Northeast Securities: maintain Tencent (00700) "buy" rating target price of HK $407

Northeast Securities predicted that the net profit attributable to the parent in 2022-24 was 115.959/152188/170.985 billion yuan, and the net profit attributable to the parent in non IFRS was 115.123/142483/162.249 billion yuan. The bank is optimistic about the repair of Tencent after the epidemic and the realization increment of video number.

According to the report, the company's self-developed products of 22Q2 games are rarely launched. Considering the promotion brought by the capacity repair of the glory of the king and the increase in the frequency of activities, it is estimated that the mobile game business income of 22Q2 is 40.764 billion yuan (yoy-0.1%) and the PC end income is 11 billion yuan (YoY + 0%).

In terms of social networking business, it is estimated that the revenue of 22Q2 is 29.4 billion yuan (YoY + 1.4%), and the main influencing factors include: 1) the video business is driven by the price increase; 2) Music business continued to decline; 3) Wechat video Number generates revenue increment. It is estimated that the total revenue of 22Q2 value-added services is under pressure, about 72.362 billion yuan (YoY + 0.5%).