公司研究 收入符合预期，毛利持续改善：公司 2Q24 收入人民币 1,611 亿元，同 比增长 8.0%，符合市场预期；毛利率同比改善 5.8pp 至 53.3%，各业 务分部毛利均有所改善；调整后净利润为 573 亿元，同比增长 52.6%， 高于市场预期 17.8%，主要得益于毛利率改善以及联营合营公司盈利 贡献；调整后净利率为 35.6%，去年同期为 25.2%。 投资风险：宏观消费不确定性；行业竞争激烈。 评级 目标价（港元） 潜在升幅/降幅 目前股价（港元） 52 周内股价区间（港元） 总市值（百万港元） 近 3 月日均成交额 （百万港元） 7,085 股价表现 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|---------------------------------------------------|-------|-------|-------|------------|------------------|--------|---- ...

免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 14 证券研究报告 腾讯控股 (700 HK) 2Q 营收符合预期，2H 广告增速放缓 2Q 营收符合预期，经调整净利润超预期 2H 广告增速放缓，下调广告和金科预测 游戏收入持续加速，国内海外表现均强劲 金科业务聚焦利润释放，直播电商贡献支付动能 风险提示：支付增速低于预期，经营费用超预期，游戏递延周期较预期更长， 广告、金融科技、云业务不及预期。 | --- | --- | |---------------------------------------|-----------------------------------------| | | | | 投资评级(维持): 目标价(港币 ): | 买入 465.35 | | 研究员 | 夏路路 | | SAC No. S0570523100002 | xialulu@htsc.com | | SFC No. BTP154 | +(852) 3658 6000 | | 研究员 | 丁骄琬 | | SAC No. S0570523040003 SFC No. BPJ942 | dingjiaowa ...

腾讯控股（00700.HK） 证券研究报告 业绩简评 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | | | | | | | | 主要财务指标 | | | | | | | 项目 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | 554,552 | 609,015 | 667,475 | 737,488 | 806,212 | | 营业收入增长率 | -0.99% | 9.82% | 9.60% | 10.49% | 9.32% | | Non-IFRS 归母净利润 | | | | | | | (百万元) | 115,649 | 157,688 | 220,501 | 252,126 | 277,304 | | Non-IFRS 归母净利润 增长率 | 258.56% | 36.35% | 39.83% | 14.34% | 9.99% | | Non-I ...

隐证券 传媒/社交Ⅱ 公 司 研 究 腾讯控股（00700.HK） 2024 年 08 月 15 日 Q2 延续高增长，新产品周期与视频号商业化共振 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/14 | | 当前股价 ( 港元 ) | 373.80 | | 一年最高最低 ( 港元 ) | 401.00/260.20 | | 总市值 ( 亿港元 ) | 34,841.80 | | 流通市值 ( 亿港元 ) | 34,841.80 | | 总股本 ( 亿股 ) | 93.21 | | 流通港股 ( 亿股 ) | 93.21 | | 近 3 个月换手率 (%) | 13.26 | 股价走势图 -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 腾讯控股 恒生指数 数据来源：聚源 相关研究报告 《《DNF》手游登顶畅销、免费榜，或 再造国民手游 —港股公司信息更新 报告》-2024.5.22 《2024Q1 利润大增，新游戏与视频号 ...

图表 10: 付费订阅用户数（视频、音乐和阅读） 图表 11: 微信/QQ 月活跃用户数及付费用户 124 122120 119113 115 117 117 116 117 80838589 9499 103 107 114 117 8 8 8 812 11 11 11 10 10 0 20 40 60 80 100 120 1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q24 （百万） 视频 音乐 阅读 资料来源：公司资料，交银国际 *2024 年 1 季度开始视频付费用户为日均值 资料来源：公司资料，交银国际 1,288 1,2991,309 1,313 1,319 1,327 1,336 1,343 1,359 1,371 564 569 574 572 597 571 558 554 553 571 239 235 229 234 226 241 245 244 260 263 0 250 500 750 1,000 1,250 1,500 1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q24 （百万） 微信 MAU QQ MAU 付费用户数 ...

适用于本文件在美国的收件人 请阅读最后一页的分析师认证和重要披露 9 15 Aug 2024 腾讯 （ 700 香港 ） 腾讯于2024年8月14日公布了第二季度（2Q24）的财务结果：总收入同比增长8%，达到 1611亿人民币，与我们的预期和市场共识（分别为1609亿和1614亿）基本一致；非国际财务 报告准则（IFRS）下的营业利润同比增长27%，达到584亿人民币，基本符合我们对577亿人 民币的预测；非IFRS净收入增加了53%，达到573亿人民币，比我们的预期和市场共识分别高 出了17%和18%，主要原因是联营公司收益份额的增加（同比增长66亿人民币）。受益于游 戏毛收入的强劲增长，我们对下半年（2H24）的收入增长加速和盈利增长持乐观态度。电子 商务生态系统的建设将在中长期支持互联网消费业务的增长，而随着经济势头的恢复，金融服 务业务（FBS）的收入有望反弹。我们保持了2024至2026财年的运营利润预测基本不变，并 将非IFRS净收入预测上调5-8%，以反映联营公司收益份额的增加。我们维持了基于股东权益 总额（SOTP）得出的目标价为480港元和买入评级。 游戏业务在第二季度录得稳健复苏。游戏收 ...

Tencent (700 HK) Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; nonIFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/consensus estimate, mainly due to the increase in share of profit of associates (+RMB6.6bn YoY). Underpinned by strong growth in game gross receipt, we are upbeat on th ...

Revenue Growth - Revenue for Q2 2024 increased by 1% quarter-over-quarter to RMB 161.1 billion[19] - Total revenue grew by 8% YoY to RMB 161.1 billion in Q2 2024[47] - Revenue for Q2 2024 increased to RMB 161,117 million, up 1% from RMB 159,501 million in Q1 2024[49] - Total revenue for the quarter was RMB 161,117 million, an 8.0% increase from the previous year[79] - Revenue for the six months ended June 30, 2024, reached RMB 320.618 billion, compared to RMB 299.194 billion in the same period of 2023[166] Cost and Profit Margins - Cost of revenue for Q2 2024 decreased by 0.5% quarter-over-quarter to RMB 75.2 billion[1] - Gross profit for Q2 2024 increased by 21% year-over-year to RMB 85.9 billion, with gross margin rising from 47% to 53%[5] - Gross profit for the FinTech and Business Services segment increased by 0.7% quarter-over-quarter to RMB 24 billion, with gross margin rising from 46% to 48%[7] - Value-added services gross profit increased by 12% year-over-year to RMB 45 billion, with gross margin rising from 54% to 57%[17] - Network advertising gross profit increased by 36% YoY to RMB 16.6 billion, with gross margin rising from 49% to 56%[48] - Gross profit for Q2 2024 was RMB 85,895 million, compared to RMB 83,870 million in Q1 2024[49] - The gross profit margin for value-added services remained stable at 57% in Q2 2024[50] - Gross profit for the six months ended June 30, 2024, was RMB 169.765 billion, up from RMB 139.022 billion in the same period of 2023[166] Game Revenue - International market game revenue grew to RMB 13.9 billion, a 9% increase year-over-year, driven by strong performance of PUBG MOBILE and Supercell games[24] - Domestic market game revenue increased by 9% year-over-year to RMB 34.6 billion, driven by growth in VALORANT and the successful launch of Dungeon & Fighter: Origins[24] User Engagement and Membership - Mini Program user engagement time increased by over 20% year-over-year, with transaction volume achieving double-digit percentage growth[4] - Tencent Music's paid membership increased by 18% year-over-year to 117 million[31] Expenses and Investments - Sales and marketing expenses for Q2 2024 increased by 10% year-over-year to RMB 9.2 billion, maintaining a stable percentage of revenue at 6%[25] - Sales and marketing expenses for Q2 2024 increased by 21% to RMB 9,156 million, driven by promotional activities for new games[72] - R&D expenses for the quarter were RMB 17.277 billion, up 7.9% year-over-year[87] - Intangible assets amortization related to acquisitions was RMB 1.305 billion for the quarter, a 27.6% increase from the previous year[88] - New investments and additional investments in companies primarily engaged in social media platforms, sports equipment and apparel, e-commerce, and other internet-related businesses totaled approximately RMB 2.92 billion for the six months ended June 30, 2024[126] - The company's investments in listed enterprises under non-current assets were RMB 11,845 million as of June 30, 2024, up from RMB 11,495 million as of December 31, 2023[101] - The company's investments in non-listed enterprises under non-current assets were RMB 182,559 million as of June 30, 2024, down from RMB 190,698 million as of December 31, 2023[101] - The company's financial investments and others under non-current assets were RMB 12,444 million as of June 30, 2024, up from RMB 8,952 million as of December 31, 2023[101] Profit and Earnings - The company's equity holders' profit increased by 82% YoY to RMB 47.6 billion in Q2 2024[33] - Non-IFRS equity holders' profit grew by 53% YoY to RMB 57.3 billion in Q2 2024[33] - Net profit attributable to equity holders for Q2 2024 was RMB 47,630 million, up 13.7% from RMB 41,889 million in Q1 2024[49] - Net profit attributable to equity holders of the company was RMB 47,630 million for the quarter, an 82.0% increase year-over-year[95] - Basic earnings per share for the quarter were RMB 5.112, up 85.1% compared to the same period last year[95] - Diluted earnings per share for the quarter were RMB 4.994, an 85.3% increase year-over-year[96] - Net profit attributable to equity holders for the six months ended June 30, 2024, was RMB 89.519 billion, up from RMB 52.009 billion in the same period of 2023[166] - Basic earnings per share for the period were RMB 5.112, compared to RMB 2.761 in the previous year[175] Advertising and Fintech Revenue - Network advertising revenue increased by 13% QoQ to RMB 29.9 billion, driven by seasonal growth post-Spring Festival[34] - Fintech and enterprise services revenue grew by 4% YoY to RMB 50.4 billion in Q2 2024, with enterprise services achieving double-digit growth[39] - Online advertising revenue grew to RMB 29,871 million, a 19.5% increase compared to the same period last year[79] - Fintech and enterprise services revenue reached RMB 50,440 million, up 3.7% year-over-year[79] - Revenue from online advertising for the six months ended June 30, 2024, was RMB 56.377 billion, compared to RMB 45.967 billion in the same period of 2023[166] - Revenue from fintech and business services for the six months ended June 30, 2024, was RMB 102.742 billion, up from RMB 97.336 billion in the same period of 2023[166] Shareholder and Equity Information - Share of profits from associates and joint ventures reached RMB 7.7 billion in Q2 2024, up from RMB 2.2 billion in the previous quarter[40] - Non-IFRS share of profits from associates and joint ventures increased to RMB 9.9 billion in Q2 2024, driven by improved performance of domestic and overseas gaming studios[40] - Total dividends declared were RMB 262,961 million, up 3.7% compared to the previous year[98] - The company repurchased 154,730,000 shares on the Hong Kong Stock Exchange for a total consideration of approximately HKD 52.3 billion (excluding expenses) during the six months ended June 30, 2024[147] - The company's equity investments in listed enterprises increased to RMB 233.214 billion as of June 30, 2024, up from RMB 189.286 billion as of December 31, 2023[142] - Total equity as of January 1, 2024, amounted to RMB 873.681 billion[149] - Retained earnings as of January 1, 2024, were RMB 813.911 billion[149] - Comprehensive income for the period was RMB 91.017 billion[149] - Other comprehensive income (net of tax) was RMB (697) million[149] - Total comprehensive income for the period was RMB 125.967 billion[149] - Total equity as of June 30, 2024, amounted to RMB 927.597 billion[149] - Retained earnings as of June 30, 2024, were RMB 842.048 billion[149] - Non-controlling interests as of June 30, 2024, were RMB 66.916 billion[149] - Total transactions with equity holders during the period amounted to RMB (73.652) billion[149] - Other reserves (unaudited) as of January 1, 2024, were RMB (33.219) billion[149] - Total equity as of January 1, 2023, amounted to RMB 782,860 million[151] - Retained earnings as of January 1, 2023, were RMB 705,981 million[151] - Non-controlling interests as of January 1, 2023, were RMB 61,469 million[151] Cash Flow and Financial Position - Interest income for Q2 2024 grew by 13% to RMB 3,850 million due to increased cash reserves[71] - Adjusted EBITDA for Q2 2024 was RMB 68,518 million, compared to RMB 69,259 million in Q1 2024[76] - The company's free cash flow for Q2 2024 was RMB 40.4 billion, driven by operating cash flow of RMB 54.1 billion, partially offset by capital expenditures of RMB 5.9 billion, media content payments of RMB 6.2 billion, and lease liability payments of RMB 1.6 billion[141] - Net cash flow from operating activities for the six months ended June 30, 2024, was RMB 126,458 million[153] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 45,449 million[153] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 99,781 million[153] - Cash and cash equivalents at the end of June 30, 2024, were RMB 153,511 million[153] - Cash and cash equivalents as of June 30, 2024, were RMB 153.511 billion, down from RMB 161.023 billion as of March 31, 2024[173] - Net cash position as of June 30, 2024, was RMB 71.757 billion, compared to RMB 92.534 billion as of March 31, 2024[173] - Total assets as of June 30, 2024, amounted to RMB 1,654.970 billion, up from RMB 1,577.246 billion as of December 31, 2023[169] Debt and Liabilities - The total amount of US dollar notes payable was $19.45 billion as of June 30, 2024, with interest rates ranging from 1.375% to 4.700%[108] - The company's RMB bank loans increased to RMB 627.08 billion as of June 30, 2024, up from RMB 460.15 billion as of December 31, 2023, with interest rates ranging from 2.30% to 4.60%[129] - USD bank loans decreased to USD 15.85 billion as of June 30, 2024, compared to USD 17.75 billion as of December 31, 2023, with interest rates ranging from SOFR plus 0.80% to 0.95%[129] - Long-term USD bank borrowings (non-current portion) stood at RMB 109.753 billion as of June 30, 2024[186] - Long-term RMB bank borrowings (non-current portion) were RMB 43.170 billion as of June 30, 2024[186] - Short-term USD bank borrowings (current portion) amounted to RMB 19.242 billion as of June 30, 2024[186] - Short-term RMB bank borrowings (current portion) were RMB 10.440 billion as of June 30, 2024[186] - Total non-current liabilities were RMB 152.946 billion as of June 30, 2024[186] - Total current liabilities were RMB 52.462 billion as of June 30, 2024[186] Other Financial Metrics - Adjusted EBITDA ratio stood at 43% in Q2 2024, up from 38% in the same period last year[41] - Disposal gains from investments totaled RMB 1.257 billion in Q2 2024, down from RMB 1.752 billion in the same period last year[59] - The company recognized a net gain of approximately RMB 4.523 billion from deemed disposals of investments in companies for the six months ended June 30, 2024, compared to RMB 1.936 billion for the same period in 2023[113] - Donations for the company's SSV and CPP initiatives were approximately RMB 835 million and RMB 847 million for the three and six months ended June 30, 2024, respectively[114] - The total number of share options outstanding as of June 30, 2024, was 111,693,972, with an average exercise price of HKD 348.45[105] - The fair value of investments in associates was approximately RMB 322.778 billion as of June 30, 2024, down from RMB 351.594 billion as of December 31, 2023[122] - The fair value of the company's equity investments in listed companies (excluding subsidiaries) was RMB 564.5 billion as of June 30, 2024, while the book value of non-listed investments was RMB 327.4 billion[141] - The company's accounts payable aged over 90 days increased to RMB 7.423 billion as of June 30, 2024, compared to RMB 4.476 billion as of December 31, 2023[136] - The company's long-term USD notes payable (non-current portion) decreased to RMB 131.575 billion as of June 30, 2024, down from RMB 137.101 billion as of December 31, 2023[139] - The company's total financial assets increased to RMB 254.286 billion as of June 30, 2024, up from RMB 213.951 billion as of December 31, 2023, driven by fair value changes of RMB 41.386 billion[130] - Total comprehensive income for the period was RMB 51,144 million[151] - Employee benefits expenses, including share-based compensation, were RMB 6.213 billion for the three months ended June 30, 2024, up from RMB 5.551 billion in the same period last year[178] - Current income tax for the six months ended June 30, 2024, was RMB 21.183 billion, compared to RMB 18.068 billion in the previous year[181] - The company paid a final dividend of HKD 3.40 per share for the year ended December 31, 2023, totaling HKD 31.743 billion[182] - The company's shares have been listed on the Main Board of the Stock Exchange since June 16, 2004[155] - The interim financial data is presented in RMB unless otherwise stated[156]

交银国际研究 公司更新 互联网 2024 年 8 月 8 日 《MDnF》拉动手游加速增长，持续看好微信生态广告增长潜力 估算2 季度游戏收入同比增6%，较此前预期5%小幅上调。1）综合以上流 水数据，考虑新游《MDnF》持续的流水增量贡献及 6-12 个月摊销影响， 我们预计 2 季度本土手游收入或同比增 8%，下半年逐季加速。预计 2 季度 海外手游收入同比增 22%，《荒野乱斗》正向影响将延续至 2025 年初， 但影响程度将逐步降低；2）端游仍受《DnF》去年高基数影响，预计 2 季 度收入同比降 6%。《DnF》6 月网吧热度较 3 月已止跌，《无畏契约》较 2023 年 12 月翻倍，热度持续攀升。 展望及估值：基于新游强劲表现，我们上调 2024 年游戏收入 2%，预计手 游收入同比增 11%，端游受《DnF》高基数影响或同比降 4%，并维持广告 全年 16%增速预期。考虑短期新游营销投放或加大，基本维持 2 季度及 2024 年利润预期。按核心盈利业务 20 倍市盈率，云业务 2 倍市销率，维 持 SOTP 目标价 457 港元，对应 2024/25 年 16/14 倍市盈率，维持买入。 ha ...

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