高盛亚洲研究团队的Ronald Keung、Lincoln Kong等同日发布研报称，腾讯重回两位数的营收增长，主要得益于经典游戏业务的强劲表现以及主要由AI驱动的广告收入增长；每股收益的超预期主要受联营公司利润同比大幅增长带动。
Goldman Sachs stated that Tencent achieved better-than-expected performance, mainly due to strong growth in its Gaming and Advertising Business, along with a significant increase in investments in AI-related fields. It is expected that Tencent will continue to benefit from the WeChat ecosystem, Global gaming Assets, and the application of AI technology in the future, with the market focusing on the progress of AI applications and the growth prospects of Gaming.
Goldman Sachs interpreted TENCENT's performance, expecting the market to focus on TENCENT's progress in AI applications and capital expenditure plans.
On Wednesday,$TENCENT (00700.HK)$The annual performance report for 2024 shows that both revenue and profit exceeded market expectations, with capital expenditure skyrocketing by 221% year-on-year, reaching a new high.
The Goldman Sachs Asia research team, including Ronald Keung and Lincoln Kong, released a Research Report on the same day stating that TENCENT has returned to double-digit revenue growth, mainly thanks to strong performance in classic games and advertising revenue growth driven primarily by AI; the EPS exceeded expectations mainly due to substantial year-on-year profit growth from joint ventures.
The report emphasized that TENCENT achieved better-than-expected performance, largely due to strong growth in gaming and advertising businesses, as well as significant increases in investment in AI-related areas. It is expected to continue benefiting from the WeChat ecosystem, global gaming Assets, and the application of AI technology in the future.
In the report, Goldman Sachs specifically highlighted TENCENT's investments in the AI field. The Earnings Reports indicate that TENCENT's capital expenditure in the fourth quarter of 2024 reached 37 billion yuan. $BABA-W (09988.HK)$ In the same period, the total capital expenditure for fiscal year 2024 reached 77 billion yuan, while for fiscal year 2023 it was only 24 billion yuan.
TENCENT's management expects that in 2025, TENCENT's capital expenditures will account for a low double-digit percentage of revenue (12% in 2024). Goldman Sachs believes that these investments will be used to enhance the productivity of the advertising business, extend the lifecycle of games, and accelerate user adoption of TENCENT's AI applications and enterprise applications.
Market focus: AI applications, gaming prospects, growth potential of mini-programs and video accounts.
The report states that for TENCENT's statements during the conference call and future business developments, investors will focus on AI adoption and gaming growth.
The report indicates that in light of the integration of the DeepSeek R1 model into WeChat AI search and the significant increase in capital expenditures for the fourth quarter, investors will closely monitor TENCENT's progress in AI applications (including potential WeChat AI assistants) and the investment pace and capital expenditure levels in 2025.
In terms of the gaming business, the report expects TENCENT's 'evergreen games' to maintain overall healthy growth, but the domestic gaming market in the second half of 2025 will face a high base effect due to the launch of the mobile game 'Dungeon and Fighter' in May of last year.
As TENCENT launches new advertising release 3.0, enhances engagement with video accounts, and develops e-commerce mini-programs, investors will also focus on the further expansion of mini-programs into shelf-type e-commerce products and the further growth potential of video account advertising, which will further increase the market size of WeChat's advertising.
The report also adds:
"TENCENT's WeChat ecosystem and Global gaming Assets, along with multiple monetization methods, will enable it to achieve compound growth in earnings throughout the macroeconomic cycle."
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Editor/Rocky
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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