TENCENT(00700) 长城证券·2024-08-20 08:39Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [29]. Core Views - The company achieved a revenue of 1611.17 billion yuan in Q2 2024, representing an 8% year-on-year growth, and a net profit attributable to shareholders of 476.30 billion yuan, which is an 82% increase year-on-year [20]. - The report highlights that the company's high-margin businesses, such as mini-program games, video account advertising, and technology service fees, are increasing their share of revenue, thereby enhancing profitability [22]. - The company is expected to continue strengthening shareholder returns, making it an attractive investment option [22]. Financial Summary - Revenue: The company reported revenues of 554,552 million yuan in 2022, with projections of 609,015 million yuan for 2023, and expected revenues of 669,368 million yuan, 729,277 million yuan, and 788,859 million yuan for 2024, 2025, and 2026 respectively [2][22]. - Net Profit: The net profit attributable to shareholders was 188,243 million yuan in 2022, with a forecast of 115,216 million yuan for 2023, and expected profits of 177,271 million yuan, 205,524 million yuan, and 229,608 million yuan for 2024, 2025, and 2026 respectively [2][22]. - EPS: The latest diluted EPS was 20.20 yuan, with projections of 12.36 yuan for 2023, and expected EPS of 19.02 yuan, 22.05 yuan, and 24.63 yuan for 2024, 2025, and 2026 respectively [2][22]. - P/E Ratio: The P/E ratio is projected to be 17.04 for 2023, decreasing to 15.61 and 13.97 for 2025 and 2026 respectively [2][22]. - ROE: The return on equity (ROE) is expected to be 14.25% in 2023, with projections of 18.35%, 17.89%, and 16.97% for 2024, 2025, and 2026 respectively [2][22].