大行評級丨交銀國際:上調網易雲音樂目標價至240港元 看好長期會員收入增長潛力
交銀國際發表研究報吿指,基於網易雲音樂的成本費用優化快於預期,將2025及26年經調整淨利潤分別上調6%及9%,並將目標價由184港元上調至240港元,維持“買入”評級,因認為網易雲音樂付費墻及ARPPU仍有較大營運空間,看好長期會員收入增長潛力。
展望全年,該行看好會員訂閲延續穩健增勢,預計在線音樂收入按年升15%,其中會員訂閲收入升16%,仍受會員規模擴張推動,預計ARPPU短期基本穩定,長期對標同業及其他內容付費平台仍有較大提升空間。
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