates strong competitiveness in the large model race, ranking first in the latest third-party evaluations in China and comparable to GPT-4o in Chinese scenarios. The model has improved reasoning efficiency by 100%, reduced costs by 50%, and increased decoding speed by 20% [4][5][6] - The launch of the AI Infra brand "Tencent Cloud Intelligence" provides a stable and efficient computing base for AI innovations, integrating computing, storage, and networking capabilities [8][9] - Tencent's AI application "Yuanbao" has officially launched, featuring a brand intelligent agent area with 11 initial partners, enhancing user experience across various scenarios [11][12] Summary by Sections Company Overview - Tencent's ecosystem has surpassed 11,000 industrial internet partners, serving over 2 million customers, with a 150% increase in partners generating million-level annual revenue over the past three years [4] - The international business has maintained double-digit growth over the past year [4] Financial Forecast - The adjusted net profit forecast for Tencent from 2024 to 2026 is estimated at 221.8 billion, 249.9 billion, and 275 billion respectively [4][15] - The expected revenue growth rates for 2024 to 2026 are 9%, 8%, and 6% respectively, with a net profit growth rate of 66%, 8%, and 7% [15] Product and Technology Development - The "Mix Yuan Turbo" model has been implemented in over 700 business scenarios within Tencent, enhancing AI capabilities across various products [4][5] - The "5T" foundational software products are compatible with major domestic chip manufacturers, providing comprehensive digital solutions for enterprises [9] Market Positioning - Tencent's cloud computing and platform software technologies are considered strong points, supported by a robust ecosystem and partnerships, positioning the company favorably in the AI era [4][13]