Financial Data and Key Metrics - Total revenue for Q3 2024 was RMB 1671.93 billion, an 8% YoY growth [3] - Return on investment was 4% for the quarter [3] - Gross margin increased from 49% to 53% YoY [15] - VAS (Value-Added Services) revenue grew 9% YoY to RMB 827 billion [15] - International games revenue increased 9% YoY to RMB 145 billion [15] - Domestic games revenue grew 14% YoY to RMB 373 billion [15] Business Line Performance - Game business achieved strong income growth, driven by long-term tree games and new game launches [3] - WeChat and WeChat reached 13.82 billion users, while QQ Mobile reached 5.62 billion users [4] - Music subscription revenue grew 20% YoY, with 119 million subscribers [6] - Long video subscription revenue increased 4% YoY, with total video subscriptions reaching 116 million [6] - Mini programs achieved GMV exceeding RMB 2 trillion [7] Market Performance - International games revenue growth lagged behind total revenue growth due to extended revenue deferral periods [15] - PUBG Mobile and Brawl Stars drove strong performance in international markets [7] - Domestic games like Peacekeeper Elite and Valorant set new revenue records [6] Strategy and Industry Competition - Company is upgrading its e-commerce strategy through the WeChat ecosystem [3] - Continued investment in AI technology, tools, and solutions to enhance user and partner experiences [3] - Focus on developing long-term tree games and identifying new games with potential [18] - Emphasis on standardizing and indexing the WeChat Shop platform to improve user experience [19] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about the long-term economic outlook despite current challenges [26] - Company is actively adapting to regulatory changes and focusing on compliance [27] - AI is seen as a key driver for future growth, particularly in content recommendation and advertising [37] - Company is cautious in its lending practices and selective in its loan approvals [44] Other Important Information - Company launched two new games, DNA mobile game and Delta Force, which show potential to become long-term games [4] - WeChat Shop is being integrated into the WeChat ecosystem, with a focus on improving logistics and customer service [19] - Company is leveraging its expertise in gaming and live streaming to strengthen its cloud services [4] Q&A Summary Question: Impact of macro environment on business strategy - Company remains optimistic about long-term economic growth and is focused on executing its current strategy [26][27] Question: Future of gaming industry and company's strategy - Company sees a structural trend in the success of Chinese games globally and is investing in new tools and technologies [17][18] Question: E-commerce strategy and WeChat Shop - Company aims to build a unified and trustworthy e-commerce experience through WeChat Shop, with a focus on standardization and indexing [19][20] Question: AI integration and revenue potential - AI is expected to significantly enhance content recommendation and advertising efficiency, with substantial revenue potential [37][38] Question: Payment and wealth management strategy - Company is cautious in its lending practices and is focusing on building a robust wealth management platform [43][44] Question: Advertising and video integration - Video integration is a key driver for advertising growth, with potential for further ad load rate increases [48][49] Question: Collaboration with Taobao - Collaboration with Taobao is seen as beneficial for users and both companies, with a focus on compliance and user experience [50][51]

Revenue and Profit Growth - Revenue for Q3 2024 reached RMB 167.193 billion, an 8% YoY increase[1] - Net profit attributable to equity holders surged 47% YoY to RMB 53.230 billion in Q3 2024[1] - Operating profit increased 20% YoY to RMB 53.333 billion in Q3 2024[1] - Revenue for Q3 2024 increased by 8% YoY to RMB 167.2 billion, with value-added services growing by 9% to RMB 82.7 billion, marketing services by 17% to RMB 30.0 billion, and fintech and business services by 2% to RMB 53.1 billion[8] - Net profit attributable to equity holders of the company grew by 47% YoY to RMB 53.2 billion, with non-IFRS net profit increasing by 33% to RMB 59.8 billion[13] - Revenue for Q3 2024 increased by 4% quarter-over-quarter to RMB 167.2 billion, with value-added services revenue growing by 5% to RMB 82.7 billion[15] - Net profit attributable to equity holders of the company rose by 12% quarter-over-quarter to RMB 53.2 billion, with non-IFRS net profit increasing by 4% to RMB 59.8 billion[17] - Revenue for the nine months ended September 30, 2024, was RMB 487,811 million, with value-added services contributing RMB 240,146 million and fintech and business services contributing RMB 155,831 million[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, up from RMB 90,198 million in the same period of 2023[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, a significant increase from RMB 90,198 million in the same period last year[35] - The company's profit attributable to equity holders for the nine months ended September 30, 2024, was RMB 142,749 million, a significant increase from RMB 88,191 million in the same period in 2023[66] User and Subscription Growth - WeChat and WeChat combined MAUs grew 3% YoY to 1.382 billion in Q3 2024[3] - Mini Program transaction volume exceeded RMB 2 trillion in Q3 2024, with double-digit YoY growth[4] - Music paid subscriptions increased 16% YoY to 119 million in Q3 2024[5] - Video paid memberships grew 6% YoY to 116 million in Q3 2024[5] Gaming Performance - International game VALORANT revenue increased over 30% YoY in Q3 2024[5] - International market gaming revenue grew by 5% to RMB 14.5 billion, driven by games like *PUBG MOBILE*, while domestic market gaming revenue increased by 8% to RMB 37.3 billion, supported by games like *Peacekeeper Elite* and *Dungeon & Fighter: Origin*[15] - Local market games refer to the company's gaming business in the Chinese market (excluding Hong Kong, Macau, and Taiwan)[103] - International market games refer to the company's gaming business outside the local market[103] - The company's gaming business includes titles such as PUBG (PlayerUnknown's Battlegrounds)[104] Gross Profit and Margin - Gross profit margin expanded to 53.1% in Q3 2024, up from 49.5% in Q3 2023[1] - Gross profit for Q3 2024 rose by 16% YoY to RMB 88.8 billion, with the gross margin improving from 49% to 53%[10] - Value-added services gross profit increased by 13% YoY to RMB 47.5 billion, with the gross margin improving from 56% to 57%[10] - Marketing services gross profit grew by 18% YoY to RMB 15.9 billion, with the gross margin slightly improving from 52% to 53%[11] - Fintech and business services gross profit surged by 19% YoY to RMB 25.4 billion, with the gross margin improving significantly from 41% to 48%[12] - Gross profit for Q3 2024 increased by 3% to RMB 88.8 billion, with a stable gross margin of 53%[15] - Gross profit for the nine months ended September 30, 2024, was RMB 258,593 million, with a gross margin of 53%[33] Expenses and Costs - Sales and marketing expenses increased by 19% YoY to RMB 9.4 billion, accounting for 6% of revenue compared to 5% in the same period last year[12] - General and administrative expenses rose by 11% YoY to RMB 29.1 billion, driven by increased R&D and employee costs[12] - Sales and marketing expenses grew by 3% to RMB 9.4 billion, while general and administrative expenses increased by 6% to RMB 29.1 billion, driven by higher R&D and employee costs[16] - Employee benefits expenses for the three months ended September 30, 2024, were RMB 29,636 million, compared to RMB 27,812 million in the same period in 2023[50] - Content costs (excluding intangible asset amortization) for the three months ended September 30, 2024, were RMB 17,232 million, compared to RMB 15,812 million in the same period in 2023[50] - Promotion and advertising expenses for the three months ended September 30, 2024, were RMB 6,659 million, compared to RMB 4,981 million in the same period in 2023[50] - R&D expenses for the three months and nine months ended September 30, 2024, were RMB 17.89 billion and RMB 50.845 billion, respectively, compared to RMB 16.454 billion and RMB 47.645 billion for the same periods in 2023[52] - Employee benefits expenses for the three months and nine months ended September 30, 2024, were RMB 14.5 billion and RMB 41.668 billion, respectively, compared to RMB 13.667 billion and RMB 39.951 billion for the same periods in 2023[52] - Media content amortization for the three months and nine months ended September 30, 2024, was RMB 6.584 billion and RMB 19.286 billion, respectively, compared to RMB 6.473 billion and RMB 22.864 billion for the same periods in 2023[53] - Intangible assets amortization related to acquisitions for the three months and nine months ended September 30, 2024, was RMB 1.324 billion and RMB 3.878 billion, respectively, compared to RMB 1.434 billion and RMB 3.455 billion for the same periods in 2023[53] - SSV and CPP related expenses (excluding share-based compensation) for the three months and nine months ended September 30, 2024, were RMB 240 million and RMB 550 million, respectively, compared to RMB 231 million and RMB 561 million for the same periods in 2023[53] - Non-recurring compliance-related costs and litigation settlement expenses for the nine months ended September 30, 2024, were RMB 3 million, compared to RMB 17 million for the same period in 2023[54] - Subsidies and tax refunds for the three months and nine months ended September 30, 2024, were RMB 2.631 billion and RMB 6.048 billion, respectively, compared to RMB 2.546 billion and RMB 8.14 billion for the same periods in 2023[55] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Investments and Financial Assets - Share of profits from associates and joint ventures increased to RMB 6.0 billion in Q3 2024, up from RMB 2.1 billion in the same period last year[13] - The fair value of the company's equity interests in listed investee companies (excluding subsidiaries) as of September 30, 2024, was RMB 612,500 million[31] - The company's equity interests in unlisted investee companies (excluding subsidiaries) had a carrying value of RMB 327,700 million as of September 30, 2024[31] - The company's investment in associates as of September 30, 2024, was RMB 266,057 million, up from RMB 253,696 million as of December 31, 2023[70] - The fair value of the company's investment in listed associates as of September 30, 2024, was RMB 341.464 billion, compared to RMB 351.594 billion as of December 31, 2023[70] - The company's investment in associates increased by RMB 2,242 million in the first nine months of 2024, compared to RMB 6,301 million in the same period in 2023[71] - The company recognized a significant impairment provision of RMB 7,831 million for investments in associates with signs of impairment in the first nine months of 2024, compared to RMB 1,396 million in the same period in 2023[72] - The fair value of financial assets measured at fair value through profit or loss decreased to RMB 218,973 million as of September 30, 2024, from RMB 226,048 million as of December 31, 2023[73] - The company made new and additional investments totaling RMB 42,572 million in financial investments, investment companies, and others in the first nine months of 2024[75] - The fair value of financial assets measured at fair value through other comprehensive income increased to RMB 285,764 million as of September 30, 2024, from RMB 213,951 million as of December 31, 2023[76] - The company made new and additional investments totaling RMB 4,864 million in investment companies primarily engaged in social media platforms, sports equipment, e-commerce, and other internet-related businesses in the first nine months of 2024[78] - Net gains from disposal and deemed disposal of investments for the nine months ended September 30, 2024, were RMB 10.621 billion, compared to RMB 3.929 billion for the same period in 2023[56] - Fair value gains/(losses) on financial assets measured at fair value through profit or loss for the three months and nine months ended September 30, 2024, were RMB 3.788 billion and RMB 1.565 billion, respectively, compared to RMB 2.258 billion and RMB -754 million for the same periods in 2023[56] Cash Flow and Financial Position - EBITDA for Q3 2024 was RMB 64.4 billion, up from RMB 62.9 billion in Q2 2024, with adjusted EBITDA reaching RMB 69.7 billion[18] - Net cash position as of September 30, 2024, was RMB 95.5 billion, a significant increase from RMB 71.8 billion at the end of Q2 2024[18] - Capital expenditures for Q3 2024 were RMB 17.1 billion, nearly double the RMB 8.7 billion spent in Q2 2024[18] - Free cash flow generated in Q3 2024 was RMB 58,500 million, driven by net cash from operating activities of RMB 78,100 million, partially offset by capital expenditures of RMB 12,000 million[31] - The company's cash and cash equivalents as of September 30, 2024, were RMB 145,468 million, with a net cash position of RMB 95,462 million, up from RMB 71,757 million as of June 30, 2024[30] - Net cash flow from operating activities for the nine months ended September 30, 2024, was RMB 204.475 billion, an increase from RMB 168.008 billion in the same period in 2023[41] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 79.243 billion, a decrease from RMB 117.157 billion in the same period in 2023[41] - Net cash used in financing activities for the nine months ended September 30, 2024, was RMB 151.330 billion, an increase from RMB 62.806 billion in the same period in 2023[41] - Cash and cash equivalents at the end of the period were RMB 145.468 billion, compared to RMB 146.476 billion at the end of the same period in 2023[41] Non-IFRS Metrics - Non-IFRS operating profit for Q3 2024 was RMB 61,274 million, up from RMB 53,333 million reported under IFRS[23] - Non-IFRS net profit attributable to equity holders for Q3 2024 was RMB 59,813 million, compared to RMB 53,230 million under IFRS[23] - Non-IFRS operating profit margin for Q3 2024 was 37%, up from 32% under IFRS[23] - Non-IFRS operating profit for Q2 2024 was RMB 58,443 million, up from RMB 50,732 million reported under IFRS[25] - Non-IFRS net profit attributable to equity holders for Q2 2024 was RMB 57,313 million, compared to RMB 47,630 million under IFRS[25] - Non-IFRS operating profit margin for Q2 2024 was 36%, up from 31% under IFRS[25] - Non-IFRS operating profit for the first nine months of 2024 was RMB 178,336 million, up from RMB 156,621 million reported under IFRS[27] - Non-IFRS net profit attributable to equity holders for the first nine months of 2024 was RMB 167,391 million, compared to RMB 142,749 million under IFRS[27] - Non-IFRS operating profit margin for the first nine months of 2024 was 37%, up from 32% under IFRS[27] Earnings Per Share and Dividends - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, compared to RMB 9.312 in the same period of 2023[33] - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, up from RMB 9.312 in the same period in 2023[66] - Diluted earnings per share for the nine months ended September 30, 2024, were RMB 15.008, compared to RMB 9.075 in the same period in 2023[68] - The company paid a final dividend of HKD 31.743 billion for the year ended December 31, 2023, an increase from HKD 22.762 billion in the previous year[69] Assets and Liabilities - Property, plant, and equipment increased to RMB 69,583 million as of September 30, 2024, from RMB 53,232 million as of December 31, 2023[36] - Intangible assets slightly increased to RMB 178,773 million as of September 30, 2024, from RMB 177,727 million as of December 31, 2023[36] - Investments in associates and joint ventures increased to RMB 266,057 million as of September 30, 2024, from RMB 253,696 million as of December 31, 2023[36] - Total assets increased to RMB 1,723,357 million as of September 30, 2024, from RMB 1,577,246 million as of December 31, 2023[36] - Total equity attributable to equity holders of the company increased to RMB 912,586 million as of September 30, 2024, from RMB 808,591 million as of December 31, 2023[38] - Non-current liabilities decreased to RMB 335,073 million as of September 30, 2024, from RMB 351,408 million as of December 31, 2023[38] - Current liabilities increased to RMB 407,777 million as of September 30, 2024, from RMB 352,157 million as of December 31, 2023[38] - Total equity as of September 30, 2024, amounted to RMB 980.507 billion, an increase from RMB 873.681 billion at the beginning of the year[39] - Retained earnings increased to RMB 861.819 billion, up from RMB 813.911 billion at the start of the year[39] - Comprehensive income for the period was RMB 209.832 billion, driven by a net profit of RMB 142.749 billion and other comprehensive income of RMB 62.806 billion[39] - The company repurchased shares worth RMB 13.681 billion, which were subsequently canceled[39] - Cash dividends paid during the period totaled RMB 68.797 billion[39] - Non-controlling interests increased to RMB 67.921 billion, up from RMB 65.090 billion at the beginning of the year[39] - The company recorded a gain of RMB 72.902 billion from the fair value changes of financial assets measured at fair value through other comprehensive income[39] - Foreign currency translation differences resulted in a loss of RMB 7.064 billion[39] - The company allocated RMB 28.924 billion to statutory reserves[39] - The company's equity attributable to shareholders increased to RMB 912.586 billion, up from RMB 808.591 billion at the start of the year[39] - Total equity as of January 1, 2023, was RMB 782.86 billion, with retained earnings of RMB 705.981 billion[40] - Comprehensive income for the period was RMB 90.198 billion, with a net profit of RMB 88.191 billion[40] Employee and Compensation - The company had 108,823 employees as of September 30, 2024, an increase from 105,309 employees as of September 30, 2023[95] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Debt and Notes Payable - The non-current portion of long-term USD notes payable was RMB 127.

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - Tencent Holdings (700) is expected to announce its Q3 2024 financial results on November 13, 2024, with a subsequent earnings call at 20:00 Beijing time [1] - Visible Alpha consensus estimates Q3 2024 revenue at 167 billion RMB, an 8% YoY increase [1] - Value-added services are expected to contribute 82.3 billion RMB, up 8.71% YoY [1] - Advertising revenue is projected to rise 15.18% YoY to 29.6 billion RMB, driven by video accounts [1] - Cloud and fintech revenues are anticipated to reach 53.5 billion RMB, a 2.75% YoY increase [1] - Non-GAAP net profit is forecasted to grow 19.55% YoY to approximately 53.7 billion RMB [1] Revenue Breakdown - Value-added services: 82.3 billion RMB, +8.71% YoY [1] - Advertising: 29.6 billion RMB, +15.18% YoY [1] - Cloud and fintech: 53.5 billion RMB, +2.75% YoY [1] Gaming Segment - Tencent's evergreen gaming strategy continues to drive growth, with AI enhancing monetization efficiency [1] - Domestic games like Peacekeeper Elite maintain 100 million users, while DNF remains stable on the game bestseller list [1] - Overseas games, including the overseas version of Honor of Kings, performed well, ranking in the top three on Sensor Tower's China mobile game overseas market download list in July [1] - New game Delta Action reached 25 million registered users within a week of its launch in late September [1] Advertising Business - Advertising revenue is expected to benefit from the rapid development and operational optimization of video accounts [1] - AI technology is enhancing the efficiency of Tencent's advertising 3.0 platform, supporting high gross margins in the advertising business [1] Cloud and Fintech - Cloud business is focusing on operational efficiency and cost reduction while pursuing high-quality growth [1] - Fintech is expected to see increased demand due to the rising market environment for large models and the commercialization progress of projects like mini-programs [1] - The interconnection between WeChat Pay and Taobao Tmall starting in September is anticipated to significantly boost Q4 2024 and 2025 technical service fees [1] Overall Outlook - The company's overall revenue is expected to improve, with continued cost reduction and efficiency improvements [1] - Sales and management expense ratios are lower than expected, with promising data from video accounts anticipated [1] - Management is expected to provide further insights during the earnings call regarding new game releases and future commercialization strategies [1]

腾讯控股（00700.HK）深度系列（二） 游戏行业景气度回升，业绩增长稳定性凸显 2024 年 11 月 08 日 ； [盈利预测与财务指标 Table_Forcast] ➢ 行业进入常态化监管，市场景气度明显回升。1）政策端趋向稳定：《国务院 关于促进服务消费高质量发展的意见》明确将网络游戏作为提升文化娱乐消费质 量的重要环节；版号供给显著改善，截至 10 月底，国家新闻出版署共计发出 1072 款国产游戏版号以及 90 款进口游戏版号，发放频率和发放数量均高于近年水平。 受新品驱动，24Q3 我国游戏市场实际销售收入创历史新高（917.7 亿元），同比 增长 8.9%。2）优质内容议价权不断提升：当前游戏行业联运及买量的分发模式 较为成熟，以大厂为首的游戏厂商正在积极创新内容营销方式，进一步优化获客 效率、延长游戏生命周期。渠道分成方面，国内安卓端渠道分成比例显著高于苹 果及全球主流应用商店，上架新兴垂直渠道、引导至官服下载已经成为 CP 方运 营宣发重点，《MDnF》成为首款不上线安卓官方应用商店的腾讯游戏。我们预计， 未来随着用户群体对高质量精品游戏的需求不断增加，供需方的双向选择更加紧 密，游戏厂 ...

港股公司报告 | 公司点评 | --- | --- | --- | --- | |---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - Tencent's gaming revenue is increasingly driven by international markets, with overseas revenue growing significantly, accounting for 30% of total gaming revenue in 2023 [2][4] - The report emphasizes the importance of operational changes and strategic adjustments in Tencent's gaming subsidiaries, particularly Supercell, to enhance monetization and user engagement [4][5] - The gaming industry is experiencing a shift towards service-oriented models (GaaS), which Tencent is well-positioned to leverage due to its extensive experience in game monetization [19][20] Summary by Sections 01 Overview of Tencent's Overseas Gaming and Market - Tencent's gaming revenue is heavily reliant on overseas markets, with a notable increase in the share of international revenue from 15% in 2019 to 30% in 2023 [2][4] - The company has adopted a strategy of acquiring subsidiaries and collaborating on game development to enhance its presence in international markets [9][11] 02 Supercell and Riot Games Organizational Adjustments - Supercell, a key component of Tencent's overseas gaming strategy, has seen a revenue increase of 70% in the first half of 2024, driven by successful game launches and operational changes [27][28] - Riot Games is focusing on core titles like "League of Legends" and "Valorant," with organizational restructuring aimed at improving player experience and operational efficiency [35][37] 03 Insights on Tencent's Gaming Operations - Tencent is actively restructuring its gaming operations to enhance monetization strategies, including the introduction of new game features and community engagement initiatives [4][5] - The company is also focusing on the importance of high-quality game development and operational management to maintain user interest and revenue growth [4][5] 04 Valuation Insights for Overseas Game Companies - The report discusses the stable valuation of mature overseas gaming companies, highlighting that firms with strong IP and diverse game portfolios maintain stable valuations even during periods of slow revenue growth [4][5] - Tencent's extensive investment in overseas gaming companies has resulted in a rich IP portfolio and significant operational experience, positioning it favorably in the market [4][5] 05 Investment Recommendations - The report recommends maintaining a focus on Tencent's strong competitive position in the global gaming market, particularly as it continues to innovate and adapt its gaming portfolio [5] - Projected revenue growth for Tencent's gaming segment is expected to accelerate in the second half of 2024 and into 2025, driven by successful game launches and operational improvements [5]

Research 证券研究报告 | 2024年10月16日 | 12:07AM HKT CHINA RESILIENCE 聚焦中国高韧性企业 –腾讯控股 (0700.HK) 超级应用构筑生态系统，游戏业务布局全球 (摘要) | --- | --- | --- | --- | |-------|-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 10 月 14 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------------------|---------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------------------------------|---------|---------| | 线上游戏: 超配 \n腾讯控股 | (700 HK, | | 买入, 目 ...

交银国际研究 | --- | --- | --- | --- | --- | |----------|---------------|----------------|------------------------------------------------|-------------------------------| | 公司更新 | | | | | | 互联网 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 10 月 14 日 | | | 港元 438.80 | 港元 513.00↑ | +16.9% | | | 腾讯控股 | (700 HK) | | | | | | | | 手游维持稳健增长，维持利润增速快于收入增速预期 | | 本土/海外手游流水维持快速增长。1）本土：2024年3季度流水同比增29% （Sensor Tower/七麦），对比 2 季度 32%，仍主要受益于新游《地下城与 勇士：起源》（《MDnF》）增量贡献。2）海外：3 季度流水同比增 27% （对比 1/2 季度 33%/47%），仍受 Supercell《荒野乱斗》驱动，单月流水 维持在 6-8 亿元（人民币， ...

恒生指数 21.4% 15.3% 18.4% 52 周价格区间（港元） 260.20-482.40 流通股本（万股） 927,961.82 2024 年 10 月 15 日 公司研究 评级：买入(维持) [Table_Title] 游戏加速，广告稳健，持续高质量增长 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——腾讯控股（0700.HK）2024Q3 财报前瞻 最近一年走势 1、主要财务指标前瞻：我们预计公司 2024Q3 实现营业收入 1670 亿元（YoY+8%）。其中增值服务 823 亿元（YoY+9%），增值服务 中游戏业务 518 亿元（YoY+13%）、社交网络 305 亿元（YoY+3%）， 在线广告业务 298 亿元（YoY+16%），金融科技和企业服务 536 亿 元（YoY+3%）。预计公司 2024Q3 毛利率 53%（YoY+4pct），毛 利润891亿元（YoY+16%）;销售费用率 6%，一般及行政费用率 17%； NON-IFRS 经营利润 ...