KAIYUAN SECURITIES·2025-11-17 06:13Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent Holdings continues to demonstrate high growth, with Q3 2025 revenue reaching 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. The net profit attributable to shareholders was 63.1 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [4] - The company is expected to maintain strong growth driven by the deepening application of AI and the performance of both new and existing games. The projected net profits for 2025-2027 are 226.4 billion yuan, 256.2 billion yuan, and 288.7 billion yuan respectively, with corresponding PE ratios of 23.7, 20.9, and 18.6 times [4][5] Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 609.02 billion yuan, with a year-on-year growth of 9.8%. By 2025, revenue is expected to reach 752.39 billion yuan, reflecting a 14% increase [6] - Net profit for 2023 is estimated at 115.22 billion yuan, with a significant year-on-year growth of 68.4% expected in 2024, leading to a net profit of 194.07 billion yuan [6] - The gross margin is projected to improve to 56.4% by 2025, up from 48.1% in 2023, indicating enhanced profitability [6]