2024-09-09 10:09Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5][7] Core Insights - Tencent's enterprise services are currently maintaining double-digit revenue growth with improving profit margins, making it a key focus for the company's long-term prospects [6] - Tencent Cloud's "Three Clouds" strategy includes: 1) Intelligent Cloud, featuring AI capabilities across various layers; 2) Integrated Innovation Cloud, with domestic software products; 3) International Cloud, including Tencent Meeting and EdgeOne [6] - The launch of the new generation model, Mix Yuan Turbo, shows significant improvements in efficiency and cost, with applications already in over 700 business scenarios [6] - International business has become a new growth driver for Tencent Cloud, with double-digit growth over the past three years and a diverse client base across various regions [6] Financial Summary - Revenue projections for Tencent are as follows: 2022: 554.6 billion RMB, 2023: 609 billion RMB, 2024E: 664.2 billion RMB, 2025E: 726.3 billion RMB [8] - Adjusted net profit forecasts are: 2022: 115.6 billion RMB, 2023: 157.7 billion RMB, 2024E: 214.9 billion RMB, 2025E: 246.7 billion RMB [8] - Earnings per share (EPS) estimates are: 2022: 12.14 RMB, 2023: 16.68 RMB, 2024E: 23.00 RMB, 2025E: 26.41 RMB [8]