腾讯控股：2024年中报业绩点评：游戏业务韧性强，盈利能力持续改善

Investment Rating - The report maintains a "Recommend" rating for the company, with expected Non-IFRS net profit attributable to the parent company of 2110.59/2297.62/2500.01 billion yuan for 2024-2026, corresponding to a PE of 15x/14x/13x [27] Core Views - The company's business demonstrated strong growth resilience in the first half of 2024, with gaming performance slightly exceeding expectations [27] - The company's advertising business achieved revenue of 563.77 billion yuan in the first half of 2024, a year-on-year increase of 23%, driven by AI-powered ad technology platform upgrades and ecosystem growth [31] - The company's overall gross profit margin reached 53% in the first half of the year, an increase of over 6 percentage points year-on-year [31] Financial Performance - In the first half of 2024, the company achieved revenue of 3206.18 billion yuan, a year-on-year increase of 7%, and net profit attributable to the parent company of 895.19 billion yuan, a year-on-year increase of 72% [10] - The company's value-added services, online advertising, and fintech and business services accounted for 49%, 19%, and 31% of revenue, respectively [10] - The company's gaming business achieved revenue of 1574.51 billion yuan in the first half of 2024, a year-on-year increase of 2%, with domestic market game revenue of 691 billion yuan and international market game revenue of 275 billion yuan [15] Financial Projections - Revenue is expected to grow from 609015 million yuan in 2023 to 793115 million yuan in 2026, with a compound annual growth rate of 9.2% [16] - Non-IFRS net profit attributable to the parent company is expected to grow from 157688 million yuan in 2023 to 250001 million yuan in 2026, with a compound annual growth rate of 16.7% [16] - The company's gross profit margin is expected to increase from 48.1% in 2023 to 53.4% in 2026 [16] Market Data - As of August 14, 2024, the company's H-share closing price was HK$373.80, with a total market capitalization of HK$3484.2 billion [6] - The company's total share capital is 9320.97 million shares [6]