《Valorant》手游

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里昂:上调腾讯控股今明两年经调整净利预测 目标价升至740港元
Zhi Tong Cai Jing· 2025-08-14 06:23
Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing forecasts by 4% and 8% respectively [1] Group 1: Financial Performance - Tencent's three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% revenue growth [1] - The adjusted net profit forecasts for 2025 and 2026 have been raised by 2% and 3% respectively [1] Group 2: Future Outlook - The upcoming launch of the mobile game "Valorant" within the month is viewed positively [1] - Continuous empowerment of various businesses through AI technology is expected to contribute to growth [1] Group 3: Target Price and Rating - The target price for Tencent has been increased from HKD 710 to HKD 740 [1] - The rating remains "highly confident to outperform the market" [1]
里昂:上调腾讯控股(00700)今明两年经调整净利预测 目标价升至740港元
智通财经网· 2025-08-14 06:19
Core Viewpoint - Tencent Holdings (00700) reported better-than-expected Q2 performance, with revenue and adjusted operating profit increasing by 15% and 19% year-on-year, exceeding expectations by 4% and 8% respectively [1] Group 1: Financial Performance - Revenue and adjusted operating profit growth of 15% and 19% year-on-year [1] - Core businesses, including online games, advertising, and cloud services, achieved approximately 20% growth [1] Group 2: Future Outlook - Anticipation for the launch of the mobile game "Valorant" within the month [1] - Continuous empowerment of various businesses through AI technology [1] - Adjusted net profit forecasts for 2025 and 2026 increased by 2% and 3% respectively [1] - Target price raised from 710 HKD to 740 HKD, maintaining a "highly confident outperform" rating [1]
大行评级|大和:上调腾讯目标价至750港元 看好游戏业务强劲增长势头将延续至下半年
Ge Long Hui· 2025-08-14 04:33
Group 1 - The core viewpoint of the report indicates that Tencent's Q2 revenue and adjusted earnings per share grew by 15% and 13% year-on-year, respectively, aligning with market expectations [1] - The company anticipates continued strong growth in its gaming business, driven by titles such as "Delta Force" and "Clash Royale," which are expected to sustain double-digit growth in gaming revenue for the second half of the year [1] - The recently launched mobile game "Valorant" is expected to act as a short-term catalyst for revenue growth [1] Group 2 - Marketing services revenue increased by 20% in Q2, attributed to higher click-through rates and increased impressions from WeChat and video accounts, with projections of maintaining a 20% growth rate from 2025 to 2027 [1] - Based on the favorable outlook for gaming growth, the company has revised its revenue and earnings per share forecasts for 2025 to 2027 upwards by 1% to 5% and 3% to 6%, respectively [1] - The target price for Tencent has been raised from HKD 670 to HKD 750, with a reiterated "buy" rating [1]
大行评级|里昂:腾讯次季业绩胜预期 上调目标价至740港元
Ge Long Hui· 2025-08-14 03:15
Core Viewpoint - Tencent's Q2 performance exceeded expectations, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing the firm's forecasts by 4% and 8% respectively [1] Group 1: Business Performance - The three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% growth [1] - The upcoming launch of the mobile game "Valorant" is anticipated to contribute positively to revenue [1] Group 2: Financial Projections - The firm has raised its adjusted net profit forecasts for 2025 and 2026 by 2% and 3% respectively [1] - The target price for Tencent has been increased from HKD 710 to HKD 740, maintaining a "highly confident outperform" rating [1]
大行评级|花旗:上调腾讯目标价至735港元 重申“买入”评级及行业首选地位
Ge Long Hui· 2025-08-14 02:52
Core Viewpoint - Citigroup's research report indicates that Tencent's revenue growth accelerated to 15% year-on-year in Q2, reflecting significant results from its AI investments in marketing services, gaming, and enterprise services [1] Revenue and Profit Growth - Tencent benefited from the growth of high-margin businesses such as domestic gaming, video accounts, and WeChat search, leading to a gross profit increase of 22% [1] - Operating profit and net profit growth rates reached 18% and 20%, respectively [1] AI Technology Application - The company has successfully applied AI technology in various aspects of gaming, including game production, gameplay design, promotion, and advertising recommendations, enhancing its competitive edge in the ecosystem [1] Future Outlook - Looking ahead, Tencent is expected to see steady revenue growth from its evergreen games, the launch of the mobile game "Valorant," increased contributions from "Delta Force," upgrades to its advertising platform, and rising enterprise GPU demand [1] - Citigroup believes that the growth paths for Tencent's various businesses will become clearer, reaffirming a "buy" rating and industry preference, while raising the target price to HKD 735 [1]
瑞银:重申腾讯控股(00700)为行业首选 目标价上调至720港元
智通财经网· 2025-08-14 02:40
Core Viewpoint - UBS reports that Tencent Holdings (00700) has exceeded expectations in its Q2 performance, with a 15% year-on-year revenue growth, surpassing market expectations by 3% [1] Financial Performance - Revenue increased by 15% year-on-year, exceeding market expectations by 3% [1] - Adjusted operating profit rose by 18% year-on-year, exceeding expectations by 5% [1] - Gross margin expansion contributed significantly to the strong performance [1] Business Segments - Online gaming and advertising businesses showed strong performance, providing visibility for revenue in the second half of the year [1] - Upcoming launches such as "Delta Action" PC version, "Valorant" mobile game, and the 10th anniversary event of "Honor of Kings" are expected to drive growth [1] Investment Outlook - UBS maintains Tencent as a top industry pick, raising the target price from HKD 710 to HKD 720 and reiterating a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 4% [1] Capital Expenditure - Capital expenditure decreased by 30% quarter-on-quarter in Q2 [1] - UBS views this reduction as a short-term impact due to GPU import restrictions, with management indicating a continued diversified chip strategy and efficiency improvements [1]
大行评级|瑞银:腾讯次季业绩全面超预期 上调目标价至720港元并重申为行业首选
Jin Rong Jie· 2025-08-14 02:40
Core Viewpoint - UBS reports that Tencent's Q2 performance significantly exceeded expectations, with a year-on-year revenue growth of 15%, surpassing market expectations by 3% [1] Group 1: Financial Performance - Revenue increased by 15% year-on-year, exceeding market expectations by 3% [1] - Adjusted operating profit rose by 18% year-on-year, surpassing expectations by 5%, primarily due to margin expansion [1] Group 2: Business Segments - Strong performance in online gaming and advertising is expected to provide revenue visibility for the second half of the year [1] - Upcoming launches such as "Delta Action" PC version, "Valorant" mobile game, and the 10th anniversary event of "Honor of Kings" are anticipated to drive growth [1] Group 3: Capital Expenditure and Strategy - Q2 capital expenditure decreased by 30% quarter-on-quarter, attributed to short-term impacts from GPU import restrictions [1] - Management plans to continue a diversified chip strategy and improve efficiency [1] Group 4: Analyst Ratings and Forecasts - UBS reaffirms Tencent as a top industry pick, raising the target price from HKD 710 to HKD 720 [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 4% [1]
大行评级|瑞银:腾讯次季业绩全面超预期 上调目标价至720港元
Ge Long Hui· 2025-08-14 02:33
瑞银重申腾讯为行业首选,目标价由710港元上调至720港元,维持"买入"评级,并将2025至2027年每股 盈利预测上调3%至4%。 瑞银发表研究报告指,腾讯次季业绩全面超预期,收入按年增长15%,较市场预期高出3%,经调整经 营利润按年升18%,超出预期5%,主要受惠于毛利率扩张。期内线上游戏及广告业务表现强劲,瑞银 认为可为下半年收入提供一定可见性。 展望下半年,瑞银预期《三角洲行动》PC版、《Valorant》手游及《王者荣耀》十周年活动的推出将推 动增长,对AI变现及资本开支看法正面。次季资本开支按季减少30%,瑞银指,投资者应理解为GPU进 口限制的短期影响,而管理层亦表示会继续采用多元化芯片策略并提升效率。 ...