大行评级丨里昂:预计腾讯第三季业绩表现稳健 重申“高度确信跑赢大市”评级

中金财经
Nov 13, 2025

  里昂发表研究报告指,预计腾讯第三季业绩表现稳健,总收入按年增长14%至1900亿元,经调整Ebit增长21%至741亿元。当中,在线游戏业务按年增长18%;在线广告受技术升级和转型增长所推动,期内收入或增长20%;商业服务收入料按年增长逾20%。   该行预计,随着在线游戏、广告和云业务具韧性增长,增长动力将持续至今年第四季。另外,腾讯是人工智能应用最大的受益者。该行上调公司今明两年的经调整净利润预测各0.8%,重申“高度确信跑赢大市”评级,目标价740港元。   

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