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大行評級丨中銀國際:Q4收入超預期,升騰訊音樂目標價至64.8港元
格隆匯 03-20 15:35
中銀國際發表研究報告指,騰訊音樂(1698.HK)第四季總收入按年升增長8%,超出預期,期內音樂付費會員數量淨增200萬,與市場預期一致,月均音樂用戶平均收入(ARPPU)達11.1元人民幣,略超出預期。經營利潤率達32.3%,超出市場預期。該行預計,公司會追求可持續的高質量音樂會員收入增長,更關注如何令用戶平均收入呈健康增長的營運手段,通過縮減折扣以及超級VIP的營運貢獻。,維持今年音樂付費會員數淨增800萬以及2028年底達到1.5億總付費會員數的預測,認爲廣告會持續成爲未來音樂非會員業務的主要增長動能。上調利潤預測主要是ARPPU會員策略導向能提升其毛利率,同時將其目標價上調至64.8港元,維持其評級爲“買入”。
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