Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2]. Core Insights - The launch of Tencent's C-end APP "Tencent Yuanbao," based on the mixed Yuan model, aims to enhance user efficiency in information retrieval, processing, and production, featuring AI search, AI summarization, and AI writing capabilities [2][3]. - Tencent Yuanbao integrates various Tencent business ecosystems, showcasing high-quality content accumulation from WeChat public accounts, with a daily usage of the mixed model reaching 200 million across over 600 Tencent business scenarios [3][27]. - The report maintains profit forecasts for Tencent, projecting adjusted net profits of 200.2 billion, 225.6 billion, and 250.9 billion for 2024, 2025, and 2026 respectively, while continuing to support the "Outperform the Market" rating [27]. Summary by Sections Product Features - Tencent Yuanbao focuses on efficiency and entertainment, offering features like AI search, AI summarization, and AI writing, along with creative drawing and avatar generation [4][11]. - The AI search function provides concise answers to user queries, ensuring high timeliness and accuracy by integrating with WeChat search and Sogou search [4][10]. - The AI summarization feature delivers content that closely aligns with user inquiries, outperforming competitors in quality [6][24]. Business Integration - The design of Yuanbao reflects Tencent's comprehensive content ecosystem, allowing users to access WeChat public account articles directly from search results [3][24]. - The internal usage of the mixed model across Tencent's products indicates a strategic push towards enhancing user experience and product capabilities [3][27]. Financial Projections - The report forecasts Tencent's adjusted net profits to grow from 200.2 billion in 2024 to 250.9 billion in 2026, indicating a positive outlook for the company's financial performance [27][31].

交银国际研究 消息快报 AI 助手发布；DNF 首周表现超预期 腾讯于 5 月 30 日上线 AI 助手 "腾讯元宝"app，基于自研混元大模型，包 含AI搜索、总结、写作等功能提升工作场景效率，特色应用和个人智能体 创建等个性化交互丰富日常场景。 1）腾讯生态全面接入，提升在工作场景中的竞争力。AI 搜索功能结合微 信搜一搜和搜狗搜索等引擎，全面覆盖腾讯生态内容，提供能够快速溯源 并进行衍生的参考资料。此前百度披露 11%的搜索结果由 AI 生成，预计 AI 加持下腾讯搜索功能用户体验也将进一步提升。AI 总结功能可一次性解 析多种格式文档和公众号链接等网址，提升信息收集效率。 2）"发现"栏目升级，为日常场景提供丰富的应用。目前，app 上线包括口 语陪练、超能翻译官、百变 AI 头像、创意绘画、社群营销专家近 20 个免 费特色应用，并能快速创建个人智能体，给予设定并选择或复刻自己的音 色（图表 1）。 根据 QuestMobile 数据，现有 AIGC 应用中抖音豆包、百度文心一言活跃用 户领先（图表 2），从用户结构看，仍是以男性、80 后/90 后、三线以上 城市为主（图表 3）。但对于 AI 助 ...

港股公司报告 | 公司点评 请务必阅读正文之后的信息披露和免责申明 1 手游》、《三角洲行动》等高质量储备亦有望陆续上线。 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------| | | | | ➢ 网络广告 &FBS 2 频号 & | ：连续 个季度毛利同比增量大于收入增量，隐含视 搜一搜广告、理财服务、电商技术服务费边际毛利率优异 | | 1Q2024 ...

证 券 研 究 报 告 | --- | --- | --- | --- | |----------|------------|---------------------------|------------------------------| | | | | ——腾讯控股 24Q1 业绩点评 | | | ( 分析师 ) | 秦和平 | | | | | 0755-23976666 | | | | | qinheping027734@gtjas.com | | | 证书编号 | | S0880523110003 | | | | | | | 本报告导读： 请务必阅读正文之后的免责条款部分 -10% 0% 10% 20% 30% 40% 50% 60% 0 50000 100000 150000 200000 营业收入（百万元） 同比 图 1：一季度收入增速平稳复苏 图 2：一季度经调整净利润大增 54% 数据来源：公司公告, 国泰君安证券研究 数据来源：公司公告，国泰君安证券研究 腾讯控股（0700） 国内游戏收入占比 海外游戏收入占比 0% 20% 40% 60% 80% 100% -30% -20% -10% ...

广告显著超出市场预期，游戏业务有望企稳回升 游戏业绩递延，Q2 增长可期 2024Q1 腾讯增值服务业务收入同比下滑 0.9%至 786 亿 元，其中国际游戏收入同比增长 3%至 136 亿元，本土游戏收入同比下滑 2%至 345 亿 元。从游戏流水的维度看，Q1 腾讯国际市场游戏流水同比增长 34%，本土游戏市场 流水恢复正增长至 3%，由于递延收入所致，Q2 游戏业务恢复正增长可期。Q1 社交 网络收入下降 2%至 305 亿元,主要系音乐直播及游戏直播服务收入下降部分被音乐 与长视频付费会员、视频号直播服务以及小游戏平台服务费收入增长所抵消。 | --- | --- | |-------------------|--------------| | | | | | 公司动态分析 | | | 证券研究报告 | | | TMT 互联网 | | 投资评级： | Xx 买入 xx | | 目标价格： | 490.6 | | 现价(2023-5-20)： | 395.0 港元 | 股东结构 MIH 25.0% 马化腾 8.5% 数据来源：彭博、港交所、公司 附表:财务报表预测 0 免责声明 此报告只提供给阁下作参考 ...

Global Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Tencent Holdings (HK$383.60) Goldman Sachs has received compensation for non-investment banking services during the past 12 months: Tencent Holdings (HK$383.00) Goldman Sachs had an investment banking services client relationship during the past 12 months with: Tencent Holdings (HK$383.60) Goldman Sachs had a non-invastment banking securities-related services client relationship duri ...

腾讯控股（00700.HK） 2024 年 05 月 22 日 田鹏（分析师） tianpeng@kysec.cn 证书编号：S0790523090001 公司储备游戏包括基于王者 IP 的《星之破晓》（定档 2024Q2）《王者万象棋》， 以及《塔瑞斯世界》（6 月 19 日上线）《极品飞车：集结》（定档 2024Q3）《三角 洲行动》《创造吧！我们的星球》《彩虹坠入》《宝可梦大集结》《王牌战士 2》《洛 克人 11》等。此外，公司将于 5 月 28 日召开 SPARK2024 腾讯游戏发布会，或 将发布更多新产品信息，丰富的产品线有望驱动公司游戏业务持续增长。 | --- | --- | |-------------------------|---------------| | 日期 | 2024/5/21 | | 当前股价 ( 港元 ) | 383.60 | | 一年最高最低 ( 港元 ) | 401.00/260.20 | | 总市值 ( 亿港元 ) | 36,134.85 | | 流通市值 ( 亿港元 ) | 36,134.85 | | 总股本 ( 亿股 ) | 94.20 | | 流通港股 ( 亿 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$460.00, indicating a potential upside of approximately 20% from the current price of HK$381.80 [2][54]. Core Insights - The report highlights a strong performance in the advertising segment, with a year-on-year revenue growth of 26% in Q1 2024, surpassing expectations. This growth is attributed to increased user engagement and improved ad targeting [55]. - The financial technology and enterprise services segment experienced a year-on-year revenue growth of 7% in Q1 2024, although this is a slowdown compared to the mid-double-digit growth in 2023. The management attributes this slowdown to weak offline consumption affecting payment growth [6]. - The report projects a revenue growth of 8% for 2Q24 and 2024, driven by domestic and international gaming revenue growth and improved advertising prospects, partially offset by a slowdown in financial technology revenue [60]. Financial Summary - The report provides a financial outlook with projected revenues and net profits for the years 2024 to 2026. For 2024, the expected revenue is RMB 660,683 million, with a net profit of RMB 199,780 million, translating to an EPS of RMB 20.79 [7]. - The report notes an increase in gross profit margin for the financial technology and enterprise services segment, which rose by approximately 11 percentage points to 45.6% due to a higher proportion of high-margin cloud and video services [6]. Valuation Adjustments - The report adjusts the valuation of the online advertising segment to HK$1.2 trillion, based on a 20x P/E for 2024, up from HK$1.1 trillion [14][62]. - The SOTP (Sum of the Parts) valuation for Tencent is detailed, with the cloud and other segments valued at HK$198 billion, based on a 5x P/S for 2024 [34]. Market Comparisons - The report includes a comparison of Tencent's valuation with peer companies, indicating a competitive position in the market [36].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 491.40 HKD, based on a 20x PE for 2024 [2][4][17]. Core Insights - Tencent's revenue for Q1 2024 reached 159.5 billion RMB, a year-on-year increase of 6%, while Non-IFRS net profit surged to 50.3 billion RMB, reflecting a 54% growth [2][4]. - The company continues to optimize its revenue structure, with high-margin businesses driving profitability [2][4]. - The active user base of WeChat and Weixin reached 1.359 billion, marking a 3% year-on-year increase, indicating sustained engagement within its ecosystem [4]. Revenue and Profit Summary - Q1 2024 revenue was 1595 billion RMB, up 6% year-on-year, and Non-IFRS net profit was 503 billion RMB, up 54% year-on-year [2][4]. - The revenue from value-added services was 786 billion RMB, a slight decline of 1% year-on-year, while gaming revenue in the domestic market was 345 billion RMB, down 2% [3]. - Advertising revenue grew by 26% year-on-year to 265 billion RMB, driven by strong performance in WeChat's advertising platforms [3][4]. Business Segment Performance - Value-added services, including gaming and social networking, remain the primary revenue source, with expected growth rates of 5.5% to 6.0% from 2024 to 2026 [11][12]. - Financial technology and enterprise services are projected to grow at rates of 10.0% to 9.0% during the same period, supported by strong demand for wealth management and cloud services [11][12]. - The advertising business is anticipated to maintain robust growth, with expected order volume increases of 20.0% to 18.0% from 2024 to 2026 [11][12]. Financial Forecast - The forecast for Non-IFRS net profit is 214.26 billion RMB for 2024, 238.27 billion RMB for 2025, and 262.11 billion RMB for 2026, with corresponding EPS of 22.75 RMB, 25.30 RMB, and 27.83 RMB respectively [4][17]. - The report highlights a continuous focus on core business areas, with improvements in revenue structure and operational efficiency expected to drive future growth [4][17].

]yrtsudnI_elbaT[ 2023.05.22 2024 年 05 月 20 日 公司发布 2024 年一季度财报。 游戏业务优化调整，流水回归正增长。报告期内，公司增值服务业务 实现营业收入 786.29 亿元，同比下降 0.89%。游戏业务方面，国际游 戏市场受益于 Supercell 旗下游戏《荒野乱斗》的日活跃用户数和流水 同比增长分别超两倍和四倍，公司在国际游戏市场总流水同比增长 34%，营业收入同比增长 3%至 136 亿元（剔除汇率影响同比保持稳定）； 国内游戏市场，《王者荣耀》《和平精英》在三月流水实现同比正增长， 《金铲铲之战》《穿越火线手游》《暗区突围》等游戏一季度流水也创下 新高，报告期内，本土游戏总流水实现同比 3%的正增长，但受 2023 年 春节期间高基数，以及收入递延的影响，本土游戏实现营业收入同比下 滑 2%至 345 亿元。社交网络业务方面，受益于视频号直播和小游戏服 务费增长，以及《繁花》《与凤行》等优质内容和原声带带动长视频和 音乐付费会员同比分别增长 8%和 20%，部分抵消了音乐和游戏直播业务 下滑的影响，报告期内共实现营收 305 亿元，同比下滑 2%。 长 ...