《大行報告》中銀國際升騰訊音樂-SW(01698.HK)評級至「買入」 目標價上調至36.5元
中銀國際發表報告指,騰訊音樂-SW(01698.HK)的音樂業務在收入增長及毛利率提升方面的長期前景均清晰,訂閱量、用戶付費率及平均每付費用戶收入(ARPPU)增長,以及音樂廣告的拓展,都將為音樂業務收入帶來支持。
該行預測,未來三年音樂業務訂閱量按年增幅將達到十數個百分點,在內容付費策略、會員權限、產品功能升級及密集的營銷推動下,估計公司音樂用戶付費率可由2021年的14%,提高到2025年的22%,每年淨付費增量超過1,000萬。
同時,中銀國際預測,騰訊音樂2023至2025年ARPPU將按年增長6%,音樂收入料按年增長約15%,將投資評級上調至「買入」,目標價由20.5元升至36.5元。(gc/w)
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