Tencent's non-IFRS shareholders' net profit was up 12.9% yoy and up 2.8% qoq to RMB34,039 million in 2Q2021, primarily due to improvement in gross profit margin. Total revenue amounted to RMB138,259 million, increasing by 20.3% yoy and 2.2% qoq.
We revise down 2021-2022 value-added services revenue by 2.8% and 1.9%, respectively. While Tencent's flagship games maintained their strong performance, we expect growth of online games to slow down due to tightening regulations and severe competition in the domestic market.
We revise down 2021 online advertising revenue by 5.0% but revise up 2021 fintech and business services revenue by 2.3%. On the one hand, dragged down by headwinds in the education sector, the number of relative advertisements may significantly drop in 2H2021, which will result in slowing down of recovery in advertising business. On the other hand, due to faster-than-expected expansion in cloud and fintech services, we believe that Tencent's fintech and business services will play a more important role in revenue growth and stability of margins of the Company.
Our investment rating is "Buy" with target price of HK$650.00. Our new target price implies 38.6x, 32.3x and 27.3x 2021-2023 non-IFRS PER, respectively. We expect 2021-2023 non-IFRS basic EPS to be RMB14.018, RMB16.779 and RMB19.812, respectively, representing yoy growth of 8.4%, 19.7% and 18.1%.
2021年第二季度，騰訊控股非國際財務報告準則股東的淨利潤同比增長12.9%，季度利潤增長2.8%，達到人民幣340.39億元，這主要是由於毛利率的提高。總收入人民幣1382.59億元，同比增長20.3%，季度增長2.2%。
我們將2021-2022年增值服務收入分別下修2.8%和1.9%。雖然騰訊控股的旗艦遊戲保持了強勁的表現，但我們預計，由於監管收緊和國內市場的激烈競爭，網絡遊戲的增長將放緩。
我們將2021年在線廣告收入下調5.0%，但將2021年金融科技和商業服務收入上調2.3%。一方面，在教育領域逆風的拖累下，2021年下半年相關廣告數量可能大幅下降，這將導致廣告業務復甦放緩。另一方面，由於雲和金融科技服務的擴張速度快於預期，我們相信騰訊控股的金融科技和業務服務將在本公司的收入增長和利潤率穩定方面發揮更重要的作用。
我們的投資評級為“買入”，目標價為650.00港元。我們的新目標價分別意味着2021-2023年非IFRS每股38.6倍、32.3倍和27.3倍。我們預計2021-2023年非國際財務報告準則基本每股收益分別為14.018元、16.779元和19.812元，同比增長8.4%、19.7%和18.1%。
