《大行》里昂升網易雲音樂(09899.HK)目標價至250元 上調付費用戶預測
里昂研究報告指,網易雲音樂(09899.HK)通過近幾季度的規模優先策略穩健執行,鞏固其在高端城市年輕群體中的領先地位。該行上調長期付費用戶預測,預計市場份額增長趨勢將持續,並伴隨每付費用戶平均收入(ARPPU)和利潤率擴張的長期潛力提升。
該行基於線上音樂內容成本節省以及行政費用和研發費用的嚴格控制,將網易雲音樂2025及2026財年調整後每股盈利預測分別上調2%及5%。該行將估值基準推進至2026年6月,並將目標價從200港元上調至250港元。重申「高確信度跑贏大市」評級。
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