招银证券：给予腾讯控股(00700.HK)“增持”评级 目标价455.00港元

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招银证券6月20日发布公告。Tencent disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun. The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost. We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. We are positive on Tencent’s AI development in the long term, mainly due to its abundant use cases, ample user data and strong digital infrastructure. Our SOTP-derived TP remained unchanged at HK$455.0. Maintain BUY.

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