---
title: "Daiwa: Tencent's third-quarter performance is stable, reiterates buy target price of 750 yuan"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265843352.md"
description: "Daiwa's research report pointed out that Tencent's performance in the third quarter was robust, with revenue exceeding expectations, mainly due to growth in gaming and advertising revenue. Despite facing challenges from a high base, domestic gaming revenue grew by 15%, and international gaming revenue grew by 43%. Due to chip supply constraints, annual capital expenditure on AI infrastructure will be below expectations. Daiwa reiterated its \"Buy\" rating with a target price of 750 yuan"
datetime: "2025-11-14T04:15:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265843352.md)
  - [en](https://longbridge.com/en/news/265843352.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265843352.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265843352.md) | [繁體中文](https://longbridge.com/zh-HK/news/265843352.md)


# Daiwa: Tencent's third-quarter performance is stable, reiterates buy target price of 750 yuan

Daiwa's research report indicates that Tencent Holdings (00700.HK) had a solid performance in the third quarter, with revenue 2% higher than market expectations, driven by better-than-expected gaming and advertising revenues. During the period, marketing services revenue grew 21% year-on-year, due to AI advertising targeting technology boosting the effective cost per thousand impressions (eCPM) and traffic growth.

In terms of gaming business, despite facing challenges from last year's high base, domestic gaming revenue still grew 15% year-on-year in the third quarter; international gaming revenue rose 43% year-on-year, due to the one-time revenue from the early confirmation of the acquisition of Supercell and contributions from newly acquired studios.

Management stated that due to chip supply constraints, the full-year capital expenditure for AI infrastructure will be lower than previously guided, while the original management guidance indicated that expenditure would account for a low double-digit percentage of revenue. The firm expects the actual proportion to reach 10% of the full-year revenue forecast. Although management believes that GPU resources are sufficient to meet internal model training needs, the firm believes that chip supply has limited the cloud business's ability to achieve faster growth.

In response to the increase in R&D costs, the firm has lowered its earnings per share forecast for 2026 to 2027 by 2%; it reiterated a "Buy" rating with a target price of 750 yuan

### 相关股票

- [Tencent (TCEHY.US)](https://longbridge.com/zh-CN/quote/TCEHY.US.md)
- [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-CN/quote/TCTZF.US.md)
- [TENCENT (00700.HK)](https://longbridge.com/zh-CN/quote/00700.HK.md)

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