According to a report published by BOC International, according to Sensor Tower/Qimai data, Tencent Mobile Games showed resilience in the first quarter, and sales will be confirmed one after another this year. Among them, the mainland increased 11% year-on-year, and “Battle of the Golden Shovel” and “Wang Zhe Rongyao” contributed more than 60% to the increase in turnover. Overseas sales are increasing by 25% year-on-year, mainly driven by Supercell's flagship game. Furthermore, the bank believes that Tencent's advertising business is performing best in the industry, and that Tencent's video ad inventory is still increasing. As user usage time increases, content recommendation optimization, and ad conversion rates increase, advertising revenue for the first quarter is expected to increase 20% year-on-year.

The bank estimates that with the steady operation of old games and the launch of new games (“Dungeons and Warriors”), Tencent's game revenue growth rate for the next quarter will be corrected, and the company will maintain the trend of gross profit growing faster than revenue and operating profit growing faster than gross profit. The bank raised its 2024/25 operating profit forecast by 8%/6%, fine-tuning Tencent's target price to HK$395, maintaining a “buy” rating.