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《大行報告》中銀國際升騰訊音樂(01698.HK)目標價至38元 評級「買入」
中銀國際發表評級報告,預料騰訊音樂(01698.HK)將在3月下旬披露上季業績,該行預計上季業績會持續前幾個季度的表現,總收入按年下降8%至68億元人民幣,其中音樂業務持續強勁收入按年增長38%,然而社交業務由於主動的調整持續疲軟收入按年下降50%。 集團毛利按季擴張至37.5%,使得集團經調整淨利潤率為22.4%。 該行認為,公司將來會持續執行其以ROI為前提的策略,主要會有條不紊地加深、探索及豐富其完整的音樂生態產業鏈的商業化舉措。 該行認為,與微信生態的結合、iOT設備、廣告、明星周邊售賣以及AI的結合應用會釋放公司長期音樂商業化的潛能。該行將其目標價上調至38元,維持其評級為「買入」。(ca/u) ~
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