《大行報告》中金下調騰訊音樂(01698.HK)目標價至33元 評級「跑贏行業」
中金發表研究報告指,騰訊音樂(01698.HK)第二季收入按年增5.5%至72.9億元人民幣,符合預期。非國際財務報告準則淨利潤增48.6%至15.29億元人民幣,略遜於預期。
該行考慮到集團在社交娛樂直播業務上有調整壓力,預計其第三季度收入將按年降低至中雙位數,而全年收入則跌低至中個位數。另外,由於受惠於線上音樂業務的持續強勁增長,淨利潤或將按年錄得增長。該行表示,受惠於音樂訂閱和廣告收入的增長,集團毛利率於第二季按季增長1.2個百分點至34.3%,並料在下半年繼續按季上升。鑑於公司的戰略,儘管受到社交娛樂收入的負面影響,但該行仍料公司盈利能力可穩步提升。
該行指,基於公司社交娛樂業務面臨壓力,分別下調2023和24年非國際財務報告準則淨利潤預測7.7%和7.4%,至59億元人民幣和63.3億元人民幣,又維持「跑贏行業」評級,但將H股目標價下調8.3%至33元。
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