浦银国际研究 公司研究 | 互联网行业 虎牙（HUYA.US）：游戏相关服务取得积极进展， 杨子超，CFA 浦 互联网分析师 或迎业绩拐点，上调至“买入”评级 银 charles_yang@spdbi.com 国 (852) 2808 6409 公司游戏相关服务取得积极进展，1Q24非直播收入翻倍增长，收入 际 赵丹 占比提升至 16%。随着公司加深与腾讯在游戏联运等方面的合作，预 首席互联网分析师 计游戏相关服务将成为新增长驱动。直播行业竞争有改善趋势，预计 dan_zhao@spdbi.com 公司直播业务收入将逐步企稳，或迎业绩拐点，上调至“买入”评级。 (852) 2808 6436 公 2024年5月21日 业绩优于预期。公司1Q24 收入人民币15.0 亿元，同比下降23%，环 司 研 比下降 1.7%，略优于市场预期 1.3%。其中，直播收入为 12.6 亿元， 评级 究 同比下降 32%，主要是宏观环境和行业疲软以及公司战略转型所致； 平台移动 MAU 为 8,260 万，同比小幅增长，季度付费用户为 440 万； 目标价（美元） 6.9 游戏相关服务、广告及其他收入为2.4亿元，同比增长13 ...

Investment Rating - The report maintains a "BUY" rating for the company Huya, with a target price of US$6.8, indicating a potential upside of 44.5% from the current price of US$4.73 [4][10]. Core Insights - Huya's 1Q24 results exceeded expectations, with revenue declining 23% YoY but showing a 1% increase compared to consensus estimates. The adjusted net profit reached RMB92 million, which is 84% above consensus, driven by improved gross profit margins and operational efficiency [2][3]. - The company is expected to see a revenue growth of 5% QoQ in 2Q24, with the livestreaming segment anticipated to stabilize and other revenue sources projected to grow by 25% QoQ. The profitability outlook has been revised upwards for FY24, with adjusted net profit expected to reach RMB254 million, up from RMB132 million previously [2][3][10]. Financial Performance Summary - **1Q24 Financials**: Revenue was RMB1,504 million, down 23% YoY, with a gross profit margin of 14.7%. The adjusted net profit was RMB92 million, reflecting a significant improvement in operational efficiency [2][3][13]. - **Future Projections**: For FY24, revenue is projected at RMB6,727 million, with a gross profit of RMB1,058 million and an adjusted net profit of RMB254 million. The company anticipates continued growth in subsequent years, with revenue expected to reach RMB7,834 million by FY26 [13][16]. - **Valuation Metrics**: The report highlights a P/E ratio of 50.9 for FY24, decreasing to 28.2 by FY26, indicating an improving valuation as profitability increases [16]. Revenue Breakdown - The revenue breakdown for 1Q24 shows that livestreaming revenue was RMB1,260 million, down 32.2% YoY, while other revenues surged by 172.7% YoY to RMB244 million, driven by game-related services and advertising [8][9]. - The company expects the livestreaming segment to stabilize in 2Q24, with a forecasted growth of 1% QoQ, while game-related services are projected to grow by 25% QoQ [2][3]. Profitability Metrics - The adjusted net profit margin for FY24 is expected to improve to 3.8%, with further increases projected in FY25 and FY26 [10][16]. - The gross profit margin is anticipated to rise from 15.7% in FY24 to 19.5% by FY26, reflecting enhanced operational efficiency and better monetization strategies [10][16].

HUYA Inc. (NYSE:HUYA) Q1 2024 Earnings Conference Call May 13, 2024 8:00 AM ET Company Participants Hanyu Liu - IR Ashley Wu - Acting Co-CEO and VP of Finance Junhong Huang - Director, Acting Co-CEO and SVP Conference Call Participants Lei Zhang - Bank of America Securities Yiwen Zhang - China Renaissance Ritchie Sun - HSBC Thomas Chong - Jefferies Hanyu Liu Good day and good evening and thank you for standing by. Welcome to HUYA's First Quarter 2024 Earnings Webinar. I am Hanyu Liu from HUYA's Investor Rel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2024 Commission File Number: 001-38482 HUYA INC. Building A3, E-Park, 280 Hanxi Road Panyu District, Guangzhou 511446 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

HUYA Inc. Sponsored ADR (HUYA) closed the latest trading day at $4.43, indicating a +0.45% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.2% for the day. At the same time, the Dow added 0.69%, and the tech-heavy Nasdaq gained 1.59%.The the stock of company has fallen by 1.12% in the past month, leading the Computer and Technology sector's loss of 6.83% and the S&P 500's loss of 4.16%.Investors will be eagerly watching for the performance of HUYA Inc ...

-Earnings Webinar Scheduled for 8:00 a.m. ET on May 13, 2024- GUANGZHOU, China, April 23, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced that it will report its first quarter 2024 unaudited financial results on Monday, May 13, 2024, before the open of U.S. markets. The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on May 13, 2024 (8:00 p.m. Beijing/Hong Kong time on May 13, 2024 ...

HUYA Inc. Sponsored ADR (HUYA) closed the most recent trading day at $4.47, making no change from the previous trading session. This move lagged the S&P 500's daily gain of 0.03%. Meanwhile, the Dow experienced a rise of 0.41%, and the technology-dominated Nasdaq saw an increase of 0.12%.The company's shares have seen a decrease of 5.3% over the last month, not keeping up with the Computer and Technology sector's loss of 0.55% and the S&P 500's loss of 0.9%.Market participants will be closely following the ...

HUYA Inc. Sponsored ADR (HUYA) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate re ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...