感谢IT之家网友 航空先生 的线索投递！ IT之家 4 月 10 日消息，据彭博社报告，字节跳动的利润在 2023 年飙升约 60%，超过了腾讯控股和阿里巴巴集团控股的增长，这表明 TikTok 所有者在经济低迷面前表现出韧性。 据不愿透露姓名的知情人士透露，这家全球最有价值的初创公司的销售额从 800 亿美元增至近 1200 亿美元（IT之家备注：当前约 8688 亿元人民币），息税折旧摊销前利润从约 250 亿美元跃升至超过 400 亿美元（当前约 2896 亿元人民币）。 报告称，这一结果标志着字节跳动在收入和利润上首次超越主要竞争对手腾讯，因为它利用其受欢迎的短视频平台扩展到国际电子商务并维持其全球知名度。尽管字节跳动的内部数据尚未经过独立审计，但他们认为该公司将在 2023 年成为全球增长最快的科技巨头之一。 字节跳动发言人没有回应置评请求。 广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传递更多信息，节省甄选时间，结果仅供参考，IT之家所有文章均包含本声明。 ...

敬请阅读本报告正文后各项声明 2 [Table_yemei] 腾讯控股（00700.HK）动态点评 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 普500指数为基准。 股票评级 买入：相对同期相关证券市场代表性指数涨幅15%以上； 增持：相对同期相关证券市场代表性指数涨幅介于5%～15%之间； 中性：相对同期 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3] Core Views - Tencent's revenue for Q4 2023 reached 155.2 billion yuan, a year-on-year increase of 7%. The adjusted net profit attributable to shareholders for Q4 was 42.7 billion yuan, up 44% year-on-year [2] - The company is focusing on optimizing its game portfolio and enhancing monetization strategies, with expectations for improvement starting in Q2 2024 [2] - The advertising segment showed strong growth, particularly in video ads, with a revenue increase of 21% year-on-year in Q4 2023 [2] - Financial technology and enterprise services continued to grow robustly, with a revenue increase of 15% year-on-year in Q4 2023 [2] Summary by Sections Financial Performance - In 2023, Tencent's total revenue was 609 billion yuan, a 10% year-on-year increase, with an adjusted net profit of 157.7 billion yuan, up 36% year-on-year [2] - The gross margin for Q4 2023 improved to 50%, a 7 percentage point increase year-on-year, driven by higher quality revenue contributions [2] Gaming Segment - International market game revenue reached 13.9 billion yuan in Q4 2023, with a year-on-year increase of 1%. The domestic market game revenue was 27 billion yuan, down 3% year-on-year [2] - Tencent plans to focus on optimizing existing games, enhancing monetization for popular titles, and launching new games in 2024 [2] Advertising Segment - The advertising revenue for Q4 2023 was 29.8 billion yuan, reflecting a 21% year-on-year growth, primarily driven by demand for video ads [2] - The gross margin for the advertising business reached 57%, a 13 percentage point increase year-on-year [2] Technology and Services - Financial technology and enterprise services generated 54.4 billion yuan in revenue for Q4 2023, a 15% year-on-year increase, supported by growth in commercial payment activities and cloud services [2] - The report highlights the potential of AI applications in enhancing various business segments, including advertising and gaming [6]

Financial Performance - The company's audited profit attributable to equity holders for the year ended December 31, 2023, was RMB 115.216 billion, a decrease of 39% compared to the previous year[8]. - The basic and diluted earnings per share for the year were RMB 12.186 and RMB 11.887, respectively[8]. - The non-IFRS profit attributable to equity holders for the year was RMB 157.688 billion, an increase of 36% year-on-year[8]. - The total revenue for the year was RMB 609.015 billion, showing a growth from RMB 554.552 billion in the previous year[6]. - Total revenue for the year ended December 31, 2023, increased by 10% to RMB 609.015 billion compared to RMB 554.552 billion in 2022[25]. - Operating profit for the year ended December 31, 2023, was RMB 160.074 billion, up from RMB 110.827 billion in 2022[23]. - Net profit attributable to equity holders decreased by 39% year-on-year to RMB 115.2 billion, mainly due to a one-time gain recognized in Q4 2022[35]. - Adjusted EBITDA for the year reached RMB 235.5 billion, with an adjusted EBITDA margin of 39%[58]. - Operating profit for the year ended December 31, 2023, was RMB 191,886 million, with an operating profit margin of 26%[71]. - Net profit attributable to equity holders for the same period was RMB 157,688 million, representing a net profit margin of 19%[71]. User Engagement and Growth - Monthly active accounts for WeChat and Weixin reached 1.343 billion, a 2% increase year-on-year[10]. - The total user engagement time for the video account doubled, driven by improvements in recommendation algorithms[11]. - The number of video paying subscribers reached 117 million, while music paying subscribers reached 107 million[1]. - The average daily active accounts for mobile games exceeded 5 million, with 8 key popular games identified in the domestic market[1]. Revenue Segments - Revenue from online advertising grew by 23% to RMB 101.482 billion, driven by new advertising inventory and platform upgrades[26]. - Revenue for the financial technology and enterprise services segment increased by 15% year-on-year to RMB 203.8 billion, driven by increased payment activities and growth in wealth management services[28]. - The gross profit for the financial technology and enterprise services segment increased by 38% year-on-year to RMB 80.6 billion, with gross margin rising from 33% to 40%[32]. - The revenue from value-added services for the year ended December 31, 2023, increased by 4% to RMB 298.375 billion[26]. Dividends and Shareholder Returns - The company plans to distribute a dividend of HKD 3.40 per share for the year ended December 31, 2023, representing a 42% increase[15]. - The company proposed a final dividend of HKD 3.40 per share for the year ended December 31, 2023, up from HKD 2.40 in 2022, pending shareholder approval[17]. - The board proposed a final dividend of HKD 3.40 per share for the year ending December 31, 2023, totaling approximately HKD 3.40 per share[90]. Stock Buyback and Investment Strategy - The share buyback program is set to double from approximately HKD 49 billion in 2023 to over HKD 100 billion in 2024[15]. - The company plans to continue monitoring investment performance and seek opportunities for strategic investments and divestments when market conditions are favorable[79]. Charity and Social Responsibility - Tencent's digital charity platform has become one of the largest globally, with public donations reaching RMB 3.8 billion during the 99 Charity Day event[11]. - The digital public welfare platform achieved RMB 3.8 billion in public donations during the 99 Public Welfare Day, a 15% year-on-year increase[21]. - The company made donations totaling RMB 2.952 billion during the year[100]. Stock Options and Incentive Plans - The company has adopted six stock option plans, with the latest plan initiated in 2023[105]. - The total number of stock options granted in 2023 was 119,423,776, with 17,221,857 options exercised and 13,148,354 options expired or forfeited[126]. - The company continues to utilize stock options as a key component of its employee compensation strategy, aligning employee interests with shareholder value[126]. - The stock option program is designed to incentivize performance and retention among key employees, contributing to the company's overall growth strategy[126]. Management and Governance - The company confirmed the independence of all independent non-executive directors as of the report date[196]. - The company’s chairman and CEO, Ma Huateng, has over 30 years of experience in the telecommunications and internet industry[199]. - The company’s board of directors includes both executive and non-executive members, with upcoming rotations scheduled for 2024[195].

数据来源：东方证券研究所 数据来源：wind，东方证券研究所 买入：相对强于市场基准指数收益率 15%以上； | --- | --- | |------------|-------------------------------------------------------------------------------------------------------------------------| | 证券分析师 | | | 项雯倩 | 021-63325888*6128 xiangwenqian@orientsec.com.cn 执业证书编号： S0860517020003 | | 李雨琪 | 香港证监会牌照： BQP120 021-63325888-3023 liyuqi@orientsec.com.cn 执业证书编号： S0860520050001 香港证监会牌照： BQP135 | | 杨妍 | yangyan3@orientsec.com.cn 执业证书编号： S0860523030001 | | | | | | | 腾讯控股动态跟踪 —— 小程序内容供给持续增长，视频号商业化逐渐推进 每 ...

智通财经APP获悉，东方证券发布研究报告称，维持腾讯控股(00700)"买入"评级，预计23/24/25年IFRS 归母净利润为1152/1339/1533亿元，nonIFRS归母净利润为1577/1894/2158亿元，目标价375.04港元。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。 报告中称，23Q4腾讯营业收入为1552亿，毛利率为50.0%，归母净利润（IFRS）为270亿，归母净利润 （Non-IFRS）为427亿。分业务看，期内增值服务收入690.79亿(yoy-1.9%，qoq-8.8%)，该行预期24Q2 开始《王者荣耀》、《和平精英》商业化同比加强，《DNF》预计24Q2上线驱动同比增长。网络广告 收入297.9亿（yoy+20.8%,qoq+ 15.8%），该行预期小程序内容供给端上量将会驱动微信广告需求增 长。金融科技及企业服务收入543.79亿元（yoy+ 15.1%，qoq+4.5%），增长主要系支付活动增加及理财 服务收入增长。 ...

外 研 司京评报 | --- | --- | |------------------------------|--------------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-4-2 | | 收盘价（港元） | 309.2 | | 总股本（百万股） | 9,462 | | 流通股本（百万股） | 9,462 | | 净资产（百万元） | 808,591 | | 总资产（百万元） | 1,577,246 | | 每股净资产（元） | | | 数据来源： Wind | 85.27 ，兴业证券经济与金融研究院整理 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 wengjiayuan@xyzq.com.cn SAC：S0190523060002 请注意：翁嘉源并非香港证券及期货 事务监察委员会的注册持牌人，不可 在香港从事受监管的活动 证券研究报告 ＃industryId＃ TMT ＃investSuggestion＃ 买入 ( ＃ 维持 ） ＃ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 413-435 HKD [55][57] Core Views - The report highlights the rapid development of live-streaming e-commerce as a key driver for the growth of in-platform advertising revenue for platforms like Douyin and Kuaishou [2] - The report emphasizes the importance of platform integration and ecosystem construction for enhancing monetization efficiency, particularly through in-platform advertising and e-commerce [54] - The report suggests that the video platform is currently in a critical phase of commercialization, with significant potential for growth in advertising and e-commerce revenue [55][57] Platform Development and Ecosystem Integration - Douyin established its e-commerce department in June 2020 and cut off third-party product links in October 2020, focusing on building a closed-loop e-commerce system [2] - Kuaishou launched its e-commerce advertising platform, "Magnetic Taurus," in November 2021, and by Q3 2023, in-platform advertising accounted for nearly 50% of its total advertising revenue [2] - Both platforms have shifted towards in-platform advertising as a primary growth driver, with Kuaishou forming a Commercial Ecosystem Committee in September 2022 to integrate e-commerce, commercialization, and live-streaming businesses [2] Live-streaming E-commerce Market Growth - The live-streaming e-commerce market in China grew from less than 500 billion RMB in 2019 to nearly 5 trillion RMB in 2023, with a compound annual growth rate (CAGR) of 35% [12] - The penetration rate of live-streaming e-commerce users among online shoppers increased from 37.3% in March 2020 to nearly 60% by June 2023 [12] Platform Strategies and Key Milestones - Douyin and Kuaishou have both focused on building trust and interest-based e-commerce ecosystems, with Douyin upgrading to "Omni-Interest E-commerce" in 2022 and Kuaishou emphasizing "Trust E-commerce" [20][25] - Both platforms have invested heavily in supply chain infrastructure, with Douyin cutting off third-party links earlier and investing in logistics, while Kuaishou faced challenges with SKU shortages after cutting off third-party links in 2022 [22] Advertising and Monetization - The report notes that the video platform's advertising products are relatively complete but lack specialized tools for e-commerce merchants, similar to Douyin's "Ocean Engine" and Kuaishou's "Magnetic Taurus" [28] - The video platform's advertising revenue is expected to grow significantly, with projections of 253 billion RMB in 2024 and 373 billion RMB in 2025, driven by increased ad load and improved monetization efficiency [55] User Demographics and Content Strategy - The video platform's user base is older compared to Douyin and Kuaishou, with 60% of users aged 36 and above, and a higher proportion of users in first-tier and fifth-tier cities [68] - The platform's content is more focused on lifestyle and knowledge-based topics, with less emphasis on entertainment compared to Douyin and Kuaishou [76] E-commerce Development and Challenges - The video platform's e-commerce business is still in its early stages, with brand GMV accounting for only 15% of total GMV, compared to 30% for Kuaishou [154] - The platform faces challenges in building a robust e-commerce ecosystem, including the need for better supply chain infrastructure and more precise advertising targeting [160] Future Outlook - The report projects that the video platform's e-commerce GMV will reach 3,026 billion RMB in 2024 and 5,130 billion RMB in 2025, driven by increased user penetration and higher transaction frequency [55] - The platform is expected to continue investing in infrastructure and ecosystem development, with a focus on attracting more brand merchants and improving user experience [65]

智通财经APP获悉，东北证券发布研究报告称，维持腾讯控股(00700)"买入"评级，认为游戏业务短期由 于核心产品流水下滑，以及新游戏表现低于预期，叠加海内外游戏市场竞争激烈，游戏业务增速有所放 缓。但《元梦之星》的表现并不代表公司在大DAU赛道上的优势减弱，同时2024年多款重磅产品有望 带来业绩增量。广告受益于视频号与广告技术提升、金科受益于线下交易场景回暖，以及合规能力提升 后的业务创新。同时，公司计划将2024年股份回购规模提升至1000亿港元。 ...

腾讯游戏驶入了岔路口。 在腾讯最新财报中，国内游戏版块增长乏力。 2023年，腾讯网络游戏业务收入1799亿元，同比增长5.4%；其中，本土游戏市场收入1267亿元，仅同比增长2%，但在第四季度，该 市场收入下滑3%至270亿元。 不过，海外游戏版块却呈现另一番景色。 2023年，腾讯国际游戏市场同比增长14%至532亿元，同时该收入首次占腾讯总收入占比30%，成为了腾讯的新增长引擎。 一直以来腾讯拥有着"全球最大游戏公司"的称号，且靠着《王者荣耀》《和平精英》两大"现金牛"产品撑起游戏版块半片天。如今， 国内游戏收入增长乏力，海外游戏收入驶入增长轨道，腾讯又还该如何取舍？ 国内只能吃老本？ 毫无疑问，国内是腾讯游戏的"主阵地"，不能退只能进。 马化腾也亲自下场监督游戏部门，"腾讯号称全球最大游戏公司，但好像是躺在功劳簿上。"这句话也意味着，腾讯游戏部门不能 再"躺平"了，不进则退，是时候要干出一番实绩了。 不过，如今的腾讯游戏提前进入了"中年危机"。 一是，缺乏创新力和爆款。 二十多年来，腾讯游戏主要是通过花钱投资游戏厂商的方式打造出爆款游戏产品，比如《王者荣耀》《和平精英》这两款全民现象 级手游；同时为保 ...