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《大行》匯豐研究升騰訊音樂(TME.US)目標價至24.5美元 維持「持有」評級
阿思達克 08-13 10:13
匯豐研究發表研究報告指,騰訊音樂(01698.HK)(TME.US)來自演唱會門票、藝人周邊商品和專輯的非訂閱收入高於預期,帶動公司的新收入增長。該行預計,這些新產品將爲公司的整體生態系統帶來協同效應。 匯豐研究指出,騰訊音樂第二季非GAAP收入勝於該行及市場預期5%和6%,而盈利則較該行及市場預測高出14%和13%。至於第三季,該行料公司收入及非GAAP淨利潤分別按年增長17%和33%。 該行預計,騰訊音樂在2026至27年間,每月活躍用戶將停止下滑,而付費比例將分別達到24%和25%。另外,至2027年年底,料SVIP將佔總付費用戶的30%,另平均每用戶收入將達到14.5元人民幣。該行將非訂閱收入預測上調約10至27%,並預期2025年至27年的增長分別爲30%、20%和18%。該行又將2025至27年的收入預測上調3至10%,盈測調升6至14%。因此,目標價由14.5美元升至24.5美元,續予「持有」評級。
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