TENCENT(00700) 开源证券·2025-03-20 03:09Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 660.3 billion yuan in 2024, representing a year-on-year increase of 8%, and a net profit of 194.1 billion yuan, up 68% year-on-year [4] - The growth in revenue and profit is driven by strong performance in gaming and the commercialization of WeChat [4][5] - The company is expected to continue its growth trajectory with projected net profits of 216.9 billion yuan, 236.3 billion yuan, and 255.5 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 660.3 billion yuan, with a year-on-year growth of 8.4% [7] - Net profit for 2024 is 194.1 billion yuan, showing a significant increase of 68.4% year-on-year [7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 23.6 yuan, 25.7 yuan, and 27.8 yuan respectively [4][7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.3, 19.5, and 18.0 respectively [4][7] - The company’s gross margin is expected to improve from 52.9% in 2024 to 55.1% by 2027 [7]