Guotai Junan Securities: Maintains Tencent Holdings "Outperform" Rating, Three Business Segments Show Comprehensive Growth

Guosen Securities released a research report stating that Tencent Holdings has stable performance and significant growth potential. Long-term growth potential businesses, such as the explosion of WeChat e-commerce and the empowerment of AIAgent, are not included in the current profit forecast. The natural advantages of users + scenarios in Tencent's ecosystem still make it one of the best-positioned companies for the AI era. Considering the excellent performance of the gaming business, it is expected that the company's adjusted net profit for 2025-2027 will be 259.3 billion, 297.9 billion, and 337.4 billion yuan, with upward adjustments of 1%/1%/1%. The rating is maintained at "Outperform the Market." The firm expects Tencent to achieve revenue of 188.8 billion yuan in Q3 2025, a year-on-year increase of 13%. It is also expected that in the third quarter, online advertising will continue to benefit from the release of advertising inventory and AI; the gaming business will perform well with evergreen games, and "Delta Force" will perform excellently; the fintech business will maintain double-digit growth. In Q3 2025, it is expected that the Non-IFRS operating profit will be 73.5 billion yuan, a year-on-year increase of 20% (excluding the impact of joint ventures and tax rates). It is expected to achieve a Non-IFRS net profit attributable to the parent company of 66.7 billion yuan, a year-on-year increase of 12%; the Non-IFRS net profit margin attributable to the parent company will be 35.4%