20230518-招银国际-腾讯控股-00700.HK-Solid_recovery_across_all_business_lines_8页_1mb

报告摘要

Tencent Q1 2023 Performance: Tencent reported total revenue of RMB150 billion, up 11% year-on-year, exceeding consensus estimates. Non-IFRS operating income grew 32% YoY to RMB48.4 billion, driven by accelerating top-line growth, improved gross profit margin (45.5%), and operational leverage. Key factors include stronger high-margin game business and stringent cost controls, leading to an upward revision in full-year forecasts for FY23-25.
Business Segment Highlights:
- Game & Ads: Games revenue increased 11% YoY (48.3 billion) with contributions from domestic (6% YoY) and international games (25% YoY). Online ad revenue grew 17% YoY to 21 billion, supported by Weixin ads outpacing overall ad growth.
- FBS: Revenue rose 14% YoY to 48.7 billion, with fintech resuming double-digit growth amid a normalized macro environment and business services showing improved gross profit margin extensions.
- Margin Improvements: Gross margin improved 3.3 percentage points YoY to 45.5%, and non-IFRS operating margin increased by 5.3 percentage points to 32.3% due to cost efficiency and business adjustments.
Valuation and Recommendations: Maintains a BUY rating with an unchanged target price of HK$455.0 (upside of 32.7% from current price HK$342.80). Uses SOTP valuation: HK$188.0 for online games (discounted), HK$29.2 for social network services, HK$39.8 for advertising, HK$100.2 for fintech, HK$23.1 for cloud, and HK$14.5 for net cash. Peer comparisons in games and advertising sectors show Tencent aligns with or slightly discounted relative valuations.