长城证券：腾讯控股游戏业务收入维持高增，调整后净利润超市场预期

长城证券11-19 16:14

事件：腾讯控股24Q3实现营业收入1671.93亿元，同比增长8%，环比增长4%；实现经调整净利润598.13亿元，同比增长33%，环比增长4%，远超市场预估的543.7亿元。此外，公司24Q3累计回购359亿港元公司股份并已注销。国内游戏业务24Q3收入增长持续提速，新游储备丰富。腾讯控股24Q3游戏收入同增13%至518亿元，其中(1)海外游戏收入同增9%至145亿元，主要因《...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2484999152?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-11-19 16:14","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2484999152","market":"hk","top_or_hot":-1,"title":"长城证券：腾讯控股游戏业务收入维持高增，调整后净利润超市场预期","media":"长城证券","content":"<div>\n<p>事件：腾讯控股24Q3实现营业收入1671.93亿元，同比增长8%，环比增长4%；实现经调整净利润598.13亿元，同比增长33%，环比增长4%，远超市场预估的543.7亿元。此外，公司24Q3累计回购359亿港元公司股份并已注销。国内游戏业务24Q3收入增长持续提速，新游储备丰富。腾讯控股24Q3游戏收入同增13%至518亿元，其中(1)海外游戏收入同增9%至145亿元，主要因《...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241119163037a2452b88&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>长城证券：腾讯控股游戏业务收入维持高增，调整后净利润超市场预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n长城证券：腾讯控股游戏业务收入维持高增，调整后净利润超市场预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-19 16:14 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241119163037a2452b88&s=b><strong>长城证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件：腾讯控股24Q3实现营业收入1671.93亿元，同比增长8%，环比增长4%；实现经调整净利润598.13亿元，同比增长33%，环比增长4%，远超市场预估的543.7亿元。此外，公司24Q3累计回购359亿港元公司股份并已注销。国内游戏业务24Q3收入增长持续提速，新游储备丰富。腾讯控股24Q3游戏收入同增13%至518亿元，其中(1)海外游戏收入同增9%至145亿元，主要因《...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241119163037a2452b88&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00700","symbol_name":"腾讯控股","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241119163037a2452b88&s=b","article_id":"2484999152","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241119163037a2452b88&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2484999152","pubTimestamp":1732004044,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"事件：腾讯控股24Q3实现营业收入1671.93亿元，同比增长8%，环比增长4%；实现经调整净利润598.13亿元，同比增长33%，环比增长4%，远超市场预估的543.7亿元。此外，公司24Q3累计回购359亿港元公司股份并已注销。向后展望，我们认为国际及国内游戏流水递延影响有望助力腾讯24Q4游戏整体收入增速进一步提升。广告业务维持稳健，FBS有所承压。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":["earning"],"viewcount":null,"language":"zh","relate_stocks":{"80700":"腾讯控股-R","00700":"腾讯控股"},"translate_title":"Great Wall Securities: Tencent Holdings' game business revenue maintained high growth, and adjusted net profit exceeded market expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80700":0.9,"00700":1},"content_text":"事件：腾讯控股24Q3实现营业收入1671.93亿元，同比增长8%，环比增长4%；实现经调整净利润598.13亿元，同比增长33%，环比增长4%，远超市场预估的543.7亿元。此外，公司24Q3累计回购359亿港元公司股份并已注销。国内游戏业务24Q3收入增长持续提速，新游储备丰富。腾讯控股24Q3游戏收入同增13%至518亿元，其中(1)海外游戏收入同增9%至145亿元，主要因《PUBGMOBILE》及Supercell《荒野乱斗》在内的游戏表现强劲；(2)国内游戏收入同增14%至373亿元，得益于包括《地下城与勇士：起源》《无畏契约》《王者荣耀》《和平精英》在内的游戏驱动。向后展望，我们认为国际及国内游戏流水递延影响有望助力腾讯24Q4游戏整体收入增速进一步提升。此外，公司新游储备丰富，重点产品如《星之破晓》《王者荣耀世界》《怪物猎人：旅人》等上线均有望为公司游戏业务带来正向催化。广告业务维持稳健，FBS有所承压。公司24Q3广告营销业务同比增长17%至300亿元，主要得益于广告主对视频号(同比增长60%)、小程序及微信搜一搜广告库存的强劲需求；毛利率为53%，环比有所下降，主要受一次性的巴黎奥运会相关的内容成本影响；向后展望我们认为宏观承压将导致24Q4广告业务收入增速回落，但部分被视频号的高速增长所抵消。FBS收入同比增长2%至531亿元，其中金融科技服务收入同比基本持平，主要被支付服务收入因消费支出疲软而有所下降所拖累，但十月以来支付趋势已有所好转；企业服务业务收入同比上升，主要由于云服务收入及商家技术服务费增长；后续AI相关收入增长以及微信小店和直播间完善有望持续推动企业服务业务收入上升。投资建议：公司游戏业务重回上行通道，增长逐步提速，同时整体盈利能力持续提升。我们预计2024-2026年公司实现营收6694/7293/7889亿元；归母净利润1773/2055/2296亿元；对应PE分别为19.45/16.78/15.02倍，维持“买入”评级。风险提示：游戏政策风险；游戏流水不及预期；宏观经济复苏不及预期；视频号发展不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484999152"}