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%
According to the Zhitong Finance APP, Guosen Securities released a research report stating that Tencent Holdings (00700) 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 and scenarios in Tencent's ecosystem still make it one of the best-positioned companies in 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 an upward adjustment of 1% each year. The rating remains "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 operating profit under Non-IFRS 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 net profit attributable to shareholders of 66.7 billion yuan under Non-IFRS, a year-on-year increase of 12%; the net profit margin attributable to shareholders under Non-IFRS will be 35.4%
