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腾讯控股(00700):长青及新游戏表现良好,AI带动广告及企业服务实现超预期增长
Great Wall Securities·2025-08-14 10:11

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, expecting the stock price to outperform the industry index by more than 15% over the next six months [18]. Core Insights - Tencent's revenue for Q2 2025 reached 184.5 billion yuan, representing a year-on-year growth of 15%. The gross margin improved to 57.0%, up 3.7 percentage points year-on-year [1]. - The company's adjusted net profit for Q2 2025 was 63.05 billion yuan, a 10% increase year-on-year, with high-margin business growth effectively offsetting depreciation from capital expenditures [1]. - The report highlights strong performance in Tencent's gaming segment, particularly with the new game "Delta Operation," which has achieved a daily active user count exceeding 20 million [2]. - AI continues to drive significant growth in advertising revenue, which increased by 20% year-on-year to 35.8 billion yuan, aided by enhancements in ad effectiveness and AI applications [3]. - The financial technology and enterprise services segment saw a 10% year-on-year revenue increase to 55.5 billion yuan, driven by rising demand for AI-related services [4]. Financial Summary - Projected revenues for Tencent are expected to grow from 660.26 billion yuan in 2024 to 922.81 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.46% [1]. - Adjusted net profit is forecasted to rise from 194.07 billion yuan in 2024 to 305.18 billion yuan in 2027, reflecting a strong recovery trajectory [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 25.29 in 2024 to 16.08 by 2027, indicating improved valuation metrics as earnings grow [1].