光大证券:腾讯首次明确AI实质性贡献,广告、游戏强劲推动业绩超预期

光大证券
17 May

事件:5月14日腾讯控股公布1Q25业绩,营收、经调整净利润超预期。1Q25公司实现Non-IFRS净利润613亿元(yoy+22%,vs预期+18%);营收1,800亿元(yoy+13%,vs预期+10%),经营利润576亿(yoy+10%,vs预期+13%)。点评:25Q1经营利润低于预期系一次性重组影响,毛利率提升好于预期,分占联营合营公司盈利弱于预期。1)毛利率55.8%,vs预期...

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