腾讯控股（00700）：Q1游戏、广告业务增长超预期，持续加大AI技术领域投入

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$650 [1][7]. Core Insights - The company reported Q1 2025 revenue of RMB 1800.2 billion, a year-on-year increase of 13$ 521.00 as of May 14, 2025 [2]. - Major shareholders include MIH Holdings B.V., holding 24.01% of shares [2]. Financial Performance - The company’s revenue composition includes 31.3% from fintech and enterprise services, 30.1% from online gaming, 18.8% from social networking, and 18.5% from online advertising [4]. - The company’s gross profit margin improved to 56%, up about 3 percentage points year-on-year, driven by high-margin business growth [10]. - Profit forecasts for 2025-2027 indicate a net profit of RMB 2235 billion, RMB 2542 billion, and RMB 2882 billion, respectively, with year-on-year growth rates of 15.2%, 13.7%, and 13.4% [11][12]. Market Trends - The domestic gaming market is experiencing rapid growth, with a 24% increase in local game revenue, driven by popular titles such as "Honor of Kings" and "Peacekeeper Elite" [10]. - Advertising revenue grew by 20% year-on-year, benefiting from strong demand for video ads and AI upgrades in advertising platforms [10]. Future Outlook - The company is expected to continue leveraging AI technology to enhance user engagement and advertising effectiveness, positioning itself favorably in the evolving digital landscape [9][10].