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大行評級丨招銀國際:上調騰訊音樂目標價至17.5美元 維持“買入”評級

招銀國際發表報告指,騰訊音樂首季總營收按年增長9%至73.6億元,非國際財務報告準則(non-IFRS)計淨利潤按年增長25%至21.2億元,大致符合市場預期。在線音樂業務保持穩健增長勢頭,受音樂訂閱用戶數與ARPPU(每用戶平均收入)的均衡發展所支撐。

對於2025年第二季度,該行預計總收入及non-IFRS淨利潤將按年增長12%及23%。由於在線音樂業務的強勁表現和利潤率擴張趨勢,該行將2025至2027年盈利預測上調0%至6%。以現金流折現率計,該行將其美股目標價上調6%至17.5美元。儘管存在宏觀不確定性,該行仍看好騰訊音樂憑藉其強大的競爭壁壘和商業模式,在2025年持續實現強勁盈利增長,並維持“買入”評級。

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