结构持续优化，视频号及AI增量可期

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]