]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 ...

Q1 广告超预期增长，期待常青游戏变化及 国内外重磅游戏上线 ——腾讯控股（0700.HK）24Q1 季报点评 核心观点 ⚫ 24Q1 网络广告收入 265 亿（yoy+26.4%,qoq-11%）。其中视频号广告收入同比增 长超 100%，小程序广告收入同比增长超 40%，长视频广告收入同比增长两位数， 得益于用户参与度的提升以及 AI 驱动广告技术平台。 ⚫ 24Q1 金融科技及企业服务收入 523 亿元（yoy+ 7.4%，qoq-3.8%），线下消费支 出增长放缓及提现收入减少，而理财服务收入增长强劲。企业服务业务收入实现同 比增长十几个点，得益于云服务收入及视频号商家技术服务费增长。 ⚫ 游戏方面，《DNF》预期 Q2 上线贡献增量，《和平精英》、《王者荣耀》24Q2- Q4 商业化预期同比增强。广告方面，视频号 ad load 有提升空间，内循环需求持续 增长。预计 24~26 年 IFRS 归母净利润为 1657/1884/2180 亿元（24/25 年原值为 1339/1533 亿元，因 Q1 增值服务、广告及投资收益好于预期上调盈利预测）， 24~26 年 non-IFRS 归母净利润为 2 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [12][15]. Core Insights - Tencent's core business shows robust growth, with profits significantly exceeding market expectations. The overall gross margin improved notably, driven by cost optimization and increased investment income, leading to an adjusted net profit margin of 32% [2][46]. - The report highlights the strong performance of the video account feature, which is entering a positive cycle in user growth, content supply, and creator ecology [44][57]. - Future profit growth is anticipated from cost reduction in existing businesses and the continued contribution of high-margin new businesses, particularly in video accounts and mini-games [57][66]. Summary by Sections 1. Operational Data - Video account total usage time grew over 80% year-on-year in Q1 2024, and Tencent Music's paid membership maintained a growth rate of over 20% for four consecutive quarters [2][18]. - The combined monthly active users (MAU) for WeChat and WeChat reached 1.359 billion, with QQ's MAU at 553 million [8][21]. 2. Overall Performance - In Q1 2024, Tencent achieved revenue of 159.5 billion RMB (up 6% YoY, up 3% QoQ), operating profit of 52.6 billion RMB (up 30% YoY, up 27% QoQ), and net profit attributable to shareholders of 41.9 billion RMB (up 62% YoY, up 55% QoQ) [7][23]. - The overall gross margin reached 52.6%, with significant improvements across all business segments [49][66]. 3. Value-Added Services - Game revenue remained flat YoY in Q1 2024, with domestic and international revenue growing by 3% and 34% respectively. The gaming business is expected to return to positive growth starting Q2 2024 [59][61]. - Tencent Video's paid membership grew by 8% YoY, reaching 116 million, while Tencent Music's paid membership increased by 20% to 114 million [59][64]. 4. Advertising Business - The advertising business grew by 26% YoY in Q1 2024, driven by the performance of WeChat video accounts, mini-programs, and AI-driven advertising technology upgrades [66][67]. - The report anticipates that video account advertising will contribute approximately 26 billion RMB in 2024, with long-term advertising potential exceeding 70 billion RMB [66][67].

证 券 研 究 报 告 公司研究 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 腾讯控股（00700.HK）24Q1 财报点评 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 一、1Q24 财报点评：内生高质量增长，外延投资价值释放，利润大超预期 | --- | --- | --- | --- | |--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·海外公司点评·软件服务(HS) 2024Q1 业绩点评：业绩大超预期，毛利率持 续提升 2024 年 05 月 18 日 [关键词： Table_Tag#业绩超预期 ] [Table_Summary] 投资要点 ◼ 国内游戏受收入递延影响，国际游戏呈复苏趋势：1Q24 网络游戏收入 481 亿元，同比下降 0.4%，高于彭博一致预期的 473 亿元。其中本土市 场收入为 345 亿元（yoy-2%，qoq+28%），高于彭博一致预期的 336 亿 元，国际市场收入 136 亿元（yoy+3%，qoq-2%），基本符合彭博一致预 期为 136 亿元。 ◼ 广告业务及增值服务拉动整体毛利率提升：1Q24 总体毛利率为 52.58% （YoY+7pct, qoq+3pct），毛利率正增长是由于高毛利率收入来源的快速 增长。本季度销售费用 75 亿，同比上升 7%，管理费用为 248 亿，同比 上升 1%，环比下降 9%，管理费用率同比下降 0.9pct。 ◼ 风险提示：政策监管风险；运营数据低于预期；变现节奏低于预期。 股价走势 -24% -20% -16% -12% -8% -4% 0% 4% 8% ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, expecting the stock price to outperform the industry index by over 15% in the next six months [3][24]. Core Insights - Tencent Holdings reported a significant increase in profitability, with Q1 2024 net profit reaching 41.9 billion HKD, a year-on-year growth of 62%, exceeding market expectations [3][4]. - The company's revenue for Q1 2024 was 159.5 billion HKD, a 6% year-on-year increase, aligning with market expectations [3][4]. - The report highlights the continuous improvement in gross margin, which reached 52.6% in Q1 2024, driven by an increase in high-margin business revenue [4][9]. Financial Performance Summary - **Revenue**: - 2022A: 554,552 million HKD - 2023A: 609,015 million HKD - 2024E: 669,368 million HKD - Growth rate (2023A): 9.8% [3][12] - **Net Profit**: - 2022A: 188,243 million HKD - 2023A: 115,216 million HKD - 2024E: 173,678 million HKD - Growth rate (2023A): -38.8% [3][12] - **EPS**: - 2022A: 19.98 HKD - 2023A: 12.23 HKD - 2024E: 18.44 HKD [3][12] - **P/E Ratio**: - 2022A: 17.6 - 2023A: 28.7 - 2024E: 19.1 [3][12] Business Segment Performance - **Gaming**: - Q1 2024 gaming revenue was 48.1 billion HKD, with domestic gaming revenue at 34.5 billion HKD, showing a slight decline of 2% year-on-year due to revenue deferral [5]. - **Online Advertising**: - Q1 2024 online advertising revenue grew by 26% year-on-year to 26.5 billion HKD, driven by the strong performance of video ads [7][9]. - **Financial Technology and Enterprise Services**: - Revenue increased by 7% year-on-year to 52.3 billion HKD, benefiting from the video account ecosystem [7][9]. Future Outlook - The report projects revenue growth for Tencent Holdings, estimating revenues of 669.4 billion HKD in 2024, 729.3 billion HKD in 2025, and 788.9 billion HKD in 2026 [9]. - Expected net profits are projected at 173.7 billion HKD for 2024, 194.9 billion HKD for 2025, and 214.1 billion HKD for 2026 [9]. - The report emphasizes the potential for continued growth in high-margin businesses such as mini-program games and video account advertising [9].

圖表 3：公司毛利率水準 圖 4：經調整歸母淨利潤（百萬元） 52.6% 57.3% 54.8% 45.6% 20% 25% 30% 35% 40% 45% 50% 55% 60% 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 综合毛利率 增值服务 广告 金融科技和企业服务 239.1 234.7 228.7 233.8 226.0 241.0 245.0 248.0 260.0 6% 2% -3% -1% -5% 3% 7% 6% 15% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 mn 收费增值账户数 增速 第一上海證券有限公司 2024 年 5 月 《地下城與勇士：起源》展望 回顧該遊戲的過往表現，騰訊在 2008 年開始在中國代理並發行 DNF，並 ...

| --- | --- | --- | --- | --- | --- | |-----------------------------|----------------------|---------|---------|---------|---------| | 人民币百万元 | FY22 | FY23 | FY24E | FY25E | FY26E | | 营业收入 | 554,552 | 608,940 | 675,990 | 757,215 | 830,541 | | 毛利润 | 238,746 | 293,034 | 359,251 | 403,265 | 450,117 | | 调整后净利润 | 115,649 | 157,613 | 208,343 | 232,695 | 264,419 | | 调整后目标 PE(x) | | | 19.5 | 17.5 | 15.4 | | E= 浦银国际预测，资料来源： | Bloomberg 、浦银国际 | | | | | 流动负债合计 434,204 352,157 352,460 366,019 375,666 负债总额 795,271 703,5 ...

□微信月活（百万） yoy I 360 1340 1320 1300 1280 1 260 1240 1220 1200 1180 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% =微信月活 (百万) 收费增值服务注册用户 (百万) 1600 1400 1200 1000 800 600 400 200 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 资料来源：公司公告，东吴证券研究所 毛利率: ● 1Q24总体毛利率为 52.58% (YoY+16pct, qoq+5pct) , 毛利率正增长由于高毛利率收入来源的快速增长，包括 微信，视频号及搜一搜广告收入，小游戏平台服务费等。 ● 1Q24增值服务毛利率为57%（YoY+5pct, qoq-6pct），同比提升由于订阅收入增长，高毛利小游戏平台服务费增 长，以及分部内容成本与运营成本的下降。 联系人:张良卫/张家琦 腾讯(0700.hk): ...

Summary of the Conference Call Company and Industry - **Company**: Tencent - **Industry**: Gaming, Social Media, Cloud Computing, Financial Technology, SaaS Key Points and Arguments Financial Performance - Total revenue for Q1 2024 was RMB 160 billion, a year-on-year increase of 6% and a quarter-on-quarter increase of 3% [1] - Gross profit reached RMB 84 billion, up 23% year-on-year and 8% quarter-on-quarter [1] - Non-IFRS operating profit was RMB 59 billion, a 30% increase year-on-year and 19% quarter-on-quarter [1] - Non-IFRS net profit attributable to shareholders was RMB 50 billion, reflecting a 54% year-on-year increase and an 18% quarter-on-quarter increase [1] Gaming Sector - Active users in communication and social networks reached 136 million [1] - Domestic game revenue showed a general recovery trend with a 3% year-on-year increase [2] - International game revenue increased by 3% to RMB 14 billion, stable in constant currency [2] - Notable revenue growth from games like VALORANT and PUBG Mobile, with PUBG Mobile seeing double-digit growth in DAU and total revenue [4] - The flagship games, Honor of Kings and Peacekeeper Elite, showed monthly revenue growth in March [4] Digital Content and Advertising - Long video subscription revenue grew by 12% year-on-year, with daily active paid users reaching 116 million [2] - Video account advertising revenue doubled year-on-year due to increased viewership and click-through rates [5] - Overall advertising revenue increased by 26% to RMB 26.5 billion, benefiting from higher engagement and AI-driven ad targeting [4][5] Cloud Computing and SaaS - Tencent Cloud Media Services saw a 50% year-on-year revenue growth, recognized as a market leader for six consecutive years [5] - SaaS products like Tencent Docs and Tencent Meeting have seen increased adoption among enterprise clients [2][5] Shareholder Returns and Investments - Tencent plans to repurchase over HKD 100 billion in shares and increase dividends while investing in AI and high-quality content [1] - The company emphasizes a commitment to high-quality growth, focusing on core platforms and eliminating low-quality products [8][9] Future Outlook and Strategies - Management expressed confidence in the ongoing recovery of key games and the potential for new game releases to become evergreen titles [6][10] - The company is optimistic about maintaining advertising revenue growth despite a challenging environment, leveraging AI for better ad targeting [8][12] - Tencent aims to continue investing in new areas such as AI, new games, and e-commerce services to drive future growth [8][9] Risks and Challenges - The gaming industry remains competitive, with new games needing to compete against established titles [10][11] - Financial technology growth is expected to slow down due to macroeconomic conditions, but wealth management services are anticipated to grow [16][14] Miscellaneous - The company is exploring the use of AI in various sectors, including customer service in gaming [16] - Tencent's diverse global game development teams contribute to its success, with a focus on sharing best practices [18][19] This summary encapsulates the key insights from Tencent's conference call, highlighting its financial performance, strategic initiatives, and outlook for the future.