结构持续优化，利润强势增长

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Views - Tencent achieved a revenue of 159.5 billion yuan in Q1 2024, representing a year-on-year growth of 6%. The adjusted net profit attributable to shareholders was 50.3 billion yuan, up 54% year-on-year [1] - The report highlights strong performance in the advertising segment, particularly from video accounts, which saw a revenue increase of 26% year-on-year [1] - The company is expected to focus on optimizing existing games, commercializing popular titles, and launching new games in 2024 [1] Financial Performance Summary - Revenue for 2024 is projected to be 664.1 billion yuan, with a year-on-year growth rate of 9% [2] - Non-GAAP net profit is expected to reach 200.1 billion yuan in 2024, reflecting a 27% year-on-year increase [2] - The gross margin for Q1 2024 was reported at 53%, an increase of 8 percentage points year-on-year [1] Segment Performance Summary Gaming - International gaming revenue reached 13.6 billion yuan in Q1 2024, with a year-on-year growth of 3% [1] - Domestic gaming revenue was 34.5 billion yuan, down 2% year-on-year, but total domestic gaming revenue showed a recovery with a 3% year-on-year increase [1] Advertising - The advertising revenue for Q1 2024 was 26.5 billion yuan, up 26% year-on-year, driven by growth in video accounts and other platforms [1] - The gross margin for the advertising segment improved to 55%, an increase of 13 percentage points year-on-year [1] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 52.3 billion yuan in Q1 2024, growing by 7% year-on-year [1] - The gross margin for this segment improved to 46%, compared to 34% in the same period last year [1]