大行評級|交銀國際:上調雲音樂目標價至120港元 上調全年經調整淨利潤
交銀國際發表研究報吿指,雲音樂首季收入39.6億元,按年增3.6%,基本符合預期。交銀國際表示,基於雲音樂首季成本改善優於預期,同時考慮到收入結構變化及版權費用絕對值隨版權拓展按季上升,或部分抵銷音樂收入規模效應對固定成本攤薄,該行保守地預計次季及下半年的公司毛利率為33%。另外,該行小幅下調集團全年社交收入預測,相信音樂+社交新產品探索仍然需時,料短期收入貢獻有限。該行認為集團的音樂產業競爭格局穩定,付費牆仍有較大營運空間,預期公司的會員增長趨勢不變。該行上調集團全年經調整淨利潤至11億元,目標價上調至120港元,維持“買入”評級。
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