请务必阅读正文之后的信息披露和免责申明 1 港股公司报告 | 公司点评 分析师声明 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的 所有观点均准确地反映了我们对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中 的具体投资建议或观点有直接或间接联系。 一般声明 除非另有规定，本报告中的所有材料版权均属天风证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附 属机构（以下统称"天风证券"）。未经天风证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、 内容。所有本报告中使用的商标、服务标识及标记均为天风证券的商标、服务标识及标记。 本报告是机密的，仅供我们的客户使用，天风证券不因收件人收到本报告而视其为天风证券的客户。本报告中的信息均来源于 我们认为可靠的已公开资料，但天风证券对这些信息的准确性及完整性不作任何保证。本报告中的信息、意见等均仅供客户参 考，不构成所述证券买卖的出价或征价邀请或要约。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以 及特定需求，在任何时 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing strong business barriers and a robust ecosystem, with growth in video accounts, mini-programs, and fintech businesses [1] Core Views - The company's gross margin improvement exceeded expectations, leading to an upward revision of adjusted net profit forecasts for 2024-2026 to 2050/2381/2692 billion yuan, with corresponding PE ratios of 17/14/13x [1] - 2Q24 revenue reached 1611 billion yuan (yoy+8%), slightly below Bloomberg consensus of 1614 billion yuan, while non-IFRS net profit was 573 billion yuan (yoy+53%), significantly exceeding the consensus of 487 billion yuan [11][14] - Overall gross margin in 2Q24 was 53.31% (yoy+5.83pct), driven by rapid growth in high-margin revenue sources such as advertising and value-added services [13][68] Business Performance Gaming - 2Q24 online gaming revenue was 485 billion yuan (yoy+9%), in line with Bloomberg consensus of 488 billion yuan [15][26] - Domestic gaming revenue was 346 billion yuan (yoy+9%), above consensus of 336 billion yuan, driven by growth in titles like "Valorant" and "Dungeon & Fighter: Origins" [28] - International gaming revenue was 139 billion yuan (yoy+9%), slightly below consensus of 141 billion yuan [44] Advertising - 2Q24 advertising revenue was 299 billion yuan (yoy+19%), above Bloomberg consensus of 294 billion yuan, driven by growth in WeChat video accounts, long videos, and mini-programs [15][32] - Advertising gross margin was 55.64% (yoy+6.7pct), benefiting from increased revenue from WeChat video accounts and search ads [38] Fintech and Business Services - 2Q24 fintech and business services revenue was 504 billion yuan (yoy+4%), below Bloomberg consensus of 524 billion yuan, with slower growth in commercial payments and a decline in consumer loan services [13][33] - Wealth management services saw double-digit growth, while enterprise services grew by double digits, driven by cloud services and video account merchant service fees [13][34] - Fintech and business services gross margin was 47.64% (yoy+9.26pct), supported by higher-margin wealth management services and video account merchant fees [69] Social Networks - 2Q24 social network revenue was 305 billion yuan (yoy-2%), in line with Bloomberg consensus, with growth in music and long video subscriptions offset by declines in music and game live streaming [44] User Metrics - WeChat (including WeChat overseas) MAU reached 1.371 billion (yoy+3%), above Bloomberg consensus of 1.356 billion [50] - QQ mobile MAU was 571 million (yoy+0%), above consensus of 568 million [50] - Paid value-added service accounts reached 263 million (yoy+12%), above consensus of 259 million [50] Financial Forecasts - Revenue for 2024-2026 is forecasted at 6651/7324/8101 billion yuan, with yoy growth of 9.21%/10.11%/10.60% [14] - Non-IFRS net profit for 2024-2026 is projected at 2050/2381/2692 billion yuan, with yoy growth of 30.03%/16.10%/13.10% [14] - EPS for 2024-2026 is estimated at 19.78/20.16/21.16 yuan per share [14]

Blackrock (2.25%) 总营业收入（人民币百万元） 554,552 609,015 660,135 720,379 778,596 变动 -0.99% 9.82% 8.39% 9.13% 8.08% 经调整净利润 115,649 157,688 226,524 259,907 284,799 变动 -6.57% 36.35% 43.65% 14.74% 9.58% 经调整每股盈利（人民币元） 11.93 16.41 24.00 27.83 30.66 变动 -6.05% 37.55% 46.23% 15.97% 10.17% 股息 2.40 3.40 4.30 5.00 5.60 市盈率368.4港元（估） 28.39 20.64 14.11 12.17 11.05 0 50 100 150 200 250 300 350 400 450 盈利能力持续改善，游戏业务企稳回升 富达 (1.59%) 截至12月31日止财政年度 22年实际 23年实际 24年预测 25年预测 26年预测 来源: 公司资料, 第一上海预测 来源: Bloomberg 游戏业务企稳回升: 2024Q2 国际市场游戏业务录 ...

活跃用户增速放缓风险、新游审批进度风险、视频内容监管风险、内容成本快速 增加风险、渠道成本快速增加风险、竞争风险、反垄断风险、金融政策变更风险、 投资风险、估值调整风险、视频号广告及微信小游戏扩张不及预期等。 本报告的风险等级定级为 R4，仅供符合国海证券股份有限公司（简称"本公司"）投资者适当性管理要求的客 户（简称"客户"）使用。本公司不会因接收人收到本报告而视其为客户。客户及/或投资者应当认识到有关本 报告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司的完整报告为准，本公司接受客户的后续 问询。 【国海证券投资评级标准】 任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效。本公司、本公司员工或者关联 机构亦不为该机构之客户因使用本报告或报告所载内容引起的任何损失承担任何责任。 2024 年 08 月 18 日 公司研究 评级：买入(维持) [Table_Title] 核心业务高质量增长，利润持续强劲释放 最近一年走势 2024 年 8 月 14 日公司公告 2024Q2 财报，2024Q2 实现营收 1611 亿元 （yoy+8%, qoq+1%），营业利润 507 亿元（ ...

传媒 ——凸显韧性，游戏回暖，微信货币化持续 一年内股价与基准指数对比走势： -20% 0% 20% 40% HSCEI 腾讯控股 买入（维持）事件： ⚫ 腾讯 24Q2 实现营收 1611 亿元，同比增长 8%，基本符合预期；调整后经营利润 584 亿元， 同比增长 27%；调整后归母净利润 573 亿元，同比增长 53%，大超彭博一致预期（487 亿元）；自由现金流 404 亿元，同比增长 35%。主业整体符合预期；净利润大超预期原因 包括一次性的税的影响，联营合营企业贡献（根据公司财报，Q2 调整后联营合营企业权益 为 99 亿元；23 年全年/24Q1 分别为 131/55 亿元；拼多多、快手、Epic 等正向贡献较多）。 证 券 研 究 报 告 2024 年 08 月 17 日 腾讯控股 (00700) | --- | --- | |----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 16 日 | | 收盘价（港币） | 372.60 | | 恒生中国企业指数 | 6161.9 | | ...

[Table_PageText] 腾讯控股|公告点评 三、风险提示 | --- | --- | --- | --- | --- | --- | |--------------------------|--------|-------|--------|--------|--------| | 主要财务比率 12 月 31 日 | 2022A | 2023A | 2024E | 2025E | 2026E | | | | | | | | | 主营收入增长率 | -1.0% | 9.8% | 8.2% | 8.5% | 7.4% | | 营业利润增长率 | -14.3% | 52.8% | 30.0% | 7.1% | 17.0% | | NonGAAP 业绩增速 | -7.2% | 34.9% | 39.7% | 12.0% | 12.4% | | | | | | | | | | 43.1% | 48.1% | 53.2% | 54.9% | 55.8% | | NonGAAP 净利率 | 20.8% | 25.9% | 33.4% | 34.6% | 36.2% | | NonGAAP ROE | 15.9% ...

| --- | --- | |------------------------------------------------|------------------------------------------| | 腾讯控股 (00700) | 报告日期： 2024 年 08 月 16 日 | | | | | 本土游戏收入同比转正，管理重心向内利润加速析出 | | 运营数据表现稳健 分析师：姚逸云 执业证书号：S1230524080007 yaoyiyun@stocke.com.cn 股票走势图 | --- | --- | |---------------------|----------------------------| | | | | | | | 1 | 《利润大超预期，估值彰显性 | | 价比》 2024.05.16 | | | 2 | 《高质量增长抬升净利， | | 《 DnF 》定档 | 24Q2 》 | | 2024.03.24 | | | 3 | 《聚焦高质量增长，待游戏供 | | 给有序释放》 | 2023.11.17 | 社交网络收入 303 亿元，同比上升约 2%，环比下降约 1% ...

广告游戏业务韧性足，全年有望延续高增 [Table_Invest] 评级： 增持 | --- | |-------------------------------| | | | /[ Table_Date] 2024.08.16 | | 腾讯控股 (0700) | | | | [Table_Industry] 传播文化业 | | | 24Q2 Non-IFRS 归母净利超预期，广告游戏韧性充足，联营合营企业投资收益高增 [当前价格 Table_CurPrice] (港元)： 368.40 股 票 研 究 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 本报告导读： 海 外 公 司 （ 中 国 香 港 ） -21% -13% -5% 4% 12% 20% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 52周内股价走势图 腾讯控股 恒生指数 [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [14][11][29] Core Views - The company's revenue growth is driven by strong performance in advertising and gaming sectors, with a notable increase in profit margins. In Q2 2024, the company achieved revenue of 161.1 billion yuan, a year-on-year increase of 8%, primarily from advertising and gaming contributions [11][5][12] - The report highlights the improvement in the revenue mix, with a higher proportion of high-margin businesses such as WeChat video accounts and mini-game platform service fees [6][11] - The company is expected to benefit from the release of more advertising inventory, particularly in video accounts, and the ongoing development of e-commerce within its ecosystem [12][25][29] Financial Forecasts and Metrics - Revenue (in million yuan) is projected to grow from 609,015 in 2023 to 791,335 in 2027, with annual growth rates decreasing from 9.8% in 2023 to 5.0% in 2027 [1] - Non-IFRS net profit is expected to rise from 157,688 million yuan in 2023 to 288,538 million yuan in 2027, with a significant growth rate of 36.4% in 2023, tapering to 4.9% by 2027 [1] - The adjusted EPS is forecasted to increase from 16.63 yuan in 2023 to 30.96 yuan in 2027 [1] - The EBIT margin is anticipated to improve from 28.7% in 2023 to 38.2% in 2027, indicating enhanced operational efficiency [1] - The company's price-to-earnings (P/E) ratio is projected to decrease from 20.3 in 2023 to 10.9 in 2027, suggesting a more attractive valuation over time [1] Revenue Breakdown - The gaming segment's revenue is expected to accelerate in the second half of 2024, with a 9% year-on-year increase in Q2 2024, driven by successful game launches and recovery in popular titles [12][39] - The advertising revenue for Q2 2024 reached 299 billion yuan, reflecting a 19% year-on-year growth, supported by upgraded advertising technology and increased demand for video account ads [12][24] - Financial technology and enterprise services revenue grew by 4% year-on-year to 504 billion yuan in Q2 2024, although it faced macroeconomic pressures [13][42] Profitability Insights - The adjusted operating profit for Q2 2024 was 58.4 billion yuan, a 27% increase year-on-year, with a Non-IFRS net profit margin of 35.6%, up 10 percentage points from the previous year [11][16] - The overall gross margin for the company improved to 53% in Q2 2024, with significant contributions from value-added services, online advertising, and financial technology sectors [17][18]

证券研究报告|港股公司点评报告 [Table_Title] 游戏业务显著回暖，广告增长彰显韧性 [Table_Summary] 事件概述 公司发布 2024 年二季度业绩报告。报告期内，公司营收同比增长 8%至 1611.2 亿元人民币，毛利同比增长 21%至 859 亿元，经调整利润同比增长 27%至 584.4 亿元。 ► 游戏如期回暖，看好三季度增长持续 ► 广告业务彰显韧性，金科企服增长承压 据公司公告，截至 2024 年 6 月 30 日止六个月内，公司于中国香港联交所以总代价约 523 亿港元（未计 开支）购回合共 154730000 股（1.55 亿）股份，购回的股份其后已被注销。我们根据当下每天 10 亿的回购节 奏判断，预计 2024 年回购总额有望超 1600 亿港元。高分红及回购计划彰显公司对股价的长期信心，同时维持此 前观点，大股东减持有望进入尾声，股价抛压可能逐步减弱。 [Table_Date] 2024 年 08 月 15 日 | --- | --- | --- | --- | |--------------------|-------|---------------------- ...