大行評級|傑富瑞:上調騰訊音樂目標價至17美元 維持“買入”評級
傑富瑞發表研究報吿指,騰訊音樂首季收入和非國際財務報吿準則(non-IFRS)純利基本符合預期。管理層在電話會議中重申今年收入加速增長和利潤率擴張的目標。對於第二季,該行預計公司收入按年升9%至80億元,按業務分部,在線音樂服務收入料按年升19%至64億元,社交娛樂收入按季料持平;在線音樂服務季度淨新增用户料約150萬,每付費用户平均收入按季增長至11.6元;毛利率料達約44.5%,次季non-IFRS純利料23億元。對於2025年全年,該行預計總收入按年升約9.5%至310億元,non-IFRS純利料約88億元。該行上調對騰訊音樂ADR目標價,由15.2美元上調至17美元,維持“買入”評級。
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