Orient Securities·2024-09-10 00:08Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 422.68 [5][3]. Core Insights - The 2024 Tencent Global Digital Ecosystem Conference highlighted Tencent Cloud's strategic directions: intelligence, integrated innovation, and internationalization. The new model "Hunyuan Turbo" was introduced, showcasing significant improvements in efficiency and cost [2]. - Tencent Cloud has served over 10,000 overseas clients across more than 80 countries, providing digital solutions for various industries including gaming, fintech, and e-commerce [2]. - The company's financial forecasts indicate a recovery in net profit, with expected IFRS net profits of CNY 1,886 billion, CNY 2,184 billion, and CNY 2,454 billion for 2024, 2025, and 2026 respectively [3]. Financial Summary - Revenue for 2022 was CNY 554,552 million, with a projected increase to CNY 661,343 million in 2024, reflecting a growth rate of 8.59% [4]. - The operating profit is expected to rise from CNY 100,017 million in 2022 to CNY 206,689 million in 2024, indicating a growth rate of 35.28% [4]. - The net profit attributable to shareholders is forecasted to recover from CNY 115,216 million in 2023 to CNY 188,642 million in 2024, representing a growth of 63.73% [4].