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大行評級|高盛:上調騰訊音樂目標價至62.3港元 首季業績勝預期
高盛發表報吿指出,騰訊音樂首季業績勝預期,收入較該行及市場預期高出2%與3%,經營溢利較該行預期高出25%,淨利潤亦較該行及市場預期分別高出12%與11%。該行認為,騰訊音樂通過與唱片公司更緊密的合作關係,可能會降低與唱片公司的收入分成比例;股東回報計劃改善(年化回報率約2%);社交娛樂業務的利潤率較高(全民K歌(WeSing)變現)。此外,該行指騰訊音樂的音樂業務營運槓桿將進一步提升盈利,另在公司的變現策略結構性改善和用户支付意願提高的情況下,相信公司的音樂業務收入將進一步增長。該行料騰訊音樂2024至2025年的盈利年均複合增長率為26%,維持對其“買入”評級,H股目標價上調至62.3港元。
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