《大行報告》中金首予雲音樂(09899.HK)「跑贏行業」評級 目標223元
中金發表報告表示,首予雲音樂(09899.HK)「跑贏行業」評級,目標價為223元,相信該平台了解年輕用戶,創新功能是其音樂聽眾群的核心吸引力,對其增長潛力持樂觀看法。
報告補充,雲音樂提供的曝光率、粉絲群和潛在收入對獨立音樂人具有吸引力,預計受版權保護的內容、公司現有的社區和原創音樂之間,會產生更強的協同作用。
中金預計,雲音樂的內容生態系統和短期每月活躍用戶增長會有所改善,隨著變現渠道的多樣化,公司的盈利能力應該會提高。該行預期,中期內,隨著差異化的產品體驗和豐富的內容供應,將推動付費用戶佔比的增加,長遠來看預計公司將減少折扣並提高價格,以實現更高的每付費用戶平均收入。
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