研報掘金|華泰證券:上調網易雲音樂目標價至205.47港元 利潤率有望持續改善
華泰證券發表研究報告指,網易雲音樂2024年實現收入按年升1.1%至79.5億元,經調整淨利潤爲17億元,按年升107.7%,利潤大幅超出預期,規模效應下經營槓桿持續釋放。該行表示,公司專注於打造全面且差異化的內容生態,核心在線音樂服務變現能力穩健提升,利潤率有望持續改善。
該行表示,將公司今年、明年及2027年調整後歸母淨利潤預測上調至19.2、20.57及21.88億元,目標價由117.32港元上調至205.47港元,維持其評級爲“買入”。
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