TENCENT(00700) 开源证券·2025-05-15 07:45Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q1 2025 performance shows strong growth in gaming and advertising, with revenue reaching 180 billion yuan (up 13% year-on-year, up 4% quarter-on-quarter) and net profit of 47.8 billion yuan (up 14% year-on-year, down 7% quarter-on-quarter) [4][5] - The company continues to invest heavily in R&D and AI, with R&D expenses of approximately 18.9 billion yuan (up 20.6% year-on-year) and capital expenditures of about 27.5 billion yuan (up 91.35% year-on-year) [5] - The introduction of AI technologies is expected to enhance user experience and drive long-term growth across core business areas [5] Financial Summary and Valuation Metrics - For 2025, the projected net profit is 216.9 billion yuan, with corresponding EPS of 23.6 yuan, and a PE ratio of 20.4 times [7] - Revenue is expected to grow steadily, with estimates of 707.1 billion yuan for 2025, 752.9 billion yuan for 2026, and 800.9 billion yuan for 2027 [7] - The company maintains a healthy gross margin, projected to be 53.8% in 2025, increasing to 55.1% by 2027 [7]