《大行報告》瑞銀升騰訊音樂(TME.US)評級至「買入」 目標價上調至10.5美元
瑞銀升騰訊音樂(TME.US)評級,由「中性」上調至「買入」,目標價由8.2美元上調至10.5美元。該行指,上調投資評級是基於網上音樂行業結構性改善,並對公司盈利展望有信心。
該行指,騰訊音樂今明兩年預測收入增長能見度高,因全球同業自2022年底加價後對用戶增長影響有限,使該行對騰訊音樂在穩定競爭下繼續提升每付費用戶平均收入及訂戶數有信心。該行預期公司網上音樂收入2023年至2025年年複合增長率達20%,每付費用戶平均收入由去年第三季的10.3元人民幣升至2025年的11.7元人民幣,同期付費用戶基礎由1.03億升至1.25億。
該行亦喜歡騰訊音樂盈利能見度,基於音樂消費者宏觀不確定性下仍然堅韌。該行亦預期騰訊音樂毛利率由去年第三季約35%升至2025年的39%,受持續優化的音樂內容成本及經營槓桿支持。
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