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《大行》野村升騰訊音樂(TME.US)目標價至21.5美元 維持「買入」評級
阿思達克 06-12 10:41
野村發表研究報告指出,騰訊音樂(01698.HK)(TME.US)與喜馬拉雅達成合並協議,符合騰訊音樂強化內容生態系統的投資策略,並可能強化其在長音頻領域的內容供應能力。 該行認爲,喜馬拉雅是中國長音頻市場的領軍者,提供包括有聲書、播客和廣播節目等多元化內容。根據QuestMobile數據,喜馬拉雅在本年首季的平均月活躍用戶(MAU)達7,400萬,日均使用時長29分鐘。此外,該行預計喜馬拉雅與騰訊音樂超級VIP(SVIP)會員計劃可能產生協同效應,因免費獲取長音頻內容已被證明能有效提升SVIP的用戶留存率,而來自喜馬拉雅的擴展長音頻內容應能提升SVIP計劃的吸引力。預計SVIP會員增長將推動騰訊音樂線上音樂的每付費用戶平均收入(ARPPU)增長,增加線上音樂訂閱收入增長前景的可見性。 野村將騰訊音樂2026財年的收入及每股盈利預測,分別上調20%及4%,維持「買入」評級,並將並美股目標價從17.2美元上調至21.5美元,對應2026財年預測市盈率22倍,估計2025至2027財年盈利年均複合增長率達22%。
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