Investment Rating - The report maintains a "BUY" rating for Tencent with a target price of HK$445.0, reflecting a potential upside of 43.7% from the current price of HK$309.60 [10][11]. Core Insights - Tencent is expected to achieve solid earnings growth and enhance shareholder returns in FY24, with a forecasted total revenue increase of 6% YoY to RMB158.6 billion in 1Q24E and a non-IFRS net income growth of 31% YoY to RMB43.1 billion [10][11]. - The company is navigating short-term headwinds in its games business but anticipates recovery in revenue growth in 2Q24E due to new game launches [10][11]. - Advertising revenue is projected to grow by 16% YoY in 1Q24E, driven by strong demand for Video Account ads and improved ad technology [10][11]. Financial Summary - Revenue (RMB million) for FY22A was 554,552, FY23A was 609,015, and is expected to reach 655,548 in FY24E, reflecting a YoY growth of 7.6% [2]. - Adjusted net profit (RMB million) is forecasted to grow from 157,688 in FY23A to 185,358 in FY24E, representing a YoY growth of 17.5% [2]. - The gross margin is expected to improve from 48.1% in FY23A to 49.9% in FY24E [2]. Business Segment Valuation - The valuation for the online games business is set at HK$160.3 based on a 17x 2024E PE, aligning with the average PE of global gaming peers [5]. - The fintech business is valued at HK$85.4 based on a 4.0x 2024E PS, reflecting Tencent's strong position in China's digital payment market [6]. - The advertising business is valued at HK$79.4 based on a 19x 2024E PE, consistent with industry averages [14]. Strategic Investments - Tencent's strategic investments are valued at HK$62.0, applying a 30% holding company discount to the fair value of its equity investments [15]. - The report highlights Tencent's significant stakes in various companies, contributing to its overall valuation [19].

Core Insights - Tencent has simplified the process for international visitors to register for WeChat accounts and link international cards to Weixin Pay, enhancing mobile payment accessibility in mainland China [1][2] Group 1: Weixin Pay Enhancements - International users can now register for WeChat using an overseas mobile number and link eligible international cards to Weixin Pay, allowing access to millions of merchants in mainland China [1] - The card linking process enables international visitors to spend a certain amount safely and conveniently [1] - Users seeking higher transaction limits can complete an identity verification process, increasing the single transaction limit from $1,000 to $5,000 and the annual limit from $10,000 to $50,000 [2] Group 2: Cross-Border Payment Initiatives - International visitors can also link UnionPay's Tour Card, a prepaid card, through Weixin Pay [2] - Malaysian visitors can utilize their local eWallet in the PayNet system to make payments in mainland China by scanning Weixin Pay QR codes [2] - Tencent's Tenpay Global will collaborate with NetsUnion to connect more wallets, further enhancing cross-border payment capabilities [2] Group 3: Inbound Tourism and Mobile Payments - Inbound tourism to China is increasing, leading to a rise in mobile payment usage by visitors [3] - Tencent previously announced that WeChat users can link cards from Visa, Mastercard, JCB, or Discover to facilitate payments at millions of merchants in China [3] - The company aims to improve the mobile payment experience for overseas users by supporting international cards and connecting local wallets with mainland China [3]

智通财经APP获悉，瑞银发布研究报告称，予腾讯控股(00700)“买入”评级，预计首季收入同比增长6%，经调整净利润同比升36%至444亿元人民币，主要受惠于高利润业务盈利增量及合资公司(如快手及拼多多等)的利润强劲所推动，目标价428港元。 该行预计，腾讯国内游戏首季表现疲弱，料同比跌5%，鉴于去年《王者荣耀》基数较高，以及其变现策略的变化，但有关影响一定程度上被其他游戏如《金铲铲之战》及《暗区突围》的强劲表现所抵销。国际市场游戏收入则预期同比持平。此外，该行料腾讯首季广告收入同比增长16%，相对于市场预期升19%，主要受惠于视频号(VA)强劲增长及广告技术提升;料金融科技收入同比增长16%;毛利率同比提升3.8个百分点至49.2%。 ...

Core Insights - ByteDance's profit surged approximately 60% in 2023, outperforming Tencent and Alibaba, indicating resilience in a challenging economic environment [1] - The company's revenue increased from $80 billion to nearly $120 billion, while EBITDA rose from about $25 billion to over $40 billion [1] - This marks the first time ByteDance has surpassed Tencent in both revenue and profit, leveraging its popular short video platform to expand into international e-commerce [1] Financial Performance - ByteDance's sales growth from $80 billion to nearly $120 billion represents a significant increase, highlighting its strong market position [1] - The rise in EBITDA from approximately $25 billion to over $40 billion showcases improved operational efficiency and profitability [1] Competitive Position - ByteDance is positioned to become one of the fastest-growing tech giants globally in 2023, as indicated by internal data, despite the lack of independent audit [1] - The company's ability to maintain global visibility and expand into new markets has contributed to its competitive edge over major rivals [1]

敬请阅读本报告正文后各项声明 2 [Table_yemei] 腾讯控股（00700.HK）动态点评 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者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，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 普500指数为基准。 股票评级 买入：相对同期相关证券市场代表性指数涨幅15%以上； 增持：相对同期相关证券市场代表性指数涨幅介于5%～15%之间； 中性：相对同期 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3] Core Views - Tencent's revenue for Q4 2023 reached 155.2 billion yuan, a year-on-year increase of 7%. The adjusted net profit attributable to shareholders for Q4 was 42.7 billion yuan, up 44% year-on-year [2] - The company is focusing on optimizing its game portfolio and enhancing monetization strategies, with expectations for improvement starting in Q2 2024 [2] - The advertising segment showed strong growth, particularly in video ads, with a revenue increase of 21% year-on-year in Q4 2023 [2] - Financial technology and enterprise services continued to grow robustly, with a revenue increase of 15% year-on-year in Q4 2023 [2] Summary by Sections Financial Performance - In 2023, Tencent's total revenue was 609 billion yuan, a 10% year-on-year increase, with an adjusted net profit of 157.7 billion yuan, up 36% year-on-year [2] - The gross margin for Q4 2023 improved to 50%, a 7 percentage point increase year-on-year, driven by higher quality revenue contributions [2] Gaming Segment - International market game revenue reached 13.9 billion yuan in Q4 2023, with a year-on-year increase of 1%. The domestic market game revenue was 27 billion yuan, down 3% year-on-year [2] - Tencent plans to focus on optimizing existing games, enhancing monetization for popular titles, and launching new games in 2024 [2] Advertising Segment - The advertising revenue for Q4 2023 was 29.8 billion yuan, reflecting a 21% year-on-year growth, primarily driven by demand for video ads [2] - The gross margin for the advertising business reached 57%, a 13 percentage point increase year-on-year [2] Technology and Services - Financial technology and enterprise services generated 54.4 billion yuan in revenue for Q4 2023, a 15% year-on-year increase, supported by growth in commercial payment activities and cloud services [2] - The report highlights the potential of AI applications in enhancing various business segments, including advertising and gaming [6]

Financial Performance - The company's audited profit attributable to equity holders for the year ended December 31, 2023, was RMB 115.216 billion, a decrease of 39% compared to the previous year[8]. - The basic and diluted earnings per share for the year were RMB 12.186 and RMB 11.887, respectively[8]. - The non-IFRS profit attributable to equity holders for the year was RMB 157.688 billion, an increase of 36% year-on-year[8]. - The total revenue for the year was RMB 609.015 billion, showing a growth from RMB 554.552 billion in the previous year[6]. - Total revenue for the year ended December 31, 2023, increased by 10% to RMB 609.015 billion compared to RMB 554.552 billion in 2022[25]. - Operating profit for the year ended December 31, 2023, was RMB 160.074 billion, up from RMB 110.827 billion in 2022[23]. - Net profit attributable to equity holders decreased by 39% year-on-year to RMB 115.2 billion, mainly due to a one-time gain recognized in Q4 2022[35]. - Adjusted EBITDA for the year reached RMB 235.5 billion, with an adjusted EBITDA margin of 39%[58]. - Operating profit for the year ended December 31, 2023, was RMB 191,886 million, with an operating profit margin of 26%[71]. - Net profit attributable to equity holders for the same period was RMB 157,688 million, representing a net profit margin of 19%[71]. User Engagement and Growth - Monthly active accounts for WeChat and Weixin reached 1.343 billion, a 2% increase year-on-year[10]. - The total user engagement time for the video account doubled, driven by improvements in recommendation algorithms[11]. - The number of video paying subscribers reached 117 million, while music paying subscribers reached 107 million[1]. - The average daily active accounts for mobile games exceeded 5 million, with 8 key popular games identified in the domestic market[1]. Revenue Segments - Revenue from online advertising grew by 23% to RMB 101.482 billion, driven by new advertising inventory and platform upgrades[26]. - Revenue for the financial technology and enterprise services segment increased by 15% year-on-year to RMB 203.8 billion, driven by increased payment activities and growth in wealth management services[28]. - The gross profit for the financial technology and enterprise services segment increased by 38% year-on-year to RMB 80.6 billion, with gross margin rising from 33% to 40%[32]. - The revenue from value-added services for the year ended December 31, 2023, increased by 4% to RMB 298.375 billion[26]. Dividends and Shareholder Returns - The company plans to distribute a dividend of HKD 3.40 per share for the year ended December 31, 2023, representing a 42% increase[15]. - The company proposed a final dividend of HKD 3.40 per share for the year ended December 31, 2023, up from HKD 2.40 in 2022, pending shareholder approval[17]. - The board proposed a final dividend of HKD 3.40 per share for the year ending December 31, 2023, totaling approximately HKD 3.40 per share[90]. Stock Buyback and Investment Strategy - The share buyback program is set to double from approximately HKD 49 billion in 2023 to over HKD 100 billion in 2024[15]. - The company plans to continue monitoring investment performance and seek opportunities for strategic investments and divestments when market conditions are favorable[79]. Charity and Social Responsibility - Tencent's digital charity platform has become one of the largest globally, with public donations reaching RMB 3.8 billion during the 99 Charity Day event[11]. - The digital public welfare platform achieved RMB 3.8 billion in public donations during the 99 Public Welfare Day, a 15% year-on-year increase[21]. - The company made donations totaling RMB 2.952 billion during the year[100]. Stock Options and Incentive Plans - The company has adopted six stock option plans, with the latest plan initiated in 2023[105]. - The total number of stock options granted in 2023 was 119,423,776, with 17,221,857 options exercised and 13,148,354 options expired or forfeited[126]. - The company continues to utilize stock options as a key component of its employee compensation strategy, aligning employee interests with shareholder value[126]. - The stock option program is designed to incentivize performance and retention among key employees, contributing to the company's overall growth strategy[126]. Management and Governance - The company confirmed the independence of all independent non-executive directors as of the report date[196]. - The company’s chairman and CEO, Ma Huateng, has over 30 years of experience in the telecommunications and internet industry[199]. - The company’s board of directors includes both executive and non-executive members, with upcoming rotations scheduled for 2024[195].

数据来源：东方证券研究所 数据来源：wind，东方证券研究所 买入：相对强于市场基准指数收益率 15%以上； | --- | --- | |------------|-------------------------------------------------------------------------------------------------------------------------| | 证券分析师 | | | 项雯倩 | 021-63325888*6128 xiangwenqian@orientsec.com.cn 执业证书编号： S0860517020003 | | 李雨琪 | 香港证监会牌照： BQP120 021-63325888-3023 liyuqi@orientsec.com.cn 执业证书编号： S0860520050001 香港证监会牌照： BQP135 | | 杨妍 | yangyan3@orientsec.com.cn 执业证书编号： S0860523030001 | | | | | | | 腾讯控股动态跟踪 —— 小程序内容供给持续增长，视频号商业化逐渐推进 每 ...

智通财经APP获悉，东方证券发布研究报告称，维持腾讯控股(00700)“买入”评级，预计23/24/25年IFRS归母净利润为1152/1339/1533亿元，nonIFRS归母净利润为1577/1894/2158亿元，目标价375.04港元。游戏方面，《DNF》预期Q2上线贡献增量，《和平精英》、《王者荣耀》24Q2-Q4商业化预期同比增强。广告方面，视频号ad load有提升空间，内循环需求持续增长。 报告中称，23Q4腾讯营业收入为1552亿，毛利率为50.0%，归母净利润（IFRS）为270亿，归母净利润（Non-IFRS）为427亿。分业务看，期内增值服务收入690.79亿(yoy-1.9%，qoq-8.8%)，该行预期24Q2开始《王者荣耀》、《和平精英》商业化同比加强，《DNF》预计24Q2上线驱动同比增长。网络广告收入297.9亿（yoy+20.8%,qoq+ 15.8%），该行预期小程序内容供给端上量将会驱动微信广告需求增长。金融科技及企业服务收入543.79亿元（yoy+ 15.1%，qoq+4.5%），增长主要系支付活动增加及理财服务收入增长。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][17]. Core Insights - The company reported a revenue of 155.2 billion RMB in Q4 2023, representing a year-over-year increase of 7%. The Non-IFRS net profit reached 42.7 billion RMB, up 44% year-over-year. The gross margin improved to 50%, an increase of 7.3 percentage points year-over-year and 0.5 percentage points quarter-over-quarter, primarily due to a higher proportion of high-margin businesses [2][3][4]. Revenue Breakdown - Revenue from value-added services was 69.1 billion RMB, down 2% year-over-year, mainly due to declines in revenue from "Honor of Kings" and "Peacekeeper Elite," as well as decreases in music and game live streaming income. The online advertising business generated 29.8 billion RMB, up 21% year-over-year, driven by increased demand for video account advertising. The fintech and enterprise services revenue reached 54.4 billion RMB, up 15% year-over-year, benefiting from growth in commercial payments, wealth management, consumer loans, and video account sales service fees [3][4]. Profitability and Cost Management - The company's profit growth in Q4 was robust, attributed to a shift in revenue structure towards higher-quality income sources such as video account advertising and live streaming sales fees, while the proportion of low-margin businesses like music and game live streaming decreased. Additionally, reductions in content costs, fintech transaction costs, and bandwidth/server costs contributed to the improvement in gross margin. Despite marketing expenses reaching 11 billion RMB in Q4, a 79% year-over-year increase, net profit continued to show high-quality growth [4][6]. Financial Projections - The company is projected to achieve revenues of 668.3 billion RMB, 744.7 billion RMB, and 817.3 billion RMB for the years 2024, 2025, and 2026, respectively. The Non-IFRS net profits are expected to be 194.9 billion RMB, 218.0 billion RMB, and 241.1 billion RMB for the same years [4][6][8]. Key Financial Metrics - For 2023, the company reported total revenue of 609.0 billion RMB, with a year-over-year growth of 9.8%. The Non-IFRS net profit was 157.7 billion RMB, reflecting a 40.3% increase year-over-year. The gross margin for 2023 was 48.1%, with projections for 2024, 2025, and 2026 to be 52.7%, 54.7%, and 55.2%, respectively [6][8][16]. Market Position and Future Outlook - Although the company's gaming business is experiencing a temporary slowdown in growth, the long-term outlook remains positive due to a robust pipeline of new games and continuous expansion of profit margins. The advertising revenue is expected to recover due to improvements in video account and advertising technology, while the fintech business is anticipated to benefit from offline recovery and enhanced compliance capabilities [4][6].