[Table_Contacts] （00700.HK） 盈利预测：注：归母净利润和 EPS 均为 NonGAAP 口径； 证券研究报告 游戏展现韧性，"新芽"业务萌发生机 腾讯发布 2024Q1 季报：24Q1 腾讯收入达到 1595 亿元，YoY+6.34%， QoQ+2.76%，vs.一致预期（彭博，下同）为 1588 亿元。24Q1 归母净 利润为 419 亿元，YoY+62%/QoQ+55%，vs.一致预期为 345 亿元（超 21%）。NonGAAP 归母净利润达到 502.65 亿元，YoY+54.48%， QoQ+17.77%，vs.一致预期为 430 亿元（超 16.90%）。 游戏流水业已复苏，收入韧性较强，广告表现超预期，新芽业务推动经 营 杠 杆 大 幅 提 升 。（ 1 ） 24Q1 游戏收入 为 481 亿元， YoY0.41%,QoQ+17.6%，比一致预期的 473 亿元略好，国内游戏下滑比我 们料想更温和，海外游戏 3 月表现也较为超预期，带动流水增长加速。 （2）24Q1 社交网络收入为 305 亿元，YoY-2%，QoQ+8%，符合一致 预期。音乐、长视频和微信小游戏等收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [20][43][27] Core Views - The company's revenue is expected to show a gradual improvement in its gaming business throughout the year, with strong progress in the advertising segment, particularly from video accounts. However, growth in financial technology and enterprise services is anticipated to slow due to base effects [20][31] - The company's high-quality business segments are expected to continue driving profit growth, with an upward revision of profit forecasts for 2024-2026, projecting adjusted net profits of 200.2 billion, 225.6 billion, and 250.9 billion CNY respectively, reflecting increases of 8%, 7%, and 8% [20][31] - The report highlights that the company's gross profit margin improved significantly, reaching 53% in Q1 2024, a year-on-year increase of 7 percentage points, driven by high-margin businesses [21][27] Summary by Sections Advertising Business - In Q1 2024, the company's online advertising revenue reached 26.5 billion CNY, a year-on-year increase of 26%, primarily driven by strong demand for video account advertising and upgrades to the advertising technology platform [28][3] - The total duration of video accounts increased by 80%, significantly surpassing that of Moments, indicating robust growth in this segment [6][28] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 7% year-on-year to 52.3 billion CNY in Q1 2024, with strong growth in wealth management services, although overall growth was tempered by a slowdown in offline consumer spending and reduced withdrawal income [7][41] Gaming Business - The company's gaming revenue in Q1 2024 was 48.1 billion CNY, a slight decline of 0.5% year-on-year. However, the total revenue from the domestic gaming market decreased by 2% to 34.5 billion CNY, while international gaming revenue grew by 3% to 13.6 billion CNY [9][40] - The report anticipates a recovery in gaming revenue starting in Q2 2024, supported by strategic adjustments and new game launches [40][13] Financial Performance - The company's Non-IFRS net profit for Q1 2024 was 50.3 billion CNY, a year-on-year increase of 54%, with a Non-IFRS net profit margin of 31.5%, up 10 percentage points from the previous year [27][46] - The report projects that by 2025, new high-quality business segments will account for 13% of total revenue but contribute 29% of total profits, indicating a shift towards higher-margin operations [24][27]

港股研究丨公司点评丨腾讯控股（0700.HK） [Table_Title] 腾讯 24Q1 业绩点评：高质量引擎增长强劲，盈 利能力持续提升 请阅读最后评级说明和重要声明 注：股价为 2024 年 5 月 14 日收盘价 腾讯 24Q1 实现收入 1595 亿元，同比+6%，环比+3%；实现 Non-IFRS 归母净利润 503 亿元， 同比+54%，环比+18%，收入和经调净利润均高于市场预期。 事件评论 ⚫ 核心游戏表现稳健，多款游戏流水创新高，Q1 总流水实现正增长。1）《王者荣耀》《和平 精英》高基数下流水 Q1 同比下滑，但在 3 月已重拾增势；《金铲铲之战》《穿越火线手 游》《暗区突围》等创季度流水新高，综合因素下国内游戏流水恢复同比增长（+3%），收 入同比-2%至 345 亿；2）《荒野乱斗》流水超 23Q1 的 4 倍，带动 Q1 海外游戏流水同比 +34%，递延周期致海外游戏收入同比+3%至 136 亿，预计强劲流水表现未来持续释放业 绩；3）Q1 小游戏流水增长 30%且视频号直播服务收入亦显著增长，此外 Q1 腾讯视频 付费会员数量同比+8%至 1.16 亿，腾讯音乐付费会员数量同比+ ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Views - Tencent achieved a revenue of 159.5 billion yuan in Q1 2024, representing a year-on-year growth of 6%. The adjusted net profit attributable to shareholders was 50.3 billion yuan, up 54% year-on-year [1] - The report highlights strong performance in the advertising segment, particularly from video accounts, which saw a revenue increase of 26% year-on-year [1] - The company is expected to focus on optimizing existing games, commercializing popular titles, and launching new games in 2024 [1] Financial Performance Summary - Revenue for 2024 is projected to be 664.1 billion yuan, with a year-on-year growth rate of 9% [2] - Non-GAAP net profit is expected to reach 200.1 billion yuan in 2024, reflecting a 27% year-on-year increase [2] - The gross margin for Q1 2024 was reported at 53%, an increase of 8 percentage points year-on-year [1] Segment Performance Summary Gaming - International gaming revenue reached 13.6 billion yuan in Q1 2024, with a year-on-year growth of 3% [1] - Domestic gaming revenue was 34.5 billion yuan, down 2% year-on-year, but total domestic gaming revenue showed a recovery with a 3% year-on-year increase [1] Advertising - The advertising revenue for Q1 2024 was 26.5 billion yuan, up 26% year-on-year, driven by growth in video accounts and other platforms [1] - The gross margin for the advertising segment improved to 55%, an increase of 13 percentage points year-on-year [1] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 52.3 billion yuan in Q1 2024, growing by 7% year-on-year [1] - The gross margin for this segment improved to 46%, compared to 34% in the same period last year [1]

证券研究报告|港股公司点评报告 [Table_Date] 2024 年 05 月 15 日 [Table_Title] 净利润超预期，高质量增长有望持续 | --- | --- | --- | --- | |--------------------|-------|----------------------------------|-------------| | [Table_DataInfo] | | 评级： 买入 股票代码： | 0700 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 381.8/262.2 | | | | 目标价格(港元)： 总市值(亿港元 ) | 35,963.62 | | 最新收盘价(港元)： | 381.8 | 自由流通市值 (亿港元) | 35,963.62 | | | | 自由流通股数(百万 ) | 9,419.49 | [Table_Summary] 事件概述 公司发布 2024 年一季度业绩报告。报告期内，公司实现收入 1595 亿元，同比增长 6%，毛利 838.7 亿元， 同比增长 23%，经调整净利润 502.7 亿元，同比增长 54%。 ...

Investment Rating - The report assigns a "Buy" rating for Tencent Holdings (700 HK) with a target price of HKD 457.00, indicating a potential upside of 19.7% from the current closing price of HKD 381.80 [1][21]. Core Insights - Tencent's Q1 2024 performance showed total revenue of RMB 159.5 billion, reflecting a year-on-year growth of 6% and a quarter-on-quarter increase of 3%, aligning with market expectations. The adjusted net profit reached RMB 50.3 billion, a significant increase of 54% year-on-year, driven by higher revenue contributions from high-margin businesses such as video accounts and WeChat search ads [1][2][7]. - The report anticipates revenue growth rates of 8.2% and 7.8% for 2024 and 2025, respectively, with upward adjustments to gross profit and net profit expectations [2][4]. Financial Performance Summary - **Revenue and Profitability**: - 2024 projected revenue is RMB 658.7 billion, with a year-on-year growth of 8.2%. The net profit for 2024 is expected to be RMB 202.7 billion, reflecting a growth of 30.3% [4][22]. - The adjusted earnings per share (EPS) for 2024 is forecasted at RMB 21.36, a 30.3% increase compared to the previous year [4][22]. - **Valuation Metrics**: - The report suggests a price-to-earnings (P/E) ratio of 20 times for core earnings and a price-to-sales (P/S) ratio of 2 times for the cloud business, leading to an increase in the sum-of-the-parts (SOTP) target price to HKD 457.00 [2][4]. - **Segment Performance**: - The gaming segment is expected to see a recovery with new game launches and increased revenue from existing titles. The advertising segment is projected to grow by 16% in Q2 2024, while enterprise services are expected to grow by 16% as well [7][17]. - **Market Position**: - Tencent's market capitalization is approximately HKD 3.56 trillion, with a 52-week high of HKD 381.80 and a low of HKD 262.20 [3][21]. Future Outlook - The report indicates a positive outlook for Q2 2024, with expected revenue growth of 7% to RMB 159.9 billion, driven by gaming, advertising, and enterprise services [7][17]. The management's guidance suggests that profit growth will continue to outpace revenue growth, maintaining a favorable trend for investors [7].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a significant increase in Q1 2024 revenue and profit, with operating income reaching 159.5 billion RMB, a year-on-year growth of 6%, and adjusted net profit of 50.3 billion RMB, up 54% year-on-year, exceeding consensus expectations [2]. - The advertising revenue grew by 26% year-on-year, driven by strong performance in the WeChat ecosystem, particularly video accounts [4]. - The company is investing heavily in AI technology and high-value content, with a notable increase in capital expenditure from 4.6 billion RMB in the previous year to 15.2 billion RMB in Q1 2024 [5]. Financial Data and Profit Forecast - The company’s revenue is projected to grow from 6,090 billion RMB in 2023 to 6,723 billion RMB in 2024, with a year-on-year growth rate of 10.4% [6]. - Non-IFRS net profit is expected to increase from 1,577 billion RMB in 2023 to 1,990 billion RMB in 2024, reflecting a growth rate of 26.2% [6]. - The company’s gross profit margin is forecasted to improve from 48% in 2023 to 51% in 2024 [7]. Revenue Breakdown - The report details revenue contributions from various segments, with online games expected to generate 1,475 billion RMB in 2024, and advertising business projected at 1,015 billion RMB [11]. - The financial technology and enterprise services segment is anticipated to grow to 2,187 billion RMB in 2024, reflecting a growth rate of 7% [11]. Cash Flow and Capital Expenditure - The company reported a net cash position of 92.5 billion RMB in Q1 2024, significantly up from 54.7 billion RMB in the same period last year [5]. - Free cash flow for Q1 2024 was 51.9 billion RMB, indicating strong cash generation capabilities [5].

. . . . 字幕提供者-Snowden Today and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited 2024 First Quarter Results Announcement Webinar. I'm Wendy Huang from Tencent IR team. At this time, all participants are in a listen-only mode. After the management presentation, there will be a question and answer session. For participants who dial in by phone, if you wish to ask a question, Please press five on your telephone to raise your hand. If you are accessing from the conference meeting or ...

高质量收入增长驱动公司盈利能力持续提升 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根据上述规定，开源证券评定此研报的风险等级为R4（中高风险），因此通过公共平台推送的研报其适用 的投资者类别仅限定为境内专业投资者及风险承受能力为C4、C5的普通投资者。若您并非境内专业投资者及风险 承受能力为C4、C5的普通投资者，请取消阅读，请勿收藏、接收或使用本研报中的任何信息。 因此受限于访问权限的设置，若给您造成不便，烦请见谅！感谢您给予的理解与配合。 本报告所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。本报告采用的各种估值方法及模型 均有其局限性，估值结果不保证所涉及证券能够在该价格交易。 开源证券股份有限公司是经中国证监会批准设立的证券经营机构，已具备证券投资咨询业务资格。 | --- | --- | |---------------------------------------------------------|---------------------------------------------------| ...

隐证券 传媒/社交Ⅱ 公 司 研 究 腾讯控股（00700.HK） 2024 年 05 月 15 日 2024Q1 利润大增，新游戏与视频号或继续驱动增长 ——港股公司信息更新报告 请务必参阅正文后面的信息披露和法律声明 2 / 3 港股公司信息更新报告 法律声明 开源证券股份有限公司是经中国证监会批准设立的证券经营机构，已具备证券投资咨询业务资格。 本报告仅供开源证券股份有限公司（以下简称"本公司"）的机构或个人客户（以下简称"客户"）使用。本公司不 会因接收人收到本报告而视其为客户。本报告是发送给开源证券客户的，属于商业秘密材料，只有开源证券客户才 能参考或使用，如接收人并非开源证券客户，请及时退回并删除。 本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工 具、意见及推测只提供给客户作参考之用，并非作为或被视为出售或购买证券或其他金融工具的邀请或向人做出邀 请。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、 价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。客户 ...