First Shanghai Securities·2024-07-24 05:31Investment Rating - The report does not explicitly state an investment rating for the company [7]. Core Insights - In July 2024, a total of 105 domestic online games were approved, an increase of one from June, including 90 mobile games and one client game, which is Tencent's "Dark Zone Breakthrough: Infinite" [7]. - The total number of approved domestic games in 2024 has reached 732, surpassing the same period in 2023 [7]. - Tencent's "Honor of Kings" international version has achieved over 50 million registered users since its global launch on June 20, 2024, with significant downloads in various markets [7]. - The monthly active users of WeChat mini-games have exceeded 500 million, indicating strong user engagement and growth in the gaming sector [7]. Company Overview - Tencent Holdings Limited's current stock price is HKD 373, with a market capitalization of HKD 34,786 billion [7]. - The company has a total share capital of 9.321 billion shares, with a book value per share of HKD 89.7 [7]. - The stock has seen a 52-week high of HKD 400.2 and a low of HKD 256.8 [7]. User Engagement Metrics - WeChat mini-games have shown a retention rate exceeding 50%, with a diverse user demographic primarily aged between 24 and 40 years [7]. - The daily online duration for users is approximately one hour, reflecting sustained engagement [7]. - The mini-game platform has served over 400,000 developers, with more than 80% being small teams of fewer than 30 people [7]. Market Performance - The international version of "Honor of Kings" has seen a download increase of 6.6 times since May, ranking first in the Southeast Asian market [7]. - The game "元梦之星" has reached a peak of 50 million daily active users during the Spring Festival, showcasing its popularity [7].