华泰金融(HK)10月22日发布公告。We forecast Tencent revenue to grow 9.3% yoy in 3Q24, with short-term deceleration. We expect online ads revenue growth to slow down to 16% yoy, as well as a slight sequential drop in DnF Mobile grossing post Sep. We recommend focusing on long-term drivers with key catalysts from: 1) potential launches of HoK World and HoK Breaking Dawn in 2025, for which we expect aggregate monthly grossing around RMB1.5-2.5bn; 2) higher online ad load for Video Accounts, coupled with the integration of Taobao and Tmall with Weixin Pay, boosting CAGR of online ads and commercial payment revenues 3-4% in 25-26. We raise our 24-26 non-GAAP NP forecasts 0.9/1.1/0.5% yoy to RMB216.3/250.3/285.2bn. We raise our SOTP target price from HKD465.35 to HKD495.00. Maintain BUY.
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