Workflow
TENCENT(00700)
icon
Search documents
腾讯控股:游戏回暖,观察广告及支付边际变化
国盛证券· 2024-11-19 04:02
Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - Tencent reported a revenue of 167.2 billion RMB for Q3 2024, representing an 8% year-on-year increase. The adjusted net profit attributable to shareholders was approximately 59.8 billion RMB, a significant 33% increase compared to the previous year, exceeding Bloomberg's consensus estimate of 54.4 billion RMB [2][4] - The gaming sector is experiencing a strong product cycle, with domestic game revenue increasing by 14% to 37.3 billion RMB, driven by titles such as "Valorant," "Honor of Kings," and "Peacekeeper Elite." International game revenue grew by 9% to 14.5 billion RMB, supported by strong performances from "PUBG MOBILE" and "Brawl Stars" [3] - The advertising revenue saw a 17% increase to 30 billion RMB, fueled by strong demand for ads on video accounts, mini-programs, and WeChat search, along with the branding boost from the Olympics [4] Summary by Sections Financial Performance - Q3 2024 revenue breakdown: Gaming (51.8 billion RMB), Social Networks (30.9 billion RMB), FinTech and Enterprise Services (53.1 billion RMB), Advertising (30 billion RMB) [2] - Adjusted net profit for Q3 2024 was 59.8 billion RMB, with significant contributions from equity method investments and a reduced effective tax rate of 14% [2][3] Business Segments - Gaming: Domestic revenue increased by 14% to 37.3 billion RMB, while international revenue grew by 9% to 14.5 billion RMB. The company expects higher international game revenue to reflect in Q4 and next year's figures [3] - FinTech and Enterprise Services: Revenue growth slowed, with payment transaction volume increasing by about 10%, but average transaction value declined [3] - Advertising: Revenue increased by 17% to 30 billion RMB, with significant growth potential in video account ads and WeChat search ads [4] Future Projections - Revenue forecasts for 2024-2026 are 657.3 billion RMB, 702.3 billion RMB, and 752.0 billion RMB, respectively. Non-GAAP net profit estimates are approximately 223.5 billion RMB, 243.1 billion RMB, and 266.2 billion RMB for the same period [4][8]
腾讯控股:游戏业务增长强劲,AI多场景赋能生态
华安证券· 2024-11-18 13:44
Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that Q3 revenue was 167.19 billion (YoY +8.1%, QoQ +3.8%), slightly below consensus expectations [2] - Gross profit reached 88.83 billion (YoY +16.1%, QoQ +3.4%), also slightly below consensus [2] - Net profit was 53.23 billion (YoY +47.1%, QoQ +11.8%), exceeding consensus by 17.4% [2] - The report emphasizes stable growth in domestic long-term games and incremental growth from overseas games, with domestic game revenue at 37.3 billion (YoY +14%) driven by titles like "Valorant" and "Honor of Kings" [2] - Marketing business revenue was 30 billion (YoY +16.6%), surpassing consensus expectations [2] Summary by Sections Financial Performance - Q3 revenue was 167.19 billion, slightly missing consensus by 0.4% [2] - Gross profit was 88.83 billion, missing consensus by 0.8% [2] - Net profit was 53.23 billion, beating consensus by 17.4% [2] - The company expects net profits (Non-IFRS) for 2024/25/26 to be 220.80 billion, 238.91 billion, and 260.27 billion respectively [2] Business Segments - Value-added services (VAS) showed a gross margin of 57.5%, exceeding Bloomberg consensus of 56.7% due to growth in gaming revenue [2] - Marketing business gross margin was 53%, below Bloomberg consensus of 56% [2] - Financial technology revenue was 53.1 billion (YoY +2%), slightly below consensus of 54.06 billion [2] Future Outlook - The report anticipates continued growth in gaming and advertising, maintaining a "Buy" rating based on the company's long-term competitive advantages [2]
腾讯控股:3Q24回顾,核心板块市场份额增加
华兴证券· 2024-11-18 04:47
Investment Rating - The report maintains a "Buy" rating with a target price of HKD 520.00, representing a potential upside of approximately 28.8% from the current price of HKD 403.80 [2][17]. Core Insights - The report highlights strong growth in the gaming sector, particularly in domestic games, driven by titles such as "Dungeon & Fighter Mobile" and other flagship games, with a projected 4Q24 year-on-year growth of 16% for both domestic and international games [2][14]. - The advertising segment continues to show robust growth, with a year-on-year increase of 17%, supported by WeChat features [2][10]. - The report notes a significant increase in net profit, with a year-on-year growth of 33% in 3Q24, surpassing previous forecasts [2][10]. Financial Performance Summary - The total net revenue for 3Q24 was RMB 167.19 billion, reflecting an 8% year-on-year increase [10]. - The gaming revenue for 3Q24 reached RMB 51.80 billion, with a 13% year-on-year growth, and domestic games grew by 14% [10]. - The report projects a total revenue of RMB 658.95 billion for 2024, with a slight adjustment reflecting a 0% change from previous estimates [15]. Revenue Breakdown - Domestic mobile game revenue is expected to reach RMB 131.79 billion in 2024, showing a 9.5% year-on-year increase [8]. - The report indicates that the advertising segment's gross margin has slightly decreased, while the overall revenue structure is shifting towards higher-margin businesses [14][15]. - The financial technology and enterprise services segment is projected to grow by 2% year-on-year in 4Q24, indicating a stable performance despite market challenges [10][14]. Earnings Per Share (EPS) Forecast - The report updates the EPS forecast for 2024 to RMB 22.82, reflecting a 1% increase from previous estimates [2][15]. - For 2025, the EPS is projected to be RMB 25.46, a 3% increase from earlier forecasts [2][15]. - The 2026 EPS forecast is set at RMB 28.32, also reflecting a 3% increase [2][15].
腾讯控股(0700.HK)2024Q3财报点评:游戏收入恢复双位数同比增长,微信电商生态持续完善
国海证券· 2024-11-17 16:25
Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Insights - Tencent's Q3 2024 revenue reached 167.2 billion RMB, representing an 8% year-over-year increase and a 4% quarter-over-quarter increase. Operating profit was 53.3 billion RMB, up 20% year-over-year and 5% quarter-over-quarter. Net profit attributable to shareholders was 53.2 billion RMB, reflecting a 47% year-over-year increase and a 12% quarter-over-quarter increase [1][11][18] - The gaming revenue accelerated with a 13% year-over-year growth, driven by both domestic (14%) and international (9%) markets. The deferred revenue reached a record high, indicating strong future revenue potential [30][31] - The marketing services business grew by 17% year-over-year, supported by demand for advertising on platforms like WeChat and mini-programs, demonstrating resilience in the advertising sector despite macroeconomic pressures [47][48] Summary by Sections Financial Performance - Q3 2024 overall gross margin increased by 3.6 percentage points year-over-year, remaining stable quarter-over-quarter. Non-IFRS operating profit grew by 19% year-over-year, while Non-IFRS net profit increased by 33% to 59.8 billion RMB [18][22] - Free cash flow for the quarter was 58.5 billion RMB, significantly up from 40.4 billion RMB in the previous quarter, indicating strong cash generation capabilities [27] Business Segments Value-Added Services - Gaming revenue for Q3 2024 was 51.8 billion RMB, accounting for 31% of total revenue, with a year-over-year growth of 13%. The deferred revenue balance reached 113.1 billion RMB, a 23% increase year-over-year [30][31] - The social network segment reported a 4% year-over-year increase in revenue, driven by sales of virtual goods and subscription services [41] Marketing Services - Marketing services revenue increased to 30 billion RMB, a 17% year-over-year growth, driven by demand for video ads and mini-programs [47] - The video account advertising revenue saw over 60% year-over-year growth, indicating strong demand and potential for further monetization [48] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 2% year-over-year to 53.1 billion RMB, with growth in wealth management services offsetting declines in payment services due to weak consumer spending [49] - The cloud business is expected to continue growing, supported by the launch of new AI models and improved operational efficiencies [49][52] Shareholder Returns - Tencent plans to repurchase over 100 billion HKD worth of shares in 2024, which, along with cash dividends, is expected to provide strong support for the stock price [53] Earnings Forecast - The report projects revenues for FY2024-2026 to be 654.5 billion RMB, 699.1 billion RMB, and 747.9 billion RMB respectively, with Non-IFRS net profits of 223.3 billion RMB, 251.8 billion RMB, and 275 billion RMB [54]
腾讯控股:24Q3:游戏如期提速,AI赋能广告和云体现
申万宏源· 2024-11-17 03:51
Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [11][13]. Core Insights - Tencent's Q3 2024 revenue reached 167.2 billion RMB, a year-on-year increase of 8%, aligning with consensus expectations. Adjusted net profit was 59.8 billion RMB, up 33% year-on-year, exceeding consensus by 10% [11]. - The report highlights that domestic game revenue grew by 14% year-on-year, while overseas game revenue increased by 9% [8]. - Advertising revenue saw a 17% year-on-year growth, driven by the performance of video accounts and AI enhancements [9]. - Financial technology and enterprise services revenue grew by 2% year-on-year, with payment income declining but expected to recover partially in Q4 [12]. - The report emphasizes Tencent's strong fundamentals, competitive landscape, and growth drivers from gaming and AI, with a target market capitalization adjustment from 47,190 billion RMB to 48,013 billion RMB, corresponding to a target price of 560 HKD [13]. Financial Summary - Revenue projections for Tencent are as follows: - 2022: 554.6 billion RMB - 2023: 609 billion RMB - 2024E: 657.9 billion RMB - 2025E: 723.4 billion RMB - 2026E: 780.3 billion RMB [7][19] - Adjusted net profit forecasts are: - 2024E: 224.7 billion RMB - 2025E: 245.1 billion RMB - 2026E: 280.3 billion RMB [7][19]. - The report indicates a significant increase in deferred revenue, with a year-on-year growth of 93% for non-current liabilities [8].
腾讯控股:腾讯FY24Q3业绩点评:收入增长符合预期,微信生态持续完善
国泰君安· 2024-11-16 08:23
Investment Rating - The report assigns a rating of "Buy" for Tencent Holdings (0700) [1]. Core Insights - The third-quarter business performance is generally in line with expectations, with a recovery in gaming, smooth commercialization of video accounts, and short-term pressure on enterprise services. The company is expected to maintain high profit growth for the full year [3]. - The report anticipates that the integration of video accounts and WeChat stores will further enhance the WeChat ecosystem, driving advertising business growth. Deferred revenue from games is expected to gradually materialize, and enterprise services are likely to benefit from ecosystem openness [5]. Financial Summary - For FY24Q3, Tencent achieved operating revenue of 167.2 billion RMB, a year-on-year increase of 8.13%, which is in line with consensus expectations (167.9 billion RMB). Adjusted net profit reached 59.8 billion RMB, a year-on-year increase of 33.2%, significantly exceeding market expectations (54.4 billion RMB) [5]. - The gross profit margin for FY24Q3 was 53.1%, with year-on-year and quarter-on-quarter changes of +3.64% and -0.18%, respectively. The slight decline in the quarter was mainly due to a 2.65 percentage point decrease in advertising gross margin [5]. - The company expects to repurchase over 100 billion HKD worth of shares for the full year [5]. Segment Performance - Value-added services (VAS) revenue for FY24Q3 was 82.7 billion RMB, a year-on-year increase of 9.2%, with gaming revenue at 51.8 billion RMB, up 12.6%. Domestic and international gaming revenues were 37.3 billion RMB and 14.5 billion RMB, respectively [5]. - Social network revenue reached 30.9 billion RMB, a year-on-year increase of 3.9%, meeting expectations [5]. - Advertising revenue for FY24Q3 was 30 billion RMB, a year-on-year increase of 16.6%, with video account advertising revenue growing over 60% year-on-year [5]. - Enterprise services revenue for FY24Q3 was 53.1 billion RMB, a year-on-year increase of 2%, showing slower growth mainly due to overall macroeconomic impacts [5]. Operational Data - The WeChat ecosystem remains robust, with VAS paid user growth showing positive momentum. The number of WeChat and WeChat MAUs increased by 3% year-on-year [31]. - The number of paid accounts for value-added services increased by 9% year-on-year [31].
腾讯控股:港股公司信息更新报告:新游戏周期及微信生态商业化有望继续驱动增长
开源证券· 2024-11-15 14:54
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The new game cycle and the commercialization of the WeChat ecosystem are expected to continue driving growth for the company [1][3] - The company achieved a revenue of 487.8 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7%, with a net profit of 142.7 billion yuan, up 62% year-on-year [3] - The report highlights strong performance in domestic gaming and marketing services, with significant contributions from popular games and advertising demand [3][5] Financial Performance Summary - For Q3 2024, the company reported revenue of 167.2 billion yuan (up 8% year-on-year) and a net profit of 53.2 billion yuan (up 47% year-on-year) [3] - The gross margin for Q3 2024 was 53% (up 4 percentage points year-on-year), driven by high-margin revenue growth from domestic gaming and video services [4] - The Non-IFRS net profit margin reached 35.8% in Q3 2024, an increase of 6.7 percentage points year-on-year [4] Growth Drivers - The company’s new games have shown strong performance, with titles like "DNF Mobile" consistently ranking at the top of the iOS sales charts [5] - The WeChat ecosystem's commercialization efficiency is improving, with the GMV of mini-programs exceeding 2 trillion yuan, reflecting a significant year-on-year growth [5] - The report anticipates continued revenue growth from new game launches and the expanding user base of the WeChat platform [5] Earnings Forecast - The earnings forecast for the company has been revised upwards, with expected net profits of 193 billion yuan, 217 billion yuan, and 236 billion yuan for 2024, 2025, and 2026 respectively [3] - Corresponding EPS estimates are 20.8 yuan, 23.4 yuan, and 25.5 yuan for the same years, with current price-to-earnings ratios of 17.9, 15.9, and 14.6 [3][6]
腾讯控股:广告业务增加份额,经营杠杆持续提效
国信证券· 2024-11-15 14:06
Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's revenue for Q3 2024 reached 167.1 billion RMB, a year-on-year increase of 8.1%, primarily driven by growth in advertising and gaming businesses, while the fintech sector showed weakness due to macroeconomic factors [7][4]. - Adjusted operating profit for Q3 2024 was 61.3 billion RMB, up 19% year-on-year, with Non-IFRS net profit at 59.8 billion RMB, reflecting a 33% increase [7][4]. - The company is expected to continue releasing high-margin business potential as WeChat traffic is optimized, with significant transaction volume facilitated by mini-programs exceeding 2 trillion RMB in Q3 2024 [8][4]. Summary by Sections Advertising Business - In Q3 2024, the company's online advertising revenue was 30 billion RMB, a 17% increase year-on-year, benefiting from enhanced internal transaction capabilities and technological upgrades [13][4]. - Video account marketing services saw revenue growth of over 60%, significantly enhancing WeChat's transaction capabilities [13][4]. Gaming Business - The company's gaming revenue for Q3 2024 was 51.8 billion RMB, a 13% year-on-year increase, with deferred revenue at 106.6 billion RMB, up 20% [11][4]. - Domestic gaming revenue rose 14% to 37.3 billion RMB, with strong performances from titles like "Valorant" and "Honor of Kings" [11][4]. Financial Technology and Enterprise Services - Revenue from fintech and enterprise services grew 2% year-on-year to 53.1 billion RMB, with payment revenue decline offset by growth in wealth management services [14][4]. Financial Forecasts - The company maintains its profit forecasts, expecting adjusted net profits of 219.8 billion RMB, 248.2 billion RMB, and 272.9 billion RMB for 2024, 2025, and 2026 respectively [4][4].
腾讯控股:长青游戏策略颇有成效、微信小店未来可期
第一上海证券· 2024-11-15 06:17
Investment Rating - The report assigns a "Buy" rating for Tencent Holdings with a target price of 540 HKD, indicating a potential upside of 33.9% from the last closing price [1][19]. Core Insights - Tencent's Q3 2024 performance exceeded market expectations, with revenue reaching 167.2 billion RMB, a year-on-year increase of 8% and a quarter-on-quarter increase of 4%. Net profit attributable to shareholders was 54 billion RMB, reflecting a significant year-on-year growth of 47% [1][2]. - The report highlights the effectiveness of Tencent's evergreen game strategy and the promising future of WeChat's small shop initiative, which is expected to enhance the company's e-commerce capabilities [1][14]. Revenue Overview - In Q3 2024, Tencent's revenue from value-added services was 82.7 billion RMB, up 9% year-on-year. Social network revenue grew by 4% to 29.7 billion RMB, driven by music subscription services and mobile game sales [2][3]. - The gaming segment reported domestic revenue of 32.7 billion RMB, a 14% increase year-on-year, primarily due to the success of "Honor of Kings" and "Peacekeeper Elite" [3][8]. - International gaming revenue reached 13.3 billion RMB, marking a 9% year-on-year increase, supported by titles like "PUBG MOBILE" [3][8]. Advertising and Marketing Services - The advertising business upgraded to marketing services, generating 30 billion RMB in Q3 2024, a 17% increase year-on-year, benefiting from growth in video accounts and WeChat search revenues [3][17]. - The report notes that the advertising loading rate is currently below industry standards but has significant growth potential as Tencent enhances its advertising technology [3][17]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 53 billion RMB, reflecting a 2% year-on-year increase. The growth in wealth management services offset declines in payment revenues [3][4]. - The gross margin for financial technology and enterprise services improved to 48%, driven by increased efficiency in cloud services and technology service fees [4]. Game Development Strategy - Tencent's focus on evergreen games aims to maintain player engagement and revenue over the long term. Key titles include "Honor of Kings" and "Peacekeeper Elite," which continue to show strong performance [8][9]. - The report emphasizes the importance of community interaction and continuous content updates in sustaining the success of these games [8][9]. E-commerce Initiatives - WeChat's small shop initiative is highlighted as a critical component of Tencent's e-commerce strategy, with expectations for significant growth as infrastructure and features are enhanced [14][15]. - The report indicates that the integration of WeChat's small shop with the broader ecosystem will facilitate better customer engagement and sales conversion [14][15]. Future Outlook - The report maintains a positive long-term outlook for Tencent's various business segments, anticipating continued robust growth driven by strategic initiatives and market expansion [19].
腾讯控股:游戏增长强劲,微信生态持续升级
浦银国际证券· 2024-11-15 03:56
Investment Rating - The report maintains a "Buy" rating for Tencent (700.HK) and raises the target price to HKD 500, indicating a potential upside of 24% from the current price of HKD 403.80 [7][11][19]. Core Insights - Tencent's 3Q24 revenue reached RMB 167.2 billion, a year-on-year increase of 8.0%, aligning with market expectations. Adjusted net profit rose by 33% year-on-year to RMB 59.8 billion, exceeding market expectations by 10% [5][6]. - Domestic gaming revenue rebounded with a 14% year-on-year growth to RMB 37.3 billion, driven by flagship games like "Honor of Kings" and "Peacekeeper Elite." International gaming revenue also grew by 9% year-on-year to RMB 14.5 billion, supported by strong performances from "PUBG MOBILE" and "Brawl Stars" [6][7]. - The WeChat ecosystem continues to evolve, with advertising revenue increasing by 17% year-on-year to RMB 30 billion, primarily driven by video accounts and mini-programs. Financial technology and enterprise services revenue grew by 2% year-on-year to RMB 53.1 billion, although it fell short of expectations [7][8]. Financial Performance Summary - For FY24E, Tencent's revenue is projected to reach RMB 655.5 billion, with adjusted net profit expected to be RMB 212.5 billion, reflecting a growth rate of 34.8% [9][12]. - The gross margin improved by 3.6 percentage points year-on-year to 53.1%, while the adjusted net profit margin increased to 35.8%, showing improvements both year-on-year and quarter-on-quarter [5][6]. - Deferred revenue grew by 22% year-on-year, indicating strong future growth potential in gaming [6][7]. Market Position and Outlook - The report highlights Tencent's strong competitive position in the domestic gaming market and the ongoing enhancements in its WeChat ecosystem, which are expected to drive future growth [6][7]. - The target price adjustment reflects a positive outlook on Tencent's profitability and ongoing share buybacks, which are anticipated to provide strong support for the stock price [7][8].