Guosen Securities: Expects Tencent Holdings (00700.HK) to post 9% revenue growth in Q3, maintains "Outperform" rating.

Zhitong Finance APP has learned that Guosen Securities has issued a research report stating that it maintains a "Outperform" rating for Tencent Holdings (00700.HK). Taking into account the impact of AI investment and amortization in 2027, it has lowered its earnings forecasts and expects the company's adjusted net profit for 2026-2028 to be RMB 255.4 billion / 249.3 billion / 251.8 billion, respectively (a downward revision of -2% / -9% / -12%). The company is increasing investment in areas such as AI talent to strengthen capabilities including model research. In the short term, the company is in a relatively heavy investment period, with the second half of 2026 and 2027 both being key investment phases. In addition, the company has advantages on the product side; for example, Workbuddy provides a high-value direction for Tencent's model updates, and the overall ecosystem capability of Tencent is viewed favorably.