腾讯控股：Q3利润超预期，后续增长有望持续

Investment Rating - The investment rating for Tencent Holdings is "Buy" with a target price of HKD 496.8, representing a potential upside of 23% from the recent closing price of HKD 403.8 [6]. Core Insights - Tencent's Q3 FY2024 results exceeded market expectations, with a revenue increase of 8% year-on-year to HKD 167.19 billion, driven by robust growth in gaming and advertising sectors. The Non-GAAP net profit attributable to shareholders was HKD 59.81 billion, reflecting a 33% year-on-year increase [1][3]. Business Performance Summary - User Engagement: The combined monthly active accounts for WeChat and WeChat reached 1.382 billion, a 3% increase year-on-year. QQ's mobile terminal monthly active accounts were 562 million, up 0.7% year-on-year. The small program transaction ecosystem saw over HKD 2 trillion in transaction volume, growing by over 10% year-on-year [2][9]. - Gaming Sector: Tencent's gaming revenue was HKD 51.8 billion, a 12.6% year-on-year increase. Domestic game revenue grew by 14% to HKD 37.3 billion, driven by popular titles such as "Honor of Kings" and "PUBG MOBILE." International game revenue reached HKD 14.5 billion, a 9% year-on-year increase, marking a quarterly record [11][12]. - Advertising and Marketing Services: The marketing services revenue grew by 17% year-on-year to HKD 29.99 billion, supported by strong demand for ads on video accounts and mini-programs. Financial technology and enterprise services revenue was HKD 53.09 billion, a 2% year-on-year increase, with growth in wealth management services offset by a decline in payment services due to weak consumer spending [3][16]. - Profitability Metrics: The overall gross margin stabilized at 53%, benefiting from increased contributions from high-margin revenue sources such as domestic gaming and advertising. The adjusted net profit for Q3 was HKD 59.81 billion, significantly exceeding expectations [1][21]. - Shareholder Value: Tencent has been actively repurchasing shares, with a target of HKD 100 billion for the year, having already completed over HKD 90 billion in buybacks, which is expected to enhance shareholder returns [23].