视频号维持高速增长，游戏业务 24Q2 逐步恢复 网络游戏：收入同比-2%，预计 24Q2 开始恢复。23Q4，网络游戏业务收入 为 409 亿元，同比下滑 2%。分地区来看：本土市场游戏收入为 270 亿元， 同比下滑 3%；海外市场游戏收入 139 亿元，同比增长 1%。公司进行游 戏策略调整：1）改革：更换游戏的商业化团队，如《王者荣耀》、《和 平精英》等；2）针对过去 2-3 年大用户基础的游戏进行商业化变现， 如《金铲铲之战》、《英雄联盟：激斗峡谷》、《暗区突围》等。展望 未来，重点游戏《DNF》手游预计 24Q2 上线，预计随着策略调整叠加新 游戏上线，游戏收入 24Q2 开始恢复。 核心观点 公司研究·海外公司财报点评 资料来源：Wind、国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 202304，腾讯实现营收 1552 亿元,同比增长 7%。主要增长由广告和金融科技贡 献,部分被直播和游戏业务的下滑所抵消。 | --- | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-- ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) [11][101] Core Views - The overall performance of the company exceeded market expectations, with core business maintaining steady growth, benefiting from the increase in high-margin businesses [11][22] - The company reported a significant year-on-year increase of 44% in Non-IFRS net profit for Q4 2023 [11][22] - The revenue for Q4 2023 was 155.196 billion RMB, representing a year-on-year growth of 7% [11][42] Summary by Sections Overall Performance - The company achieved a total revenue of 1551.96 billion RMB in Q4 2023, with an operating profit of 414.01 billion RMB, and a net profit of 278.50 billion RMB [11][42] - The Non-IFRS net profit was reported at 426.81 billion RMB, marking a 44% increase year-on-year [11][42] Business Segments - **Gaming Business**: Revenue for Q4 2023 was 409 billion RMB, down 2% year-on-year, with domestic game revenue declining by 3% [54][82] - **Social Network**: Revenue decreased to 282 billion RMB, primarily due to declines in music and game live streaming services, partially offset by growth in music paid memberships and mini-game platform service fees [59][72] - **Advertising**: The advertising business grew by 21% year-on-year to 298 billion RMB, driven by increased demand for video ads and seasonal e-commerce activities [12][63] - **Financial Technology and Enterprise Services**: Revenue increased by 15% year-on-year to 543.79 billion RMB, with enterprise services growing approximately 20% [24][93] Profitability - The overall gross margin improved year-on-year by 7.3 percentage points, reaching 50% in Q4 2023 [11][22] - The Non-IFRS operating profit margin was reported at 31.7%, with a Non-IFRS net profit margin of 27.5% [78][81] User Metrics - The combined monthly active users (MAU) for WeChat and Weixin reached 1.343 billion, a year-on-year increase of 2% [17][31] - QQ smart terminal MAU reached 554 million, down 3% year-on-year [17][31]

证券研究报告·海外公司点评·软件服务(HS) 腾讯控股（00700.HK） [关键词： Table_Tag#业绩符合预期 ] [Table_Summary] 投资要点 ◼ 营收保持快速增长，利润超出预期：4Q23 公司实现营业收入 1552 亿元 （yoy+7%)，低于彭博一致预期为 1574 亿元；非公认会计准则下的归 母净利润 427 亿元（yoy+44%），高于彭博一致预期的 420 亿元。 市场数据 基础数据 | --- | --- | |---------------------|----------| | | | | | | | 每股净资产 ( 元 ) | 85.27 | | 资产负债率 (%) | 44.61 | | 总股本 ( 百万股 ) | 9,460.85 | | 流通股本 ( 百万股 ) | 9,460.85 | 相关研究 《腾讯控股(00700.HK:)：2023Q3 业绩 点评：毛利率同比显著提升，净利润 超预期增长》 2023-11-20 《腾讯控股(00700.HK:)：2023Q2 业绩 点评：广告业务表现亮眼，驱动利润 增长超预期》 2023-08-19 | --- | -- ...

（700.HK） 图表 1：盈利预测和财务指标 人民币百万元 FY22 FY23 FY24E FY25E FY26E 营业收入 554,552 608,940 667,246 733,181 793,592 毛利润 238,746 293,034 347,777 378,185 409,197 调整后净利润 115,649 157,613 189,966 206,648 223,685 调整后目标 PE(x) 16.2 14.9 13.8 E=浦银国际预测，资料来源：Bloomberg、浦银国际 公司研究 | 互联网行业 浦银国际研究 腾讯（700.HK）：游戏业务疲软，毛利 率持续改善，加大股东回报 收入不及预期，加大股东回报：腾讯 4Q23 收入人民币 1552 亿元，同 比增长 7%，低于市场预期 1.4%；调整后净利润为 427 亿元，同比增长 44%，高于市场预期 1.7%；调整后净利率为 27.5%，去年同期为 20.5%， 主要得益于毛利率改善。公司宣布计划将 2024 年股份回购规模至少翻 倍，超 1000 亿港元，约为当前市值 3.7%；宣派末期股息每股 3.4 港 元，同比增长 42%，股 ...

本报告的版权归本公司所有。本公司对本报告保留一切权利。除非另有书面显示，否则本报告中的所有材料的版权 均属本公司。未经本公司事先书面授权，本报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制 品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及 标记均为本公司的商标、服务标记及标记。 请务必参阅正文后面的信息披露和法律声明 3 / 3 股票投资评级说明 分析、估值方法的局限性说明 港股公司信息更新报告 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。 本报告可能附带其它网站的地址或超级链接，对于可能涉及的开源证券网站以外的地址或超级链接，开源证券不对 其内容负责。本报告提供这些地址或超级链接的目的纯粹是为了客户使用方便，链接网站的内容不构成本报告的任 何部分，客户需自行承担浏览这些网站的费用或风险。 开源证券研究所 公 司 研 究 隐证券 ...

Group 1: Market Overview - The Hong Kong stock market experienced a strong rebound on March 21, with the Hang Seng Index reaching 16,845 points, an increase of 1.83%, and the Hang Seng Tech Index at 3,560 points, up 1.53%, with a maximum intraday increase of 2.48% [1] Group 2: Tencent Holdings - Tencent reported a revenue of 609.015 billion yuan for 2023, representing a year-on-year growth of 10%, with a non-IFRS net profit of 157.688 billion yuan, up 36% [1] - In Q4 2023, Tencent's revenue was 155.196 billion yuan, a 7% increase year-on-year, and the non-IFRS net profit reached 42.681 billion yuan, growing by 44% [1] - Tencent plans to double its share buyback program for 2024, increasing from 49 billion HKD in 2023 to over 100 billion HKD [1] Group 3: Li Ning Company - Li Ning reported a revenue growth of 7% for 2023, reaching 27.598 billion yuan [1] - During the earnings conference, Li Ning addressed previous privatization rumors, stating that he would consider any plans that could enhance investor returns, but currently has no such plans [1]

智通财经APP获悉，中金发布研究报告称，维持腾讯控股(00700)“跑赢行业”评级，基本维持2024/2025年收入及盈利预测不变，目标价418港元。腾讯4Q23收入同增7%至1,552亿元，基本符合该行预期，低于市场预期1.4%;Non-IFRS净利润同增44%至427亿元，分别高于该行及市场预期6.9%/1.7%，主要因广告及金融和企业服务业务毛利率高于预期。 中金主要观点如下： 受益于视频号商业化潜力挖掘，广告收入强劲。 公司4Q23广告业务收入同增21%至298亿元，主要系视频号广告需求提升以及AI模型推动广告平台持续升级，公司表示2023年视频号总时长同比翻倍。从行业看，除汽车疲软外，其他行业在腾讯广告内投放均出现同比增长，尤其是互联网服务、健康、消费等行业。受益于视频号的增长杠杆及AI实现的效率提升，广告毛利率环比提升4.5 ppt至56.8%。进入2024，该行预计视频号仍将作为贡献广告收入的主要增量，该行预计1Q24广告收入同比增速有望达到18%。 金融和企业服务业务表现稳健。 公司4Q23金融和企业服务收入同增15%至544亿元——金融业务实现双位数同比增长，主要系商业支付和金融衍生产品(财 ...

Tencent Holdings Ltd. (OTCPK:TCTZF) Q4 2023 Earnings Conference Call March 20, 2024 8:00 AM ET Company Participants Pony Ma - Chairman, Chief Executive Officer Martin Lau - President James Mitchell - Chief Strategy Officer John Lo - Chief Financial Officer Wendy Huang - Investor Relations Conference Call Participants Kenneth Fong - UBS William Packer - Exane BNP Alicia Yap - Citigroup Ronald Keung - Goldman Sachs Robin Zhu - Bernstein Charlene Liu - HSBC Alex Yao - JP Morgan James Lee - Mizuho Operator Good ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1][13]. Core Views - The report highlights the company's focus on enhancing shareholder returns and the development of evergreen games [1]. - It notes a significant improvement in gross margin and an increase in sales expenses, with plans for a substantial increase in share buybacks in 2024 [13]. - The report anticipates a recovery in gaming revenue in 2024, driven by the launch of new games and improved performance in the domestic market [13]. Financial Performance Summary - For Q4 2023, Tencent reported revenue of 155.2 billion yuan, a year-on-year increase of 7%, and a NON-IFRS net profit of 42.7 billion yuan, up 44% year-on-year [4]. - The full-year revenue for 2023 reached 609 billion yuan, reflecting a 10% year-on-year growth, with a NON-IFRS net profit of 157.7 billion yuan, up 36% year-on-year [4]. - The report provides projections for future financial performance, estimating NON-IFRS net profits of 180.8 billion yuan, 205.9 billion yuan, and 232.9 billion yuan for 2024, 2025, and 2026 respectively [13]. Key Business Segments - **Gaming**: Q4 2023 gaming revenue was 40.9 billion yuan, a 7% increase year-on-year, with expectations for improvement in 2024 due to new game launches [13]. - **Advertising**: Q4 2023 advertising revenue reached 29.8 billion yuan, a 21% increase year-on-year, driven by AI-enhanced advertising technology [13]. - **Financial Technology and Enterprise Services**: Revenue in this segment was 54.4 billion yuan for Q4 2023, marking a 15% year-on-year growth, supported by commercial payment and cloud service growth [13].

岳铮，传媒互联网行业分析师，约翰霍普金斯大学硕士，于 2020 年加入银河证券研究院投资研究部。 普通股股本储备 813,331 992,880 1,192,184 1,407,148 免责声明 | --- | --- | |----------------------------------------------|------------| | | | | 中国银河证券股份有限公司 研究院 机构请致电： | | | 深圳市福田区金田路 3088 号中洲大厦 20 层 | 深广地区： | | 上海浦东新区富城路 99 号震旦大厦 31 层 | 上海地区： | | 北京市丰台区西营街 8 号院 1 号楼青海金融大厦 | 北京地区： | | 公司网址：www.chinastock.com.cn | | 现金 172,320 401,505 664,612 933,542 其他收入 342 0 0 0 资产总计 1,577,246 1,917,335 2,178,570 2,432,023 净利润 118,048 180,910 200,965 216,864 [联系Table_Contacts] 非流动负债 3 ...