业绩超预期，高质量增长进行时

Investment Rating - Buy (Maintained Rating) [13] Core Views - The company's 2024Q1 revenue reached 159.5 billion yuan, a year-on-year increase of 6%, with NON-IFRS net profit attributable to the parent company of 50.3 billion yuan, a year-on-year increase of 54.5% [14] - Gross margin significantly improved, reaching 52.58%, up 7.1 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [14] - Game business is expected to recover in Q2, with new game releases and deferred revenue from existing games contributing to growth [14] - Advertising revenue grew by 26% year-on-year, driven by rapid growth in video account advertising and AI technology upgrades [14] - Financial technology and enterprise services revenue increased by 7% year-on-year, with strong growth in wealth management services and video account e-commerce [14] Financial Performance Revenue and Profit - 2024Q1 revenue: 159.5 billion yuan, +6% YoY [14] - 2024Q1 NON-IFRS net profit: 50.3 billion yuan, +54.5% YoY [14] - Expected NON-IFRS net profit for 2024/2025/2026: 204.3/228.9/256.9 billion yuan [14] Gross Margin - 2024Q1 gross margin: 52.58%, +7.1pct YoY, +2.6pct QoQ [14] - Value-added services gross margin: 57.26%, +3.39pct YoY [14] - Advertising gross margin: 54.78%, +13.09pct YoY [14] - Financial technology and enterprise services gross margin: 45.6%, +11.1pct YoY [14] Game Business - 2024Q1 game revenue: 48.1 billion yuan, -0.4% YoY [14] - Domestic game revenue: 34.5 billion yuan, -1.7% YoY [14] - International game revenue: 13.6 billion yuan, +3% YoY [14] - Deferred revenue in current liabilities: 106.1 billion yuan, +19.9 billion yuan QoQ [14] Advertising Business - 2024Q1 advertising revenue: 26.5 billion yuan, +26% YoY [14] - Video account advertising revenue growth: +100% YoY [14] - Mini-program advertising revenue growth: +40% YoY [14] Financial Technology and Enterprise Services - 2024Q1 revenue: 52.3 billion yuan, +7% YoY [14] - Wealth management services: strong growth in users and per capita investment scale [14] - Enterprise services: double-digit growth driven by cloud and video account merchant service fees [14] Valuation and Forecast - Current PE ratio: 16.01X (2024E), 14.29X (2025E), 12.73X (2026E) [14] - Expected EPS for 2024/2025/2026: 21.692/24.303/27.272 yuan [17] - ROE (attributable to parent company): 16.00% (2024E), 15.76% (2025E), 15.15% (2026E) [17] Industry Analysis - Video account total viewing time increased by over 80% YoY, indicating significant future commercialization potential [14] - Advertising spending in gaming, internet services, and consumer goods industries showed significant growth [14] - Financial technology sector benefited from increased user engagement and investment scale in wealth management services [14]