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5月14日 美元14.80 美元17.00↑ +14.9% 腾讯音乐 (TME US) 付费会员季度净增再创新高，利润率改善超预期  2024 年 1 季度业绩超预期。腾讯音乐 1 季度收入为 68 亿元人民币（下 个股评级 同），受强劲的音乐业务驱动超市场预期3%，同比降3%，主要因社交娱 买入 乐业务调整（同比-50%）。毛利率为41%，同/环比优化8/3个百分点，受 益于订阅收入增长，自制内容增加，以及直播分成优化。经调整净利润为 18亿元，同比增24%，高于我们/市场预期13%/14%，对应经调整净利率 1年股价表现 27%，同环比提升6/3个百分点，受益于毛利率优化及营销费用控制，但 部分被有效税率提升所抵消。 TME US 120% MSCI中国指数 100%  订阅会员及广告强劲增长驱动1 季度在线音乐收入超预期3%。在线音乐 80% 收入50亿元，同比增43%，收入占比提升至74%。其中，音乐订阅在春节 60% 40% 促销活动的有效带动下维持强劲增势，同比增39%。音乐会员1.135亿， 20% 环比净增 680 万，创 ...

2024 年 5 月 14 日 CMB 国际全球市场 | 股票研究 | 公司更新 TME (TME US) 1Q24 得益于强劲的音乐业务增长和 GPM 扩张 目标价格(上一个 US $16.00 TME 公布了第 1 季度的业绩 ： 由于在线音乐收入强劲增长，总收入同比下降 3 ％，至 67.7 亿元 TP上行 / 下行当 US $12.50) 人民币，超出了普遍预期的 3 ％ ； 非 IFRS 净收入同比增长 21 ％，至 17.0 亿元人民币，比普遍 前价格 19.9% 预期高出 7 ％，主要归因于 GPM 的强劲增长 （ 同比增长 7.9 个百分点 ） 和运营支出的有效控制 13.34 美元 （ 同比增长 8 ％ ） 。TME 凭借其强大的现金产生能力进一步提高了股东的回报，并宣布其首个年 中国互联网 度现金股息为每 ADS 0.137 美元 （ 股息收益率为 c.0 ％ ） 。展望未来，我们预计总收入将同比下 Saiyi He, CFA 降 2%，而非 IFRS 净收入将在第二季度增长 20%，原因是音乐收入的强劲增长和 GPM 的扩张。 (852) 3916 1739 我们将 FY24 - 26 ...

M N 14 May 2024 CMB International Global Markets | Equity Research | Company Update TME (TME US) 1Q24 beat on strong music business growth and GPM expansion Target Price US$16.00 TME reported 1Q24 results: total revenue declined by 3% YoY to RMB6.77bn, (Previous TP US$12.50) beating consensus estimate by 3% on strong online music revenue growth; non-IFRS Up/Downside 19.9% net income grew by 21% YoY to RMB1.70bn, 7% ahead of consensus estimate, Current Price US$13.34 primarily attributable to the solid GPM e ...

Tencent Music Entertainment (NYSE:TME) Q1 2024 Earnings Conference Call May 13, 2024 7:00 AM ET Company Participants Millicent Tu - Head of Investor Relations Cussion Kar Shun Pang - Executive Chairman Zhu Liang - Chief Executive Officer Min Hu - Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Alex Poon - Morgan Stanley Lincoln Kong - Goldman Sachs Zhang Lei - Bank of America Merrill Lynch Ellie Jiang - Macquarie Wei Fang - Mizuho Securities Thomas Chong - Jefferies Millicent Tu ...

Follow Invezz on Telegram , Twitter , and Google News for instant updates >China’s Tencent Music Entertainment Group (TME) faced a mixed financial landscape in the first quarter of fiscal year 2024, as announced on Monday.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Tencent Music revenue dips, but profits growCopy link to sectionWhile the company saw a slight revenue decrease of 3.4%, falling to $937 million, it successfully boosted its net profit ...

SHENZHEN, China, May 13, 2024 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2024 and declared its annual cash dividend for the year ended December 31, 2023. First Quarter 2024 Financial Highlights Total revenues were RMB6.77 billion (US$937 million), representing a 3.4% year-over-year decrease, mai ...

SHENZHEN, China, April 18, 2024 /PRNewswire/ -- Tencent Music Entertainment Group ("TME", or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced that it has filed its annual report on Form 20-F that includes its audited financial statements for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 18, 2024, U. S. Eastern Time. The annual report can be accessed on TME's investor relat ...

Financial Performance - In 2021, 2022, and 2023, revenues generated by the VIEs accounted for 99.1%, 96.8%, and 96.5% of total net revenues, respectively[16]. - Revenues for the year ended December 31, 2023, reached RMB 27,752 million, a slight increase from RMB 28,339 million in 2022[27]. - Gross profit for 2023 was RMB 9,795 million, compared to RMB 8,773 million in 2022, reflecting a growth of approximately 11.6%[27]. - Operating profit for 2023 was RMB 6,059 million, a significant increase from an operating loss of RMB 404 million in 2022[28]. - Profit for the year 2023 was RMB 5,220 million, up from RMB 3,839 million in 2022, indicating a year-over-year growth of about 36%[28]. - The Group's revenues for the year ended December 31, 2021, were RMB30,949 million, with a gross profit of RMB9,404 million[26]. - The operating profit for the Group was RMB3,800 million for the year ended December 31, 2021[26]. - Profit for the year for the Group was RMB3,215 million for the year ended December 31, 2021[26]. Assets and Liabilities - As of December 31, 2023, total assets of the VIEs represented 24.1% of the consolidated total assets[16]. - Total assets as of December 31, 2023, amounted to RMB 75,536 million, compared to RMB 67,009 million in 2022, representing an increase of approximately 12.5%[30]. - Total liabilities for 2023 were RMB 18,334 million, a slight increase from RMB 17,882 million in 2022[30]. - Total equity as of December 31, 2023, was RMB 57,202 million, up from RMB 49,127 million in 2022, indicating a growth of about 16.4%[30]. - Cumulative capital contributions made by Tencent Music Entertainment Group to PRC subsidiaries amounted to RMB1,177 million (US$166 million) as of December 31, 2023[19]. Cash Flow - For the year ended December 31, 2023, the net cash inflow from operating activities was RMB 7,337 million, an increase from RMB 7,481 million in 2022[34]. - The net cash outflow from investing activities for 2023 was RMB (1,863) million, compared to RMB (1,446) million in 2022[34]. - The net cash outflow from financing activities in 2023 was RMB (1,538) million, a decrease from RMB (3,419) million in 2022[34]. - The company reported cash and cash equivalents of RMB 13,567 million for 2023, compared to RMB 9,555 million in 2022, reflecting a significant increase of approximately 42%[30]. - Cash and cash equivalents at the end of 2023 totaled RMB 13,567 million, up from RMB 9,555 million at the end of 2022[34]. Regulatory Environment - The company faced restrictions under PRC laws regarding the payment of dividends, which may affect its ability to distribute profits to shareholders[37]. - The National Data Bureau was established in 2023 to oversee data-related regulations, impacting the company's operations in data privacy and cybersecurity[40]. - The company is subject to new regulations regarding cross-border data flows, which may affect its international operations and data management strategies[42]. - The China Securities Regulatory Commission (CSRC) introduced new filing requirements for PRC domestic companies seeking to list overseas, effective March 31, 2023, impacting companies with over 50% of revenue from PRC operations[44]. - The revised Anti-Monopoly Law, effective August 1, 2022, imposes stricter regulations on internet platforms and can result in fines up to 10% of the operator's last year's sales revenue for monopolistic conduct[52]. Legal and Compliance Risks - The company faces risks related to user preferences; failure to anticipate these changes could lead to reduced user engagement and negatively impact financial results[63]. - The company may not have obtained complete licenses for certain copyrights, which could expose it to potential disputes and liabilities[69]. - The company is subject to uncertainties regarding the enforcement of laws and regulations in China, which could materially impact its operations[60]. - The company may face challenges in sourcing high-quality content, which could affect its ability to attract and retain users[64]. - The company has been involved in litigation related to copyright infringement claims, which could adversely affect its business and financial condition[77]. Market and Competitive Landscape - The company operates in a competitive industry, facing challenges from other online music services and emerging content forms like live streaming and user-generated videos[101]. - The online music and audio entertainment market is rapidly evolving, and the company must keep pace with technological changes and user behavior to avoid adverse impacts on its business[91]. - The company relies on strong brands like QQ Music, Kugou, Kuwo, WeSing, and Lazy Audio to maintain market leadership, emphasizing the importance of high-quality content and service offerings[89]. Strategic Initiatives - The company has launched a full suite of AI-powered music production tools in 2023, integrating AI into its offerings, which may lead to potential infringement claims and higher compliance costs[122]. - The company aims to increase the number of paying users by addressing challenges such as providing high-quality content and user experience, curating engaging content, and managing data security risks[88]. - The company has implemented measures to reduce copyright infringement risks, including requiring user agreements and adopting "notice and take-down" policies[74]. Shareholder and Governance Issues - As of April 10, 2024, Tencent holds 9.1% of the company's Class A ordinary shares and 98.5% of Class B ordinary shares, representing 92.6% of total voting power, which may lead to conflicts of interest and influence over shareholder actions[183]. - The company has authorized the issuance of up to 436,999,865 shares under its equity incentive plans, which may result in shareholding dilution for existing shareholders[176]. - The effectiveness of the company's internal control over financial reporting was confirmed as of December 31, 2023, but future audits may reveal material weaknesses that could impact investor confidence[178]. Economic and Operational Risks - Economic conditions in China are sensitive to global economic changes, and any severe slowdown could adversely affect the company's financial condition[155]. - The company's business prospects are significantly influenced by China's economic, political, and social conditions, as well as government policies[211]. - Adverse changes in economic conditions or regulatory policies in China could negatively impact the company's demand for services and competitive position[212].

The China-based company is on its way to repurchasing billions worth of sharesOptions traders are targeting Tencent Music Entertainment Group (NYSE:TME) today, as the stock jumps to its highest level since July 2021. The China-based company yesterday repurchased 3.27 million shares for $1 billion, after last month announcing its intention to buy back a minimum of $12.8 billion this year. The stock also got a boost last week after boosting its advertising business with artificial intelligence (AI). So far to ...

Investment Rating - The investment rating for Tencent Music (TME.N) has been upgraded to "Buy" [2][5][15] Core Insights - The online music business is experiencing robust growth, with an expected year-on-year increase of 25% in 2024. The company is also expected to continue improving its operational capabilities, leading to higher gross and profit margins [2][15] - As of December 2023, the company has a strong cash position, with cash and cash equivalents totaling 32.2 billion yuan [2][15] - The adjusted net profit forecast for 2024-2026 is set at 7 billion, 7.9 billion, and 8.8 billion yuan respectively, reflecting an upward adjustment of 3% to 5% [2][15] Summary by Sections Financial Performance - In Q4 2023, Tencent Music reported total revenue of 6.89 billion yuan, a year-on-year decrease of 7.2% but a quarter-on-quarter increase of 4.9%. Online music revenue accounted for 73% of total revenue [1][6] - The gross margin for Q4 2023 was 38.3%, up 5.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter. This increase is attributed to higher ARPPU in online music and growth in high-margin advertising business [1][6] - The adjusted net profit for Q4 2023 was 1.68 billion yuan, representing a year-on-year increase of 12.5% [1][6] Online Music Business - Online music revenue reached 5.02 billion yuan in Q4 2023, marking a year-on-year increase of 41%. Subscription revenue alone was 3.4 billion yuan, up 46% year-on-year [1][9] - The monthly ARPPU for online music was 10.7 yuan, reflecting a year-on-year increase of 20.2% [1][10] - The subscription payment rate reached 18.5%, an increase of 2.9 percentage points year-on-year, with the number of paid users growing by 20.6% [1][9] Social Entertainment Business - Social entertainment and other revenue totaled 1.87 billion yuan in Q4 2023, down 52% year-on-year. The monthly ARPPU for social entertainment was 78 yuan, a decrease of 54% year-on-year [1][12] - The company anticipates a narrowing of revenue decline in the social entertainment segment in 2024, expecting quarterly revenue to stabilize around 1.7 billion yuan [1][12]