腾讯控股（00700）：游戏与广告增长动能强劲，AI赋能成效初显

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [6] Core Insights - Tencent's Q1 performance was strong, driven by unexpected growth in gaming and advertising, with gaming revenue increasing by 24% and advertising revenue by 20% [1][2] - The overall gross margin reached a new high of 55.8%, contributing to a 22% year-on-year increase in Non-GAAP net profit to 61.33 billion yuan, significantly exceeding Bloomberg's consensus estimate [1][2] - The report highlights the effective application of AI in enhancing advertising services and optimizing user experience in gaming, with a notable capital expenditure increase of 91% year-on-year [3] Summary by Sections Gaming and Social Services - Q1 value-added services revenue reached 92.13 billion yuan, a 17% year-on-year increase, with gaming revenue totaling 59.5 billion yuan, driven by both domestic and international markets [2] - Long-standing games like "Honor of Kings" and "Crossfire Mobile" achieved record highs during the traditional peak season, while the newly launched "Delta Action" has seen a continuous rise in active users [2] Advertising Services - Marketing services revenue grew by 20% year-on-year to 31.85 billion yuan, fueled by strong demand for advertising on platforms like Video Accounts and Mini Programs [2] - The report notes that AI upgrades have significantly improved advertising efficiency and targeting accuracy [3] Financial Technology and Enterprise Services - Financial technology revenue for Q1 was 54.91 billion yuan, reflecting a 5% year-on-year growth, supported by increases in consumer loan and wealth management services [2] - Enterprise services revenue benefited from growth in cloud services and merchant technology service fees, with AI-related income showing rapid growth [2] Financial and Valuation Summary - The report adjusts profit forecasts for Tencent based on its strong Q1 performance and the potential of new technologies, setting a target price of 628.0 HKD, which represents a 20.9% upside from the recent closing price [3]