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大行評級|交銀國際:上調雲音樂目標價至104港元 維持“買入”評級
交銀國際上調雲音樂目標價至104港元,維持“買入”評級,對該公司2024年調整後淨利預測上調至9.6億元,主要因為看好音樂付費長期增長潛力,預期成本優化將推動利潤逐步腖放。交銀國際指,雲音樂2023年下半年收入為39.6億元,同比下降16%,調整後淨利為 4.9 億元,超出該行以及市場預期,毛利率改善和利息收入高於預期。該行亦指,該公司2023年下半年訂閲收入同比增23%,訂閲用户量同比增19%,月人均付(ARPPU)有所增長。品牌等廣吿隨着新客服的貢獻而增長。展望2024年,預計訂閲量將維持增長勢頭,今年料會員淨增加570萬,而社交娛樂受改版版影響短期仍存在不確定性;預計毛利率為29%,受惠於在線音樂規模經濟和版權成本優化,但部分被收入結構變化所抵消。
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