Zhi Tong Cai Jing·2024-04-01 07:06Core Viewpoint - Northeast Securities maintains a "Buy" rating on Tencent Holdings (00700), indicating confidence in the company's long-term prospects despite short-term challenges in its gaming business [1] Group 1: Gaming Business - The gaming business is experiencing a slowdown in growth due to a decline in revenue from core products and underperformance of new games, compounded by intense competition in both domestic and international markets [1] - The performance of "元梦之星" does not indicate a weakening of the company's advantage in the large Daily Active Users (DAU) segment [1] - Multiple major product launches in 2024 are expected to contribute positively to the company's performance [1] Group 2: Advertising and Other Segments - The advertising segment is benefiting from improvements in video accounts and advertising technology [1] - The financial technology segment is seeing gains from the recovery of offline transaction scenarios and enhanced compliance capabilities leading to business innovation [1] Group 3: Share Buyback Plan - The company plans to increase its share buyback program to HKD 100 billion in 2024 [1]