TENCENT(00700) 智通财经网·2025-05-13 23:05Core Viewpoint - Tencent Holdings is expected to report strong Q1 2025 results, with revenue and earnings per share projected to grow by 10% and 20% year-on-year, respectively, driven by high-margin businesses like advertising and gaming, along with operational leverage [1][2] Revenue and Earnings Forecast - Goldman Sachs estimates Tencent's revenue for the year to grow by 10% and earnings per share by 14%, supported by its unique WeChat ecosystem and diverse revenue channels [1] - Nomura forecasts Tencent's Q1 total revenue to reach RMB 1,760 billion, aligning with market consensus, with non-IFRS operating profit expected to increase by 19% to RMB 700 billion [2] - Guosen Securities predicts Tencent's Q1 revenue at RMB 1,765 billion, reflecting an 11% year-on-year growth [3] Business Segment Performance Gaming - Guosen Securities anticipates Tencent's online gaming revenue to be RMB 561 billion in Q1, a 17% increase year-on-year, with strong performance from established games and new releases [4] - Nomura expects online gaming revenue to grow by 15% in Q1, driven by popular titles like "Honor of Kings" and new games [2] Advertising - Guosen Securities projects Tencent's online advertising revenue to reach RMB 313 billion in Q1, an 18% increase year-on-year, supported by the growth of video accounts and enhanced advertising technology [4] - Nomura predicts a 19% year-on-year increase in online advertising revenue, primarily driven by video account ads [2] Financial Technology and Enterprise Services - Guosen Securities estimates revenue from financial technology and enterprise services to be RMB 550 billion in Q1, reflecting a 5% year-on-year growth [5] - The growth in payment services is linked to offline consumption trends, with a notable increase in non-financial institution deposits [5] Profitability and Cost Structure - Guosen Securities forecasts a non-IFRS net profit of RMB 609 billion for Q1, representing a 21% year-on-year increase, with a profit margin of 34.5% [6] - The impact of AI investments on margins and expenses is noted, with a focus on high-margin business areas [6]