金吾财讯 | 招银国际研报指，腾讯(00700)公布3Q25业绩：总营收同比增长15%至人民币1,929亿元，较彭博一致预期/招银国际预期分别高2%/4%，主要得益于游戏业务收入的强劲增长（同比+23%）；尽管费用增长略高于预期，非IFRS运营利润仍同比增长18%至726亿元，基本符合一致预期及该机构预期。受供应链限制影响，公司下调2025年资本支出指引，但仍致力于在广告、游戏、电商及微信智能体等领域加速AI应用落地。凭借多元化的应用场景与庞大的用户基数，该机构看好腾讯在AI领域的长期发展机会。考虑游戏收入增长好于预期，该机构上调2025-2027年总营收预测3%-5%；将估值窗口前滚至2026年，基于SOTP的目标价由705.0港元上调至760.0港元，维持“买入”评级。
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